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REGISTERED NUMBER: 05115676 (England and Wales)















LOWER EDGE DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023






LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOWER EDGE DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: Mr R J Holroyd
Mrs J Holroyd
Mr J W Holroyd
Mr C A Holroyd





SECRETARY: Mr R J Holroyd





REGISTERED OFFICE: The Studio
14 Park Drive (Rear Of)
Huddersfield
West Yorkshire
HD1 4EB





REGISTERED NUMBER: 05115676 (England and Wales)





ACCOUNTANTS: Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 14,670 19,725
Investment property 5 5,624,343 5,774,343
5,639,013 5,794,068

CURRENT ASSETS
Debtors 6 1,797,158 1,798,713
Cash at bank 424,810 323,065
2,221,968 2,121,778
CREDITORS
Amounts falling due within one year 7 (241,047 ) (304,596 )
NET CURRENT ASSETS 1,980,921 1,817,182
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,619,934

7,611,250

CREDITORS
Amounts falling due after more than one
year

8

(2,549,451

)

(2,625,108

)

PROVISIONS FOR LIABILITIES 10 (266,542 ) (264,626 )
NET ASSETS 4,803,941 4,721,516

CAPITAL AND RESERVES
Called up share capital 300 300
Non distributable reserve 11 868,662 913,856
Retained earnings 3,934,979 3,807,360
SHAREHOLDERS' FUNDS 4,803,941 4,721,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

BALANCE SHEET - continued
31 August 2023


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 22 February 2024 and were signed on its behalf by:





Mr R J Holroyd - Director


LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023


1. STATUTORY INFORMATION

Lower Edge Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents rental income which is recorded net of VAT, discounts and rebates and is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 293,680
DEPRECIATION
At 1 September 2022 273,955
Charge for year 5,055
At 31 August 2023 279,010
NET BOOK VALUE
At 31 August 2023 14,670
At 31 August 2022 19,725

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 5,774,343
Disposals (150,000 )
At 31 August 2023 5,624,343
NET BOOK VALUE
At 31 August 2023 5,624,343
At 31 August 2022 5,774,343

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 5,624,343

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,627,018 4,762,704

Investment properties were valued on an open market basis on 31 August 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,797,158 1,798,713

LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 88,920 117,559
Taxation and social security 47,106 69,167
Other creditors 105,021 117,870
241,047 304,596

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 2,549,451 2,625,108

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 1,234,350 1,234,350

Repayable by instalments
Bank loans 981,086 993,692

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,638,371 2,742,667

Lloyds bank holds an unlimited guarantee for Lower Edge Development Limited. The guarantee is secured by fixed and floating charge on the properties the company.

BBLS loans are secured under government backed initiatives.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 266,542 264,626

Deferred
tax
£   
Balance at 1 September 2022 264,626
Charge to Income Statement during year 1,916
Balance at 31 August 2023 266,542

LOWER EDGE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05115676)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023


11. RESERVES
Non
distributable
reserve
£   
At 1 September 2022 913,856
Property revaluation/disposal (14,314 )
Deferred tax (30,880 )

At 31 August 2023 868,662

12. RELATED PARTY DISCLOSURES

Creditors includes loans due to Directors totalling £1,000 (2023 £1,000). The loans are on an interest free basis and are repayable on demand.

A loan of £780,000 (2022 £780,000) was owing in the year from Holroyd Homes (Yorkshire) Ltd on an interest free basis. Some of the directors and shareholders of Lower Edge Developments Ltd are also directors and shareholders of Holroyd Homes (Yorkshire) Ltd.

A loan of £713,200 (2022 £1,013,200) was owing in the year from Holroyd Homes (Fold Farm) Ltd on an interest free basis. Some of the directors and shareholders of Lower Edge Developments Ltd are also directors and shareholders of Holroyd Homes (Fold Farm) Ltd.