Company registration number 02258408 (England and Wales)
LANBRO DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
PAGES FOR FILING WITH REGISTRAR
LANBRO DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LANBRO DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 JULY 2023
30 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,167
2,550
Tangible assets
4
24,116
23,733
Investment property
5
621,875
621,875
648,158
648,158
Current assets
Debtors
6
2,091,314
2,375,124
Cash at bank and in hand
169,898
149,663
2,261,212
2,524,787
Creditors: amounts falling due within one year
7
(622,182)
(1,132,382)
Net current assets
1,639,030
1,392,405
Total assets less current liabilities
2,287,188
2,040,563
Creditors: amounts falling due after more than one year
8
(2,168)
(2,550)
Provisions for liabilities
(51,715)
(50,578)
Net assets
2,233,305
1,987,435
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
2,233,303
1,987,433
Total equity
2,233,305
1,987,435

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LANBRO DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JULY 2023
30 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 March 2024 and are signed on its behalf by:
Mrs L M Lancaster
Mrs J E Lancaster
Director
Director
Company Registration No. 02258408
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
- 3 -
1
Accounting policies
Company information

Lanbro Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elmsfield Park Estate Office, Elmsfield Park, Holme, Carnforth, Lancashire, LA6 1RJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold investment properties.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover represents rents received and development work, net of VAT, to the extent that the company has a right to consideration arising form the performance of its contractual arrangements.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings Leasehold
- 10% straight line
Plant and machinery
- 15% reducing balance
Fixtures, fittings & equipment
- 15% reducing balance
Motor vehicles
- 25% reducing balance / 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12

Intellectual property & trade marks

Amortisation is calculated so as to write off the cost of an asset, less the estimated residual value, over the useful economic life of that asset as follows:

 

Intellectual property and trade marks are stated at cost less accumulated amortisation.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was as follows:

2023
2022
Number
Number
Total
3
3
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 31 July 2022 and 30 July 2023
10,400
Amortisation and impairment
At 31 July 2022
7,850
Amortisation charged for the year
383
At 30 July 2023
8,233
Carrying amount
At 30 July 2023
2,167
At 30 July 2022
2,550
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 July 2022
24,407
77,510
101,917
Additions
-
0
21,491
21,491
Disposals
-
0
(16,200)
(16,200)
At 30 July 2023
24,407
82,801
107,208
Depreciation and impairment
At 31 July 2022
22,890
55,294
78,184
Depreciation charged in the year
801
4,107
4,908
At 30 July 2023
23,691
59,401
83,092
Carrying amount
At 30 July 2023
716
23,400
24,116
At 30 July 2022
1,517
22,216
23,733
5
Investment property
2023
£
Fair value
At 31 July 2022 and 30 July 2023
621,875

The directors consider £621,875 to be a fair reflection of the fair value as at 30 July 2023 (2022: £621,875). No independent valuation has been carried out.

LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
584,265
549,246
Other debtors
1,507,049
1,825,878
2,091,314
2,375,124
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
259,331
615,644
Taxation and social security
96,357
290,854
Other creditors
266,494
225,884
622,182
1,132,382
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,168
2,550
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
200
200
2
2

The ordinary shares are split as follows:-

 

50 'A' Ordinary shares of 1p each    £0.50

50 'B' Ordinary shares of 1p each    £0.50

50 'C' Ordinary shares of 1p each    £0.50

50 'D' Ordinary shares of 1p each    £0.50

 

All classes of shares rank pari passu in all respects save that the directors may declare a dividend on one class of share and not another class.

LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023
- 8 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,669,319
2,008,842
11
Profit and loss reserves

The balance of £2,257,911 shown in the profit and loss reserves includes £228,192 which is non distributable (2022: £228,192).

 

 

 

 

 

 

 

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