REGISTERED NUMBER: |
LOWER EDGE DEVELOPMENTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income which is recorded net of VAT, discounts and rebates and is recognised on an accruals basis. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Disposals | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
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 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
Repayable by instalments |
Bank loans | 981,086 | 993,692 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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 |
Charge to Income Statement during year |
Balance at 31 August 2023 |
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 |
Property revaluation/disposal | (14,314 | ) |
Deferred tax | (30,880 | ) |
At 31 August 2023 |
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. |