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Registration number: 10572624

Lanark House Investments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Lanark House Investments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Lanark House Investments Ltd

Company Information

Directors

Mr D M Elliston

Mrs M Diggins

Registered office

19 New Street
Ledbury
Herefordshire
HR8 2DX

Accountants

Devereux & Hunt Ltd
51 Basepoint Business Centre
Oakfield Close
Tewkesbury
Glos
GL20 8SD

 

Lanark House Investments Ltd

(Registration number: 10572624)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,320

11,823

Investment property

5

970,554

964,632

 

979,874

976,455

Current assets

 

Stocks

6

13,885

14,739

Debtors

7

632

2,425

Cash at bank and in hand

 

4,485

9,339

 

19,002

26,503

Creditors: Amounts falling due within one year

8

(333,061)

(343,540)

Net current liabilities

 

(314,059)

(317,037)

Net assets

 

665,815

659,418

Capital and reserves

 

Called up share capital

9

356,530

356,530

Other reserves

113,634

113,634

Retained earnings

195,651

189,254

Shareholders' funds

 

665,815

659,418

For the financial year ending 31 March 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 19 December 2023 and signed on its behalf by:
 

.........................................
Mr D M Elliston
Director

 

Lanark House Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
19 New Street
Ledbury
Herefordshire
HR8 2DX
England

These financial statements were authorised for issue by the Board on 19 December 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

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.

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.

 

Lanark House Investments Ltd

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

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.

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.

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 are 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 cost of finished goods and work in progress comprises direct materials 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.

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.

 

Lanark House Investments Ltd

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

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

17,096

17,096

At 31 March 2023

17,096

17,096

Depreciation

At 1 April 2022

5,273

5,273

Charge for the year

2,503

2,503

At 31 March 2023

7,776

7,776

Carrying amount

At 31 March 2023

9,320

9,320

At 31 March 2022

11,823

11,823

5

Investment properties

£

At 1 April 2022

964,632

Additions

5,922

At 31 March 2023

970,554

The investment property was valued in 2018 by an independent valuer. The directors believe that this still represents a fair value of the property

6

Stocks

2023
£

2022
£

Other inventories

13,885

14,739

 

Lanark House Investments Ltd

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

496

2,425

Prepayments

136

-

 

632

2,425

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

25,218

18,122

Taxation and social security

7,930

4,817

Accruals and deferred income

950

950

Other creditors

298,963

319,651

333,061

343,540

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

226,776

226,776

226,776

226,776

Ordinary B shares of £1 each

6,600

6,600

6,600

6,600

Ordinary C shares of £1 each

123,024

123,024

123,024

123,024

Ordinary D shares of £1 each

65

65

65

65

Ordinary E shares of £1 each

65

65

65

65

 

356,530

356,530

356,530

356,530