Silverfin false 31/12/2021 31/12/2021 01/01/2021 A Greaves 13/11/2017 J O Lovell 13/11/2017 21 July 2022 The principal activity of the Company during the financial year was that of property rental. 11060641 2021-12-31 11060641 bus:Director1 2021-12-31 11060641 bus:Director2 2021-12-31 11060641 2020-12-31 11060641 core:CurrentFinancialInstruments 2021-12-31 11060641 core:CurrentFinancialInstruments 2020-12-31 11060641 core:ShareCapital 2021-12-31 11060641 core:ShareCapital 2020-12-31 11060641 core:RetainedEarningsAccumulatedLosses 2021-12-31 11060641 core:RetainedEarningsAccumulatedLosses 2020-12-31 11060641 core:FurnitureFittings 2020-12-31 11060641 core:FurnitureFittings 2021-12-31 11060641 bus:OrdinaryShareClass1 2021-12-31 11060641 2021-01-01 2021-12-31 11060641 bus:FullAccounts 2021-01-01 2021-12-31 11060641 bus:SmallEntities 2021-01-01 2021-12-31 11060641 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 11060641 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11060641 bus:Director1 2021-01-01 2021-12-31 11060641 bus:Director2 2021-01-01 2021-12-31 11060641 core:FurnitureFittings core:TopRangeValue 2021-01-01 2021-12-31 11060641 2020-01-01 2020-12-31 11060641 core:FurnitureFittings 2021-01-01 2021-12-31 11060641 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 11060641 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11060641 (England and Wales)

LUDGATE SQUARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

LUDGATE SQUARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

LUDGATE SQUARE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2021
LUDGATE SQUARE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2021
DIRECTORS A Greaves
J O Lovell
SECRETARY J O Lovell
REGISTERED OFFICE 101 Devonshire Business Centre Wade Road
Basingstoke
RG24 8PE
United Kingdom
COMPANY NUMBER 11060641 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming Bath Limited
10 Temple Back
Bristol
BS1 6FL
LUDGATE SQUARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
LUDGATE SQUARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 685 1,371
Investment property 4 7,710,080 7,710,080
7,710,765 7,711,451
Current assets
Debtors 5 58,186 107,402
Cash at bank and in hand 1,136,531 857,607
1,194,717 965,009
Creditors
Amounts falling due within one year 6 ( 240,123) ( 229,470)
Net current assets 954,594 735,539
Total assets less current liabilities 8,665,359 8,446,990
Provisions for liabilities ( 2,833) ( 2,833)
Net assets 8,662,526 8,444,157
Capital and reserves
Called-up share capital 7 9,789,659 9,789,659
Profit and loss account ( 1,127,133 ) ( 1,345,502 )
Total shareholders' funds 8,662,526 8,444,157

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Ludgate Square Limited (registered number: 11060641) were approved and authorised for issue by the Board of Directors on 21 July 2022. They were signed on its behalf by:

J O Lovell
Director
LUDGATE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
LUDGATE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ludgate Square Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 101 Devonshire Business Centre Wade Road, Basingstoke, RG24 8PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Rental income from investment property leased out under operating leases is recognised in the statement of income and retained earnings on a straight-line basis over the term of the lease

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year 0 0

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2021 2,056 2,056
At 31 December 2021 2,056 2,056
Accumulated depreciation
At 01 January 2021 685 685
Charge for the financial year 686 686
At 31 December 2021 1,371 1,371
Net book value
At 31 December 2021 685 685
At 31 December 2020 1,371 1,371

4. Investment property

Investment property
£
Valuation
As at 01 January 2021 7,710,080
As at 31 December 2021 7,710,080

Valuation

The directors have considered the open market, existing use valuation of the property at the year end and do not consider it to be materially different to the third party valuation adopted at 31 December 2020. Accordingly no adjustment has been made to this.

5. Debtors

2021 2020
£ £
Trade debtors 47,458 65,782
Other debtors 10,728 41,620
58,186 107,402

6. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 1,444 0
Other creditors 169,752 151,188
Corporation tax 51,220 53,977
Other taxation and social security 17,707 24,305
240,123 229,470

7. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
9,789,659 Ordinary shares of £ 1.00 each 9,789,659 9,789,659