REGISTERED NUMBER: |
LFP INVESTMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
REGISTERED NUMBER: |
LFP INVESTMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
LFP INVESTMENTS LIMITED (REGISTERED NUMBER: 08088513) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 5 |
LFP INVESTMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Enterprise Way |
Pinchbeck |
Spalding |
Lincolnshire |
PE11 3YR |
LFP INVESTMENTS LIMITED (REGISTERED NUMBER: 08088513) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LFP INVESTMENTS LIMITED (REGISTERED NUMBER: 08088513) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
1. | STATUTORY INFORMATION |
LFP Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rent received from the company's property. Revenue is recongnised in the period for which the rents received relate to. |
Investment property |
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Revaluation reserve |
The Revaluation Reserve is the cumulative total of upwards revaluations relating to the investment property held in the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
LFP INVESTMENTS LIMITED (REGISTERED NUMBER: 08088513) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2021 |
and 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 January 2021 |
Investment properties are stated at the directors' valuation on the basis of open market value at 31 January 2020 |
Fair value at 31 January 2022 is represented by: |
£ |
Valuation in 2012 | 489,250 |
Valuation in 2017 | 230,750 |
Valuation in 2020 | 530,000 |
1,250,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to related parties | - | 33,200 |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2021 |
Reserve transfer | (45,645 | ) |
At 31 January 2022 |
LFP INVESTMENTS LIMITED (REGISTERED NUMBER: 08088513) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
9. | RELATED PARTY DISCLOSURES |
During 2018, the company received a loan of £296,021 from FreshLinc Limited. FreshLinc Limited is a private limited company wholly owned by the directors of the company. The loan is repayable at a rate of £66,400 per annum. The loan interest has been charged from 2 January 2018 at a rate of 1.8% per annum above the Bank of England base rate. During the year interest of £182 (2021 - £1,797) was charged on the loan . The amount owed to FreshLinc Limited at 31 January 2022 was £33,200 (2021 - Nil). |
During the year, insurance and management costs were recharged by Lincolnshire Field Products Limited totalling £9,288 (2021 - £9,487). Lincolnshire Field Products Limited is a private limited company wholly owned by the directors of the company. |