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REGISTERED NUMBER: SC037032 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 15 MAY 2023

FOR

LANEFIELD DEVELOPMENT COMPANY LIMITED

LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LANEFIELD DEVELOPMENT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 15 MAY 2023







DIRECTORS: Gordon Shearer Picken
Colin Watson Picken



SECRETARY: Colin Watson Picken



REGISTERED OFFICE: 24 Beresford Terrace
Ayr
KA7 2EG



REGISTERED NUMBER: SC037032 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: The Royal Bank of Scotland plc
30 Sandgate
Ayr
KA7 1BW



SOLICITORS: Mathie-Morton, Black & Buchanan
4 Alloway Place
Ayr
KA7 2AD

LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032)

BALANCE SHEET
15 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 72,744 72,744

CURRENT ASSETS
Debtors 5 112,704 108,248
Cash at bank 54,818 23,484
167,522 131,732
CREDITORS
Amounts falling due within one year 6 25,146 14,580
NET CURRENT ASSETS 142,376 117,152
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,120

189,896

CAPITAL AND RESERVES
Called up share capital 7 42,602 42,602
Capital reserve 8 47,811 47,811
Retained earnings 8 124,707 99,483
SHAREHOLDERS' FUNDS 215,120 189,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:





Gordon Shearer Picken - Director


LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 MAY 2023

1. STATUTORY INFORMATION

Lanefield Development Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view.

If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £1,212 (2022 : £1,212).

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 15 MAY 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 16 May 2022
and 15 May 2023 72,744
NET BOOK VALUE
At 15 May 2023 72,744
At 15 May 2022 72,744

Fair value at 15 May 2023 is represented by:
£   
Valuation in 2022 72,744

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 72,744 72,744
Aggregate depreciation (33,847 ) (32,635 )

Investment property was valued on an open market value basis on 15 May 2023 by C W Picken, director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Inter-firm current account 106,932 102,476
Corporation Tax recoverable 5,772 5,772
112,704 108,248

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Current Corporation Tax 8,262 -
Directors' current accounts 6,203 6,203
Accruals and deferred income 10,081 8,377
Value added tax payable 600 -
25,146 14,580

LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 15 MAY 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
42,600 Ordinary £1 42,600 42,600
2 Ordinary "A" - "B" £1 2 2
42,602 42,602

8. RESERVES
Retained Capital
earnings reserve Totals
£    £    £   

At 16 May 2022 99,483 47,811 147,294
Profit for the year 35,224 35,224
Dividends (10,000 ) (10,000 )
At 15 May 2023 124,707 47,811 172,518

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors.

The company is under the immediate and ultimate control of directors Gordon and Colin Picken, who each hold 49.9998% of the issued share capital.