1 December 2022 false No description of principal activity Taxfiler 2023.10 NI039548business:PrivateLimitedCompanyLtd2022-12-012023-05-31 NI0395482022-11-30 NI0395482022-12-012023-05-31 NI039548business:AuditExemptWithAccountantsReport2022-12-012023-05-31 NI039548business:FilletedAccounts2022-12-012023-05-31 NI0395482023-05-31 NI039548business:Director12022-12-012023-05-31 NI039548business:Director22022-12-012023-05-31 NI039548business:Director32022-12-012023-05-31 NI039548business:CompanySecretary12022-12-012023-05-31 NI039548business:RegisteredOffice2022-12-012023-05-31 NI0395482022-11-30 NI039548core:WithinOneYear2023-05-31 NI039548core:WithinOneYear2022-11-30 NI039548core:AfterOneYear2023-05-31 NI039548core:AfterOneYear2022-11-30 NI039548core:ShareCapitalcore:PreviouslyStatedAmount2023-05-31 NI039548core:ShareCapitalcore:PreviouslyStatedAmount2022-11-30 NI039548core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-05-31 NI039548core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-11-30 NI039548core:PreviouslyStatedAmount2023-05-31 NI039548core:PreviouslyStatedAmount2022-11-30 NI039548business:SmallEntities2022-12-012023-05-31 NI039548countries:NorthernIreland2022-12-012023-05-31 NI039548core:WithinOneYear2022-12-012023-05-31 NI039548business:Director112022-11-30 NI039548business:Director112022-12-012023-05-31 NI039548business:Director112023-05-31 NI0395482021-12-012022-11-30 iso4217:GBP xbrli:pure
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
Page
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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
Secretary
Mr A Lilburn
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
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LC Homes LTD Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Current assets
Inventories
320,000 
265,000 
Debtors
1,692 
153,429 
Cash at bank and in hand
6,820 
6,226 
328,512 
424,655 
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)
Capital and reserves
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
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LC Homes LTD Notes to the Accounts for the period from 1 December 2022 to 31 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Inventories
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.
4
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,692 
1,659 
Trade debtors
- 
151,770 
1,692 
153,429 
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 
Accruals
1,750 
2,500 
3,866,815 
3,969,716 
A registered charge has been made against the Company in respect of the land contained in work in progress.
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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 
£ 
£ 
Bank loans
23,717 
29,833 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr C Lilburn
143,432 
- 
- 
143,432 
143,432 
- 
- 
143,432 
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).
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