REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Lankaster Gardens Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2021 |
for |
Lankaster Gardens Ltd |
Lankaster Gardens Ltd (Registered number: 07780877) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lankaster Gardens Ltd |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Lankaster Gardens Ltd (Registered number: 07780877) |
Abridged Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Lankaster Gardens Ltd (Registered number: 07780877) |
Abridged Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Lankaster Gardens Ltd (Registered number: 07780877) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Lankaster Gardens Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Lankaster Gardens Ltd (Registered number: 07780877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2014 | 144,861 |
Valuation in 2015 | 55,000 |
Valuation in 2016 | 45,000 |
Cost | 160,814 |
405,675 |
If investment properties had not been revalued it would have been included at the following historical cost: |
31.12.21 | 31.12.20 |
£ | £ |
Cost | 160,814 | 160,814 |
Investment properties were valued on an open market basis on 31 December 2021 by the director . |
5. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Bank overdraft |
Bank loans |
The bank loan is secured by way of the legal charge over the leasehold property known as Unit 5, 1 Martha Street, London E1 2PX and a personal guarantee by the director. |
6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2021 |
and 31 December 2021 |
7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
31.12.21 | 31.12.20 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Lankaster Gardens Ltd (Registered number: 07780877) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
8. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £23,410 (2020: £23,410) to Mr Oner Avara, the director in respect of the advances made to the company. No interest was accruing on the outstanding amount and no repayment terms have been agreed as at the balance sheet date. |
At the balance sheet date the company was owed £658,614 (2020: £658,614) from its associate companies and it is included within debtors within these financial statements. The balance due from these companies at the balance sheet date was as follows: |
My Next Match Limited £558,660 (2020: £543,660) |
All Done Design Limited £93,421 (2020: £108,421) |
Left Hook Limited £5,983 (2020: £5,983) |
My Next Match Trading Limited £550 (2020: £350) |
There are no fixed repayment terms on the above loans. |
During the year the company received rent of £25,020 (2020: £27,490) from Left Hook Limited. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is O Avara. |