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No description of principal activity
2022-08-04
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
2179377
2022-08-04
2023-05-31
2179377
2023-05-31
2179377
2022-08-03
2179377
2021-06-01
2022-08-03
2179377
2022-08-03
2179377
2021-05-31
2179377
bus:Director1
2022-08-04
2023-05-31
2179377
core:PlantMachinery
2022-08-03
2179377
core:FurnitureFittings
2022-08-03
2179377
core:MotorVehicles
2022-08-03
2179377
core:LandBuildings
2023-05-31
2179377
core:PlantMachinery
2023-05-31
2179377
core:FurnitureFittings
2023-05-31
2179377
core:MotorVehicles
2023-05-31
2179377
core:WithinOneYear
2023-05-31
2179377
core:WithinOneYear
2022-08-03
2179377
core:ShareCapital
2023-05-31
2179377
core:ShareCapital
2022-08-03
2179377
core:RetainedEarningsAccumulatedLosses
2023-05-31
2179377
core:RetainedEarningsAccumulatedLosses
2022-08-03
2179377
core:PlantMachinery
2022-08-04
2023-05-31
2179377
core:FurnitureFittings
2022-08-04
2023-05-31
2179377
core:MotorVehicles
2022-08-04
2023-05-31
2179377
core:CostValuation
core:Non-currentFinancialInstruments
2022-08-03
2179377
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-05-31
2179377
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-05-31
2179377
core:CostValuation
core:Non-currentFinancialInstruments
2023-05-31
2179377
core:Non-currentFinancialInstruments
2023-05-31
2179377
core:Non-currentFinancialInstruments
2022-08-03
2179377
core:LandBuildings
2022-08-03
2179377
core:PlantMachinery
2022-08-03
2179377
core:FurnitureFittings
2022-08-03
2179377
core:MotorVehicles
2022-08-03
2179377
bus:SmallEntities
2022-08-04
2023-05-31
2179377
bus:AuditExemptWithAccountantsReport
2022-08-04
2023-05-31
2179377
bus:SmallCompaniesRegimeForAccounts
2022-08-04
2023-05-31
2179377
bus:PrivateLimitedCompanyLtd
2022-08-04
2023-05-31
2179377
bus:FullAccounts
2022-08-04
2023-05-31
2179377
core:ComputerEquipment
2023-05-31
2179377
core:ComputerEquipment
2022-08-03
2179377
core:ComputerEquipment
2022-08-04
2023-05-31
COMPANY REGISTRATION NUMBER:
2179377
LONDON EBOR DEVELOPMENTS LIMITED (FORMERLY LONDON EBOR DEVELOPMENTS PLC) |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
LONDON EBOR DEVELOPMENTS LIMITED (FORMERLY LONDON EBOR DEVELOPMENTS PLC) |
|
STATEMENT OF FINANCIAL POSITION |
|
31 May 2023
|
31 May 23 |
3 Aug 22 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
FIXED ASSETS
Tangible assets |
5 |
|
46,720 |
|
48,602 |
Investments |
6 |
|
382,675 |
|
782,045 |
|
|
---------- |
|
---------- |
|
|
429,395 |
|
830,647 |
|
|
|
|
|
|
CURRENT ASSETS
Stock and work in progress |
4,824,702 |
|
5,783,420 |
|
Debtors |
7 |
3,323,691 |
|
59,844 |
|
Cash at bank and in hand |
898,987 |
|
1,888,531 |
|
|
------------- |
|
------------- |
|
|
9,047,380 |
|
7,731,795 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
1,141,951 |
|
872,598 |
|
|
------------- |
|
------------- |
|
NET CURRENT ASSETS |
|
7,905,429 |
|
6,859,197 |
|
|
------------- |
|
------------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
8,334,824 |
|
7,689,844 |
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax |
|
2,073 |
|
1,934 |
|
|
------------- |
|
------------- |
NET ASSETS |
|
8,332,751 |
|
7,687,910 |
|
|
------------- |
|
------------- |
|
|
|
|
|
LONDON EBOR DEVELOPMENTS LIMITED (FORMERLY LONDON EBOR DEVELOPMENTS PLC) |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 May 2023
|
31 May 23 |
3 Aug 22 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
1,350,002 |
|
1,350,002 |
Profit and loss account |
|
6,982,749 |
|
6,337,908 |
|
|
------------- |
|
------------- |
SHAREHOLDERS FUNDS |
|
8,332,751 |
|
7,687,910 |
|
|
------------- |
|
------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period 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 financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 February 2024
, and are signed on behalf of the board by:
Company registration number:
2179377
LONDON EBOR DEVELOPMENTS LIMITED (FORMERLY LONDON EBOR DEVELOPMENTS PLC) |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 4 AUGUST 2022 TO 31 MAY 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Independence House, Millfield Lane, Nether Poppleton, York, YO26 6PH.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Until 2 August 2022 the company was registered as a public limited company. On 2 August 2022, the company was re-registered as a private limited company.
