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Registration number: 00725255

France & Lodge (Huddersfield) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

France & Lodge (Huddersfield) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

France & Lodge (Huddersfield) Limited

Company Information

Directors

PN Lodge

K J Lodge

Company secretary

PN Lodge

Registered office

Machine Works
Brockholes
Holmfirth
West Yorkshire
HD9 7AE

 

France & Lodge (Huddersfield) Limited

(Registration number: 00725255)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,003

371,632

Investment property

6

368,999

-

 

380,002

371,632

Current assets

 

Debtors

7

-

823

Cash at bank and in hand

 

120,458

120,262

 

120,458

121,085

Creditors: Amounts falling due within one year

8

(21,739)

(26,624)

Net current assets

 

98,719

94,461

Total assets less current liabilities

 

478,721

466,093

Creditors: Amounts falling due after more than one year

8

(51,781)

(20,207)

Provisions for liabilities

(49,276)

(47,777)

Net assets

 

377,664

398,109

Capital and reserves

 

Called up share capital

8,000

8,000

Other reserves

205,775

205,775

Retained earnings

163,889

184,334

Shareholders' funds

 

377,664

398,109

 

France & Lodge (Huddersfield) Limited

(Registration number: 00725255)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 October 2023 and signed on its behalf by:
 

.........................................
PN Lodge
Company secretary and director

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England & wales.

The address of its registered office is:
Machine Works
Brockholes
Holmfirth
West Yorkshire
HD9 7AE

These financial statements were authorised for issue by the Board on 20 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company currently has net current liabilities as a result of amounts owed to Philip Lodge Ltd, a company under common control. The directors are in agreement that they will not call on the monies due from the related party, to enable the company to meet their day to day working capital requirements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents net invoiced rents, excluding value added tax.

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.

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Freehold property

2% on cost

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on cost

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.

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,735

9,177

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2022

410,000

20,164

1,997

5,495

Additions

-

1,429

-

11,980

Disposals

(410,000)

-

-

(5,495)

At 31 May 2023

-

21,593

1,997

11,980

Depreciation

At 1 June 2022

41,001

19,783

1,048

4,192

Charge for the year

-

271

470

2,995

Eliminated on disposal

(41,001)

-

-

(4,192)

At 31 May 2023

-

20,054

1,518

2,995

Carrying amount

At 31 May 2023

-

1,539

479

8,985

At 31 May 2022

368,999

381

949

1,303

Total
£

Cost or valuation

At 1 June 2022

437,656

Additions

13,409

Disposals

(415,495)

At 31 May 2023

35,570

Depreciation

At 1 June 2022

66,024

Charge for the year

3,736

Eliminated on disposal

(45,193)

At 31 May 2023

24,567

Carrying amount

At 31 May 2023

11,003

At 31 May 2022

371,632

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Investment properties

2023
£

Transfers to and from owner-occupied property

368,999

At 31 May

368,999

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

430

Other debtors

-

393

 

-

823

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

9,608

Trade creditors

 

10,000

-

Taxation and social security

 

2,267

7,596

Accruals and deferred income

 

1,145

1,093

Other creditors

 

8,327

8,327

 

21,739

26,624

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

51,781

20,207

 

France & Lodge (Huddersfield) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

51,781

20,207

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

9,608

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

18,771

17,730

Summary of transactions with associates

Philip Lodge Limited, a company under common control, occupies part of the premises rent free. On a commercial basis the rent would be £10,000 per annum.

Included in creditors is a balance of £8,327 (2022: £8,327) owed to Philip Lodge Limited, a company under common control.

Philip Lodge Limited also provided managerial services to this company during the year of £10,000 (2022: £5,000).