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LOFTHOUSE PROPERTY COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST JUNE 2020 TO 22ND MAY 2021






LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1st June 2020 to 22nd May 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOFTHOUSE PROPERTY COMPANY LTD

COMPANY INFORMATION
for the Period 1st June 2020 to 22nd May 2021







DIRECTOR: N Lofthouse





REGISTERED OFFICE: Heritage House
9b Hoghton Street
Southport
Merseyside
PR9 0TE





REGISTERED NUMBER: 03997106 (England and Wales)





ACCOUNTANTS: Philip T Jones & Partners Ltd
Heritage House
9B Hoghton Street
Southport
Merseyside
PR9 0TE

LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

BALANCE SHEET
22nd May 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 413 554
Investment property 5 2,494,616 2,494,616
2,495,029 2,495,170

CURRENT ASSETS
Debtors 6 117,834 -

CREDITORS
Amounts falling due within one year 7 245,450 187,870
NET CURRENT LIABILITIES (127,616 ) (187,870 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,367,413

2,307,300

CREDITORS
Amounts falling due after more than one
year

8

4,626,664

4,577,254
NET LIABILITIES (2,259,251 ) (2,269,954 )

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 10 (2,358,594 ) (2,358,594 )
Retained earnings 99,341 88,638
SHAREHOLDERS' FUNDS (2,259,251 ) (2,269,954 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 22nd May 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 22nd May 2021 in accordance with Section 476 of the Companies Act 2006.

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.

LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

BALANCE SHEET - continued
22nd May 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th September 2022 and were signed by:





N Lofthouse - Director


LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1st June 2020 to 22nd May 2021

1. STATUTORY INFORMATION

Lofthouse Property Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future

The validity of this assumption depends on the company's ability to :

a) maintain current financing arrangements with its loan providers

The director Mr N Lofthouse considers that it is prudent to value the investment property on a forced sale basis.

The board, after taking into consideration the matters under review, believe that it is appropriate for the financial statements to be prepared on a going concern basis.

Turnover
Turnover represents rents receivable and sale of properties purchased for resale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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 period 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 balance sheet date.


LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1st June 2020 to 22nd May 2021

2. ACCOUNTING POLICIES - continued
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 period 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 period was NIL (2020 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st June 2020
and 22nd May 2021 40,905
DEPRECIATION
At 1st June 2020 40,351
Charge for period 141
At 22nd May 2021 40,492
NET BOOK VALUE
At 22nd May 2021 413
At 31st May 2020 554

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2020
and 22nd May 2021 2,494,616
NET BOOK VALUE
At 22nd May 2021 2,494,616
At 31st May 2020 2,494,616

LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1st June 2020 to 22nd May 2021

5. INVESTMENT PROPERTY - continued

Fair value at 22nd May 2021 is represented by:
£   
Valuation in 2011 (2,460,594 )
Valuation in 2018 (450,000 )
Valuation in 2019 (96,000 )
Cost 5,501,210
2,494,616

If investment properties had not been revalued they would have been included at the following historical cost:

2021 2020
£    £   
Cost 5,610,594 5,610,594

Investment properties were valued on a forced sale basis on 31st May 2011 by Mr N Lofthouse the company director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 117,834 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 18,612 6,014
Trade creditors 131,083 127,244
Taxation and social security 70,409 29,266
Other creditors 25,346 25,346
245,450 187,870

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 43,785 -
Other creditors 4,582,879 4,577,254
4,626,664 4,577,254

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 4,582,879 4,577,254

LOFTHOUSE PROPERTY COMPANY LTD (REGISTERED NUMBER: 03997106)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1st June 2020 to 22nd May 2021

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdrafts 12,397 6,014
Other loans 4,582,879 4,577,254
4,595,276 4,583,268

10. RESERVES
Revaluatio
reserve
£   
At 1st June 2020
and 22nd May 2021 (2,358,594 )

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 22nd May 2021 and the year ended 31st May 2020:

2021 2020
£    £   
N Lofthouse
Balance outstanding at start of period (1,180 ) -
Amounts advanced 168,923 -
Amounts repaid (81,139 ) (1,180 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 86,604 (1,180 )