LLOYDS OF LUDLOW LIMITED
Company registration number 00609451 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LLOYDS OF LUDLOW LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LLOYDS OF LUDLOW LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
209,871
213,149
Investment property
5
14,738,000
14,738,000
Investments
6
19,664
21,023
14,967,535
14,972,172
Current assets
Stocks
16,500
13,250
Debtors
7
192,520
256,714
Cash at bank and in hand
766,762
482,366
975,782
752,330
Creditors: amounts falling due within one year
8
(771,422)
(1,022,507)
Net current assets/(liabilities)
204,360
(270,177)
Total assets less current liabilities
15,171,895
14,701,995
Provisions for liabilities
(1,322,929)
(961,073)
Net assets
13,848,966
13,740,922
Capital and reserves
Called up share capital
9
30,200
30,200
Revaluation reserve
10
6,588,430
6,588,430
Profit and loss reserves
11
7,230,336
7,122,292
Total equity
13,848,966
13,740,922

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LLOYDS OF LUDLOW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
Mrs A M Walters
Director
Company Registration No. 00609451
LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Lloyds of Ludlow Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsley Garage, Corve Street, Ludlow, Shropshire, SY8 1DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Rent receivable from investment properties is recognised in other operating income in the profit and loss account.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
10% on reducing balance
Fixtures and fittings
10% on reducing balance
Motor vehicles
20% on reducing balance

No depreciation has been provided on freehold land owned by the company as in the opinion of the directors the residual value is at least equal to the net book value. The directors perform annual impairment reviews to ensure that the carrying value is not more than the recoverable amount.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
221,966
367,948
589,914
Additions
-
0
2,255
2,255
Disposals
-
0
(14,866)
(14,866)
At 31 March 2023
221,966
355,337
577,303
Depreciation and impairment
At 1 April 2022
50,839
325,926
376,765
Depreciation charged in the year
353
5,180
5,533
Eliminated in respect of disposals
-
0
(14,866)
(14,866)
At 31 March 2023
51,192
316,240
367,432
Carrying amount
At 31 March 2023
170,774
39,097
209,871
At 31 March 2022
171,127
42,022
213,149
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
14,738,000
LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Investment property
(Continued)
- 7 -

Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by TWJ Partnership Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
19,664
21,023
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
21,023
Valuation changes
(1,359)
At 31 March 2023
19,664
Carrying amount
At 31 March 2023
19,664
At 31 March 2022
21,023
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
54,657
115,206
Other debtors
22,490
26,135
77,147
141,341
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
115,373
115,373
Total debtors
192,520
256,714

 

 

LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,783
24,492
Taxation and social security
137,721
108,290
Other creditors
628,918
889,725
771,422
1,022,507
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
Ordinary A shares of £1 each
200
200
200
200
30,200
30,200
30,200
30,200
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
6,588,430
5,163,875
Deferred tax on revaluation of tangible assets
-
(204,445)
Cumulative fair value adjustment transferred to profit or loss on sale of investments
-
0
1,629,000
At the end of the year
6,588,430
6,588,430
11
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
7,122,292
8,295,741
Profit for the year
114,044
1,763,106
Dividends declared and paid in the year
(6,000)
(1,512,000)
Transfer from revaluation reserve
-
0
(1,424,555)
At the end of the year
7,230,336
7,122,292
12
Directors' transactions

Dividends totalling £6,000 (2022 - £12,000) were paid in the year in respect of shares held by the company's directors.

LLOYDS OF LUDLOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
13
Parent company

The company's parent company is Lloyds of Ludlow Holdings Limited whose registered office is Kingsley Garage, Corve Street, Ludlow, Shropshire SY8 1DJ.

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