Registration number:
Lamont Leasing Limited
for the Year Ended 31 December 2023
Lamont Leasing Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Lamont Leasing Limited
Company Information
Directors |
Mr Martin Iain Lamont Mrs Jennifer Lamont |
Registered office |
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Accountants |
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Lamont Leasing Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property letting
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lamont Leasing Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lamont Leasing Limited for the year ended 31 December 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Lamont Leasing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lamont Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Lamont Leasing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lamont Leasing Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Lamont Leasing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lamont Leasing Limited. You consider that Lamont Leasing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lamont Leasing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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1 Aldersyde
Taynuilt
Argyll
PA35 1AG
Lamont Leasing Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating loss |
(22,783) |
(29,978) |
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Income from shares in group undertakings |
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Profit before tax |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Lamont Leasing Limited
Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
2022 |
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Profit for the year |
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Total comprehensive income for the year |
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Lamont Leasing Limited
(Registration number: SC492762)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
2,532,869 |
2,330,652 |
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Shareholders' funds |
2,532,871 |
2,330,654 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
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Lamont Leasing Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 December 2023 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2022 |
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|
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 December 2022 |
2 |
2,330,652 |
2,330,654 |
Lamont Leasing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
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 & machinery |
25% reducing balance |
Land & buildings |
in accordance with the property |
Lamont Leasing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
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.
Lamont Leasing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
|
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Income from shares in group undertakings |
(525,000) |
(375,000) |
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £881,417 (2022 - £881,417) in respect of freehold land and buildings.
Lamont Leasing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Scotland |
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Subsidiary undertakings |
DI Lamont & Co Ltd The principal activity of DI Lamont & Co Ltd is |
Debtors |
Current |
2023 |
2022 |
Other debtors |
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Lamont Leasing Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
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2 |
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2 |
Dividends |
2023 |
2022 |
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£ |
£ |
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Interim dividend of £ |
300,000 |
220,000 |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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