REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
William Lacey Group Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2023 |
for |
William Lacey Group Limited |
William Lacey Group Limited (Registered number: 00297901) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
William Lacey Group Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
William Lacey Group Limited (Registered number: 00297901) |
Statement of Financial Position |
30 September 2023 |
30/9/23 | 30/9/22 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
William Lacey Group Limited (Registered number: 00297901) |
Statement of Financial Position - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
William Lacey Group Limited (Registered number: 00297901) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
William Lacey Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover represents the value of work done in respect of build contracts net of Value Added Tax, the sales of residential units on development projects and the sale of land for development. Profit is recognised on long-term contracts if the outcome can be assessed with reasonable certainty, by including in the Income Statement turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total costs for that contract. |
Turnover is recognised when a right to consideration has been obtained. Turnover with respect to retentions on property sales are not recognised where the right to receive payment is contingent upon contractual commitments which have not been fulfilled by the company as at the balance sheet date. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable for operating as intended. |
Depreciation is provided on all tangible fixed assets, except land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Fixtures & fittings - 25% and 50% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
William Lacey Group Limited (Registered number: 00297901) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
Depreciation |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
William Lacey Group Limited (Registered number: 00297901) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2022 |
Disposals | ( |
) |
At 30 September 2023 |
Provisions |
At 1 October 2022 |
and 30 September 2023 | 293,872 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
7. | INVENTORIES |
30/9/23 | 30/9/22 |
£ | £ |
Work-in-progress |
At the balance sheet date the impairment review of work-in-progress identified a necessary reduction in carrying value of £510,452 (2022 - £37,501), which has been expensed to cost of sales in the Income Statement. |
The closing value of work-in-progress includes capitalised borrowing costs of £42,334 (2022 - £nil). |
8. | DEBTORS |
30/9/23 | 30/9/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
William Lacey Group Limited (Registered number: 00297901) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans (see note 11) |
11. | LOANS |
An analysis of the maturity of loans is given below: |
30/9/23 | 30/9/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans <1yr |
Other loans <1yr |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The 'other loan' of £450,000 is from a private investor to assist the company with the acquisition of a development site included within work in progress at the balance sheet date. It is repayable on or before 3 May 2024 or at 12 weeks' notice on behalf of either party. Interest is charged at 8% p.a., payable quarterly. The loan is not secured over any company assets, but Mr C Lacey, a director, has provided a personal guarantee for the full balance and all costs and related expenses. |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/9/23 | 30/9/22 |
£ | £ |
Within one year |
Between one and five years |
William Lacey Group Limited (Registered number: 00297901) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
13. | PROVISIONS FOR LIABILITIES |
30/9/22 |
£ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 30 September 2023 | ( |
) |
14. | RELATED PARTY DISCLOSURES |
During the year Mr C Lacey, a director and shareholder, advanced the company a loan of £250,000 which remains outstanding at the balance sheet date. The loan is unsecured and repayable on demand. It carries interest at 15% p.a., which amounted to £20,432 during the year. |