(b)
Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c)
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
(d)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
(e)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of property is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on completion of the contract, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements.
(f)
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(g)
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.
(h)
Investment in subsidiaries
Investments in subsidiary undertakings are stated at cost less provision for diminution in value as disclosed in Note 8.
(i)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(j)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
10% straight line |
|
Fixtures & Fittings |
- |
10% Reducing balance |
|
Motor Vehicles |
- |
25% Reducing balance |
|
Computers |
- |
25% Straight line |
|
|
|
|
Freehold land is not depreciated.
(k)
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(l)
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
(m)
Investments in joint ventures
Investments in joint ventures are accounted for at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income
(n)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(o)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(p)
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuations of work in progress.
(q)
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(r)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to
8
(2022:
8
).
5.
TANGIBLE ASSETS
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Computers |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 4 Aug 2022 and 31 May 2023 |
32,000 |
162 |
35,426 |
4,637 |
2,888 |
75,113 |
|
-------- |
---- |
-------- |
------- |
------- |
-------- |
Depreciation |
|
|
|
|
|
|
At 4 Aug 2022 |
– |
115 |
20,495 |
4,018 |
1,883 |
26,511 |
Charge for the period |
– |
13 |
1,244 |
129 |
496 |
1,882 |
|
-------- |
---- |
-------- |
------- |
------- |
-------- |
At 31 May 2023 |
– |
128 |
21,739 |
4,147 |
2,379 |
28,393 |
|
-------- |
---- |
-------- |
------- |
------- |
-------- |
Carrying amount |
|
|
|
|
|
|
At 31 May 2023 |
32,000 |
34 |
13,687 |
490 |
509 |
46,720 |
|
-------- |
---- |
-------- |
------- |
------- |
-------- |
At 3 Aug 2022 |
32,000 |
47 |
14,931 |
619 |
1,005 |
48,602 |
|
-------- |
---- |
-------- |
------- |
------- |
-------- |
|
|
|
|
|
|
|
6.
INVESTMENTS
|
Shares in group undertakings |
Participating interest in joint venture |
Shared equity |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 4 August 2022 |
323,002 |
410,293 |
48,750 |
782,045 |
Additions |
– |
75,130 |
– |
75,130 |
Revaluations |
– |
(
474,500) |
– |
(
474,500) |
|
---------- |
---------- |
-------- |
---------- |
At 31 May 2023 |
323,002 |
10,923 |
48,750 |
382,675 |
|
---------- |
---------- |
-------- |
---------- |
Impairment |
|
|
|
|
At 4 August 2022 and 31 May 2023 |
– |
– |
– |
– |
|
---------- |
---------- |
-------- |
---------- |
|
|
|
|
|
Carrying amount |
|
|
|
|
At 31 May 2023 |
323,002 |
10,923 |
48,750 |
382,675 |
|
---------- |
---------- |
-------- |
---------- |
At 3 August 2022 |
323,002 |
410,293 |
48,750 |
782,045 |
|
---------- |
---------- |
-------- |
---------- |
|
|
|
|
|
Shared equity arises on the sale of properties under which certain home buyers have elected to participate in the shared equity scheme. Under the scheme the company retains ownership of 25% of the selling price of the property. The company participates in any gain or loss on the market value of the property at repayment or future sale in accordance with the company's initial equity contribution. The property is valued at fair value by one of the directors of the company who is a qualified surveyor and a member of RICS.
The company has entered into a joint venture to develop properties within the City of York. The balance represents the cost of this investment. The investment in the Joint Venture is valued at cost and represents a 50% share.
7.
DEBTORS
|
31 May 23 |
3 Aug 22 |
|
£ |
£ |
Trade debtors |
2,011,710 |
– |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,286,310 |
– |
Other debtors |
25,671 |
59,844 |
|
------------- |
-------- |
|
3,323,691 |
59,844 |
|
------------- |
-------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
31 May 23 |
3 Aug 22 |
|
£ |
£ |
Trade creditors |
19,344 |
51,930 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
320,050 |
320,050 |
Corporation tax |
158,254 |
22,605 |
Social security and other taxes |
61,179 |
4,000 |
Other loans |
3,000 |
3,000 |
Other creditors |
580,124 |
471,013 |
|
------------- |
---------- |
|
1,141,951 |
872,598 |
|
------------- |
---------- |
|
|
|
9.
RELATED PARTY TRANSACTIONS
The company was in receipt of a loan from a director which at the year end, £140,609 (2022: £140,609) was owed to the director. The loan is interest free and repayable on demand. During the year the company was in receipt of a loan from a company in which one of the directors is also a director and shareholder. At the balance sheet date the amount owed was £3,000 (2022: £3,000). The loan is interest free and repayable on demand.