Registered number
11292208
The Laurels (Addlethorpe) Limited
Filleted Accounts
31 March 2023
The Laurels (Addlethorpe) Limited
Registered number: 11292208
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 12,000
Tangible assets 4 572,318 445,366
582,318 457,366
Current assets
Stocks 23,151 31,543
Debtors 5 82,140 14,949
Cash at bank and in hand 24,475 40,663
129,766 87,155
Creditors: amounts falling due within one year 6 (402,764) (318,437)
Net current liabilities (272,998) (231,282)
Total assets less current liabilities 309,320 226,084
Creditors: amounts falling due after more than one year 7 (26,389) (34,722)
Provisions for liabilities (51,767) (43,192)
Net assets 231,164 148,170
Capital and reserves
Called up share capital 100 100
Profit and loss account 231,064 148,070
Shareholders' funds 231,164 148,170
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Hobbins
Director
Approved by the board on 22 November 2023
The Laurels (Addlethorpe) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements 10% straight line
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures and fittings 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 20,000
At 31 March 2023 20,000
Amortisation
At 1 April 2022 8,000
Provided during the year 2,000
At 31 March 2023 10,000
Net book value
At 31 March 2023 10,000
At 31 March 2022 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 490,982 77,136 22,555 590,673
Additions 225,250 4,143 4,500 233,893
Disposals (52,333) - - (52,333)
At 31 March 2023 663,899 81,279 27,055 772,233
Depreciation
At 1 April 2022 107,266 23,822 14,219 145,307
Charge for the year 58,122 8,350 2,088 68,560
On disposals (13,952) - - (13,952)
At 31 March 2023 151,436 32,172 16,307 199,915
Net book value
At 31 March 2023 512,463 49,107 10,748 572,318
At 31 March 2022 383,716 53,314 8,336 445,366
5 Debtors 2023 2022
£ £
Trade debtors 73,540 1,597
Taxation and social security - 11,352
Other debtors 8,600 2,000
82,140 14,949
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,333 8,333
Trade creditors - 32,468
Corporation tax 11,273 9,992
Taxation and social security costs 11,025 289
Other creditors 372,133 267,355
402,764 318,437
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,389 34,722
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 1,389
Secured bank loans 34,722 43,056
Bank loans represent a Bounce Back Loan facility of £50,000. This is secured against the assets of the Company and is interest bearing at a rate of 2.5%. The loan was subject to a repayment and interest holiday of 12 months and repayments began in June 2021.
9 Related party transactions
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
10 Other information
The Laurels (Addlethorpe) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ormsby Lodge
Mill Road
Addlethorpe
Lincolnshire
PE24 4TE
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