L & N Developments (Northern) Limited 05293633 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 Software true 05293633 2021-04-01 2022-03-31 05293633 2022-03-31 05293633 bus:OrdinaryShareClass1 2022-03-31 05293633 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-03-31 05293633 core:RetainedEarningsAccumulatedLosses 2022-03-31 05293633 core:ShareCapital 2022-03-31 05293633 core:CurrentFinancialInstruments 2022-03-31 05293633 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05293633 core:Non-currentFinancialInstruments 2022-03-31 05293633 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05293633 core:MoreThanFiveYears 1 2022-03-31 05293633 core:FurnitureFittingsToolsEquipment 2022-03-31 05293633 bus:SmallEntities 2021-04-01 2022-03-31 05293633 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 05293633 bus:FullAccounts 2021-04-01 2022-03-31 05293633 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 05293633 bus:RegisteredOffice 2021-04-01 2022-03-31 05293633 bus:Director1 2021-04-01 2022-03-31 05293633 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 05293633 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-04-01 2022-03-31 05293633 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05293633 core:FurnitureFittings 2021-04-01 2022-03-31 05293633 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 05293633 countries:AllCountries 2021-04-01 2022-03-31 05293633 2021-03-31 05293633 core:FurnitureFittingsToolsEquipment 2021-03-31 05293633 2020-04-01 2021-03-31 05293633 2021-03-31 05293633 bus:OrdinaryShareClass1 2021-03-31 05293633 bus:OrdinaryShareClass1 bus:CumulativeShares 2021-03-31 05293633 core:RetainedEarningsAccumulatedLosses 2021-03-31 05293633 core:ShareCapital 2021-03-31 05293633 core:CurrentFinancialInstruments 2021-03-31 05293633 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 05293633 core:Non-currentFinancialInstruments 2021-03-31 05293633 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 05293633 core:MoreThanFiveYears 1 2021-03-31 05293633 core:FurnitureFittingsToolsEquipment 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05293633

L & N Developments (Northern) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

L & N Developments (Northern) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

L & N Developments (Northern) Limited

(Registration number: 05293633)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

358

536

Investment property

5

268,667

268,667

 

269,025

269,203

Current assets

 

Cash at bank and in hand

 

13,204

350

Creditors: Amounts falling due within one year

6

(108,651)

(101,425)

Net current liabilities

 

(95,447)

(101,075)

Total assets less current liabilities

 

173,578

168,128

Creditors: Amounts falling due after more than one year

6

(172,297)

(180,936)

Net assets/(liabilities)

 

1,281

(12,808)

Capital and reserves

 

Called up share capital

7

3

3

Profit and loss account

1,278

(12,811)

Total equity

 

1,281

(12,808)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 July 2022
 

.........................................

N Burrin
Director

 

L & N Developments (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowdales Cottage
Hackness
Scarborough
North Yorkshire
YO13 0JU

These financial statements were authorised for issue by the director on 20 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

L & N Developments (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

 

L & N Developments (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

893

893

At 31 March 2022

893

893

Depreciation

At 1 April 2021

357

357

Charge for the year

178

178

At 31 March 2022

535

535

Carrying amount

At 31 March 2022

358

358

At 31 March 2021

536

536

5

Investment properties

2022
£

At 1 April

268,667

The directors have determined the fair value of the investment properties as at the balance sheet date.

There has been no valuation of investment property by an independent valuer.

 

L & N Developments (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

13,834

7,364

Trade creditors

 

-

1,573

Taxation and social security

 

425

-

Accruals and deferred income

 

1,579

1,453

Other creditors

 

92,813

91,035

 

108,651

101,425

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

172,297

180,936

2022
£

2021
£

Due after more than five years

After more than five years by instalments

116,962

151,481

-

-

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

A ordinary shares of £1 each

1

1

1

1

 

3

3

3

3

 

L & N Developments (Northern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

172,297

180,936

2022
£

2021
£

Current loans and borrowings

Other borrowings

13,834

7,364

Included in the loans and borrowings are the following amounts due after more than five years:

Other loans after five years

The Paragon mortgage is denominated in GBP with a nominal interest rate of 3.90% per annum. The carrying amount at the year end is £186,131 (2020 - £188,300) and the mortgage has a remaining term of 19 years and 2 months.

This mortgage is secured by a first legal charge over the company's investment property.