Lodestone Estate Agents Limited 09936817 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of an estate and lettings agency. Digita Accounts Production Advanced 6.30.9574.0 true true 09936817 2022-07-01 2023-06-30 09936817 2023-06-30 09936817 core:CurrentFinancialInstruments 2023-06-30 09936817 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 09936817 core:FurnitureFittingsToolsEquipment 2023-06-30 09936817 bus:SmallEntities 2022-07-01 2023-06-30 09936817 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 09936817 bus:FullAccounts 2022-07-01 2023-06-30 09936817 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09936817 bus:RegisteredOffice 2022-07-01 2023-06-30 09936817 bus:Director2 2022-07-01 2023-06-30 09936817 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09936817 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 09936817 core:OfficeEquipment 2022-07-01 2023-06-30 09936817 core:OtherRelatedParties 2022-07-01 2023-06-30 09936817 countries:EnglandWales 2022-07-01 2023-06-30 09936817 2022-06-30 09936817 core:FurnitureFittingsToolsEquipment 2022-06-30 09936817 2021-07-01 2022-06-30 09936817 2022-06-30 09936817 core:CurrentFinancialInstruments 2022-06-30 09936817 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 09936817 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 09936817

Lodestone Estate Agents Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Lodestone Estate Agents Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Lodestone Estate Agents Limited

(Registration number: 09936817)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,286

4,271

Current assets

 

Debtors

5

33,274

88,911

Cash at bank and in hand

 

539,699

663,507

 

572,973

752,418

Creditors: Amounts falling due within one year

6

(59,727)

(149,615)

Net current assets

 

513,246

602,803

Total assets less current liabilities

 

515,532

607,074

Provisions for liabilities

(434)

(811)

Net assets

 

515,098

606,263

Capital and reserves

 

Called up share capital

102

102

Retained earnings

514,996

606,161

Shareholders' funds

 

515,098

606,263

For the financial year ending 30 June 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 27 October 2023 and signed on its behalf by:
 

.........................................
S Macey
Director

 

Lodestone Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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:
7a King Street
Frome
Somerset
BA11 1BH

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

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 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.

 

Lodestone Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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

Office and computer equipment

25% straight line

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.

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.

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.

 

Lodestone Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

4

Tangible assets

Plant and machinery etc
£

Total
£

Cost or valuation

At 1 July 2022

17,381

17,381

At 30 June 2023

17,381

17,381

Depreciation

At 1 July 2022

13,110

13,110

Charge for the year

1,985

1,985

At 30 June 2023

15,095

15,095

Net book value

At 30 June 2023

2,286

2,286

At 30 June 2022

4,271

4,271

 

Lodestone Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

2023
£

2022
£

Trade debtors

27,805

82,675

Other debtors

5,469

6,236

33,274

88,911

6

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

19,414

20,348

Taxation and social security

33,316

118,192

Other creditors

6,997

11,075

59,727

149,615

7

Related party transactions

Transactions with directors

Summary of transactions with other related parties

During the year the company traded on commercial terms with a company in which one of the directors is a director and shareholder. During the year there were purchases of £2,500 (2022: £10,450). At the Balance Sheet date the company owed £Nil (2022: £Nil).