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REGISTERED NUMBER: 00297901 (England and Wales)















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: C T Lacey
A P Lacey
M Lacey-Solymar





SECRETARY: E C Alarcon





REGISTERED OFFICE: Elmbridge House
18 Elmbridge Lane
Woking
Surrey
GU22 9FY





REGISTERED NUMBER: 00297901 (England and Wales)





ACCOUNTANTS: Barnbrook Sinclair
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 4,252 22,376
Investments 6 3,000 5,000
7,252 27,376

CURRENT ASSETS
Inventories 7 909,500 1,865,175
Debtors 8 1,865,913 206,462
Cash at bank 1,494,456 1,503,158
4,269,869 3,574,795
CREDITORS
Amounts falling due within one year 9 (1,168,512 ) (491,946 )
NET CURRENT ASSETS 3,101,357 3,082,849
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,108,609

3,110,225

CREDITORS
Amounts falling due after more than one
year

10

(21,538

)

(30,833

)

PROVISIONS FOR LIABILITIES 13 - (3,215 )
NET ASSETS 3,087,071 3,076,177

CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Retained earnings 3,017,071 3,006,177
SHAREHOLDERS' FUNDS 3,087,071 3,076,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

William Lacey Group Limited (Registered number: 00297901)

Statement of Financial Position - continued
30 September 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 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 27 March 2024 and were signed on its behalf by:





C T Lacey - Director


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 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. STATEMENT OF COMPLIANCE

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.

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 3 (2022 - 6 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
Cost
At 1 October 2022 122,471
Additions 1,390
Disposals (25,324 )
At 30 September 2023 98,537
Depreciation
At 1 October 2022 100,095
Charge for year 19,514
Eliminated on disposal (25,324 )
At 30 September 2023 94,285
Net book value
At 30 September 2023 4,252
At 30 September 2022 22,376

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 298,872
Disposals (2,000 )
At 30 September 2023 296,872
Provisions
At 1 October 2022
and 30 September 2023 293,872
Net book value
At 30 September 2023 3,000
At 30 September 2022 5,000

7. INVENTORIES
30/9/23 30/9/22
£    £   
Work-in-progress 909,500 1,865,175

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 1,782,035 111,485
Other debtors 83,878 54,977
1,865,913 166,462

Amounts falling due after more than one year:
Other debtors - 40,000

Aggregate amounts 1,865,913 206,462

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) 10,000 10,000
Trade creditors 49,699 163,761
Amounts owed to group undertakings 3,000 5,000
Taxation and social security 300,248 17,905
Other creditors 805,565 295,280
1,168,512 491,946

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans (see note 11) 21,538 30,833

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 10,000 10,000
Other loans <1yr 450,000 -
460,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,538 20,833

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 - 25,000
Between one and five years 50,000 -
50,000 25,000

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 3,215

Deferred
tax
£   
Balance at 1 October 2022 3,215
Credit to Statement of Income and Retained Earnings during year (4,130 )
Balance at 30 September 2023 (915 )

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.