Company Registration No. NI039548 (Northern Ireland)
LC Homes LTD
Unaudited accounts
for the period from 1 December 2022 to 31 May 2023
LC Homes LTD
Unaudited accounts
Contents
LC Homes LTD
Company Information
for the period from 1 December 2022 to 31 May 2023
Directors
Mr C Lilburn
Mr A Lilburn
Mr D Currie
Company Number
NI039548 (Northern Ireland)
Registered Office
103 CULCAVEY ROAD
NEWPORT
HILLSBOROUGH
CO DOWN
BT26 6HH
Accountants
JMW
74 Ballantine Gardens
Lisburn
Co. Down
BT27 5FB
LC Homes LTD
Statement of financial position
as at 31 May 2023
Inventories
320,000
265,000
Cash at bank and in hand
6,820
6,226
Creditors: amounts falling due within one year
(3,866,815)
(3,969,716)
Net current liabilities
(3,538,303)
(3,545,061)
Total assets less current liabilities
(3,538,303)
(3,545,061)
Creditors: amounts falling due after more than one year
(23,717)
(29,833)
Net liabilities
(3,562,020)
(3,574,894)
Called up share capital
10,000
10,000
Profit and loss account
(3,572,020)
(3,584,894)
Shareholders' funds
(3,562,020)
(3,574,894)
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2023 and were signed on its behalf by
Mr D Currie
Director
Company Registration No. NI039548
LC Homes LTD
Notes to the Accounts
for the period from 1 December 2022 to 31 May 2023
LC Homes LTD is a private company, limited by shares, registered in Northern Ireland, registration number NI039548. The registered office is 103 CULCAVEY ROAD, NEWPORT, HILLSBOROUGH, CO DOWN, BT26 6HH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks and work in progress (WIP) is valued based on the percentage completed and estimated costs for completion. Cost includes all purchases, cost of conversion and other costs to bring the WIP to completion.
Amounts falling due within one year
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
3,634,572
3,634,335
Trade creditors
57,175
127,292
Other creditors
29,876
52,147
Loans from directors
143,442
153,442
A registered charge has been made against the Company in respect of the land contained in work in progress.
LC Homes LTD
Notes to the Accounts
for the period from 1 December 2022 to 31 May 2023
6
Creditors: amounts falling due after more than one year
2023
2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
8
Transactions with related parties
The directors of LC Homes Ltd are also the three partners (equal percentage share) in Lilburn Contracts. It can be assumed that they're in a position to operate significant control over both LC Homes Ltd and Lilburn Contracts. During the period, Lilburn Contracts provided services totalling £696,260 (2022: £871,517). All transactions within the year have been at an arm's length basis. At the end of the period the balance owed to Lilburn Contracts totals £52,147 (2022: £178,147). During the year, LC Homes made sales to Lilburn Contracts totalling £686,675 (2022: £1,056,624). The balance owed from Lilburn Contracts totals £0 (2022: £151,770). There are no amounts written off as bad debts during the period, nor is there a requirement for a provision for doubtful debts in relation to Lilburn Contracts.
9
Average number of employees
During the period the average number of employees was 0 (2022: 0).