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Registration number: 05448776

L & R Developments (Herts) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

L & R Developments (Herts) Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

L & R Developments (Herts) Limited

Company Information
__________________________________________________________________________

Directors

Mr L Richards

Mrs R Richards

Company secretary

Mrs R Richards

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

L & R Developments (Herts) Limited

(Registration number: 05448776)
Balance Sheet as at 31 May 2023
__________________________________________________________________________

Note

2023
£

2022
£

   

     

Fixed assets

   

 

Intangible assets

3

 

-

 

(3,500)

Tangible assets

4

 

119,300

 

96,208

   

119,300

 

92,708

Current assets

   

 

Stocks

5

1,088,213

 

590,403

 

Debtors

6

205,840

 

191,532

 

Cash at bank and in hand

 

28,544

 

90,299

 

 

1,322,597

 

872,234

 

Creditors: Amounts falling due within one year

7

(871,931)

 

(433,915)

 

Net current assets

   

450,666

 

438,319

Net assets

   

569,966

 

531,027

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

569,866

 

530,927

 

Total equity

   

569,966

 

531,027

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2023 and signed on its behalf by:
 

Mr L Richards

Director

 

L & R Developments (Herts) Limited

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

1

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.

Going concern

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

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 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:

 

L & R Developments (Herts) Limited

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

Asset class

Depreciation method and rate

Land and buildings

Not depreciated as it is fully maintained

Vehicles, plant and machinery

25% on written down basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

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 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.

Stocks

Stocks of development land is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The development costs of property and work in progress comprises direct materials, direct professional fees and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

L & R Developments (Herts) Limited

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

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.

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.

2

Staff numbers

The average no. of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

L & R Developments (Herts) Limited

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

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

17,500

17,500

At 31 May 2023

17,500

17,500

Amortisation

At 1 June 2022

21,000

21,000

Amortisation charge

(3,500)

(3,500)

At 31 May 2023

17,500

17,500

Carrying amount

At 31 May 2023

-

-

At 31 May 2022

(3,500)

(3,500)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

12,019

150,953

142,958

305,930

Additions

-

-

236,999

236,999

Disposals

-

-

(210,207)

(210,207)

At 31 May 2023

12,019

150,953

169,750

332,722

Depreciation

At 1 June 2022

-

118,348

91,374

209,722

Charge for the year

-

8,151

12,365

20,516

Eliminated on disposal

-

-

(16,816)

(16,816)

At 31 May 2023

-

126,499

86,923

213,422

Carrying amount

At 31 May 2023

12,019

24,454

82,827

119,300

At 31 May 2022

12,019

32,605

51,584

96,208

 

L & R Developments (Herts) Limited

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

5

Stocks

2023
£

2022
£

Development work in progress

1,088,213

590,403

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,709

12,400

Prepayments

3,041

3,041

Other debtors

174,090

176,091

 

205,840

191,532

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Directors current account

842,019

386,805

Taxation and social security

 

21,666

37,920

Other creditors

 

8,246

9,190

 

871,931

433,915

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100