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REGISTERED NUMBER: SC153642 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Lennoxwoods Limited

Lennoxwoods Limited (Registered number: SC153642)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lennoxwoods Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr T T Aaltio
Mr J H S Aaltio





SECRETARY: Turcan Connell Company Secretaries Limited





REGISTERED OFFICE: Princes Exchange
1 Earl Grey Street
Edinburgh
EH3 9EE





REGISTERED NUMBER: SC153642 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Lennoxwoods Limited (Registered number: SC153642)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,976,349 4,975,876

CURRENT ASSETS
Debtors 5 1,994 11,165
Cash at bank 181,657 277,277
183,651 288,442
CREDITORS
Amounts falling due within one year 6 3,740 4,708
NET CURRENT ASSETS 179,911 283,734
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,156,260

5,259,610

PROVISIONS FOR LIABILITIES 1,110,692 1,110,692
NET ASSETS 4,045,568 4,148,918

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 3,332,075 3,332,075
Retained earnings 713,393 816,743
SHAREHOLDERS' FUNDS 4,045,568 4,148,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Lennoxwoods Limited (Registered number: SC153642)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





Mr T T Aaltio - Director


Lennoxwoods Limited (Registered number: SC153642)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lennoxwoods Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied to customers in the normal course of business, excluding value added tax. The policy is to recognise a sale when the company obtains the right to consideration.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Forestry profits are not subject to corporation tax.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lennoxwoods Limited (Registered number: SC153642)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 33% on cost and 25% on reducing balance

Land and buildings have been measured using the revaluation model, with the asset carried at the revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the reporting date. Any gains or losses will be recognised in other comprehensive income and accumulated in the revaluation reserve.

At the balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 4,975,000 1,503 1,064 3,197 4,980,764
Additions - - - 1,167 1,167
At 31 December 2023 4,975,000 1,503 1,064 4,364 4,981,931
DEPRECIATION
At 1 January 2023 - 970 1,064 2,854 4,888
Charge for year - 133 - 561 694
At 31 December 2023 - 1,103 1,064 3,415 5,582
NET BOOK VALUE
At 31 December 2023 4,975,000 400 - 949 4,976,349
At 31 December 2022 4,975,000 533 - 343 4,975,876

Lennoxwoods Limited (Registered number: SC153642)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2022 4,516,968 - - - 4,516,968
Cost 458,032 1,503 1,064 4,364 464,963
4,975,000 1,503 1,064 4,364 4,981,931

There have been no indicators of impairment in the period under review.

Freehold land and buildings were subject to independent, professional valuation at 14 October 2022. The valuation was undertaken by GOLDCREST Land & Forestry Group LLP, an independent, professional valuer that has recent experience in the location and class of property being revalued.

At the balance sheet date, the directors feel this valuation remains appropriate with no material changes in the market value which require to be disclosed in the accounts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 8,623
Other debtors 1,994 2,542
1,994 11,165

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security - 769
Other creditors 3,740 3,939
3,740 4,708

7. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 3,332,075