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Registration number: 03737637

Lambert Pressland Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Lambert Pressland Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Lambert Pressland Limited

Company Information

Directors

P Pressland

O L Lambert

Company secretary

P Pressland

Registered office

Fulham Park House
1A Chesilton Road
London
SW6 5AA

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Lambert Pressland Limited

(Registration number: 03737637)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

46,855

18,098

Investment property

5

41,115,643

41,148,068

 

41,162,498

41,166,166

Current assets

 

Stocks

6

1,526,668

1,526,668

Debtors

7

871,854

1,108,659

Cash at bank and in hand

 

375,763

262,416

 

2,774,285

2,897,743

Creditors: Amounts falling due within one year

8

(1,164,234)

(785,762)

Net current assets

 

1,610,051

2,111,981

Total assets less current liabilities

 

42,772,549

43,278,147

Creditors: Amounts falling due after more than one year

8

(30,542,569)

(30,608,103)

Net assets

 

12,229,980

12,670,044

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

12,131,863

12,408,421

Retained earnings

98,115

261,621

Shareholders' funds

 

12,229,980

12,670,044

 

Lambert Pressland Limited

(Registration number: 03737637)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
P Pressland
Company secretary and director

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Fulham Park House
1A Chesilton Road
London
SW6 5AA
United Kingdom

These financial statements were authorised for issue by the Board on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor Vehicles

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

54,088

-

54,088

Additions

4,290

31,267

35,557

At 31 March 2023

58,378

31,267

89,645

Depreciation

At 1 April 2022

35,990

-

35,990

Charge for the year

4,846

1,954

6,800

At 31 March 2023

40,836

1,954

42,790

Carrying amount

At 31 March 2023

17,542

29,313

46,855

At 31 March 2022

18,098

-

18,098

5

Investment properties

2023
£

At 1 April

41,148,068

Additions

1,917,575

Disposals

(1,950,000)

At 31 March

41,115,643

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

1,526,668

1,526,668

7

Debtors

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Current

2023
£

2022
£

Trade debtors

438,617

361,662

Other debtors

433,237

746,997

 

871,854

1,108,659

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

179,496

14,203

Trade creditors

 

76,935

153,949

Taxation and social security

 

234,226

4,731

Accruals and deferred income

 

302,154

229,818

Other creditors

 

371,423

383,061

 

1,164,234

785,762

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

30,542,569

30,608,103

 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,603,200

28,117,922

Other borrowings

2,939,369

2,490,181

30,542,569

30,608,103

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

10,000

Bank overdrafts

41,071

4,203

Other borrowings

138,425

-

179,496

14,203

Bank borrowings

The company's bank borrowings are secured by fixed and floating charges over the company's property, income arising from the company's property and other assets.

11

Dividends

2023

2022

£

£

Interim dividend of £10,000.00 (2022 - £265,000.00) per ordinary share

20,000

530,000

 

 
 

Lambert Pressland Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

12

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Other payments made to company by director
£

At 31 March 2023
£

P Pressland

Director's current account

(144,314)

143,694

(620)

O L Lambert

Director's loan account

2,490,181

449,188

2,939,369

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

P Pressland

Director's current account

(134,520)

(9,794)

(144,314)

O L Lambert

Director's loan account

1,769,575

720,606

2,490,181

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,800

16,800