Number
11388884
L&D MAUDLING LTD
Filleted Accounts
31 May 2023
L&D MAUDLING LTD
11388884
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 191,611 1,260
Investments 4 - 188,298
191,611 189,558
Current assets
Stocks 10,000 -
Cash at bank and in hand 27,795 354
37,795 354
Creditors: amounts falling due within one year 5 (42,307) (23,970)
Net current liabilities (4,512) (23,616)
Total assets less current liabilities 187,099 165,942
Creditors: amounts falling due after more than one year 6 (144,990) (155,429)
Provisions for liabilities (939) (240)
Net assets 41,170 10,273
Capital and reserves
Called up share capital 1 1
Profit and loss account 41,169 10,272
Shareholder's funds 41,170 10,273
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs. Leah Maudling
Director
Approved by the board on 31 January 2024
L&D MAUDLING LTD
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 50 years
Integral features, fixtures, fittings over 4 years
Investment property
Unlisted investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 0
3 Tangible fixed assets
Land and buildings Fixtures and fittings Integral features Total
£ £ £ £
Cost
At 1 June 2022 - - 3,558 3,558
Additions 188,298 5,088 - 193,386
At 31 May 2023 188,298 5,088 3,558 196,944
Depreciation
At 1 June 2022 - - 2,298 2,298
Charge for the year 1,883 263 889 3,035
At 31 May 2023 1,883 263 3,187 5,333
Net book value
At 31 May 2023 186,415 4,825 371 191,611
At 31 May 2022 - - 1,260 1,260
4 Investments
Investment
property Total
£ £
Cost
At 1 June 2022 188,298 188,298
Disposals (188,298) (188,298)
At 31 May 2023 - -
Historical cost
At 1 June 2022 189,298
At 31 May 2023 -
On 1 November 2022 the company ceased using the investment property as an investment, and began operating its business from the property.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,777 8,863
Corporation tax 7,317 1,557
PAYE and NI 2,995 -
Pension fund 173 -
VAT 10,361 -
Mrs. Leah Maudling 4,143 13,548
Accruals 7,541 2
42,307 23,970
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 144,990 155,429
144,990 155,429
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 101,259 137,201
Secured bank loans 154,767 164,292
The secured bank loans are secured on the property of the company.
8 Ultimate controlling party and related party transactions
The company was under the control of Mrs. Leah Maudling throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2023 2022
£ £
Equity dividends paid to Mrs. Leah Maudling 2,000 2,000
Balance owing (to) / from Mrs. Leah Maudling (4,143) (13,548)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
9 Other information
L&D MAUDLING LTD is a private company limited by shares and incorporated in England. Its registered office is:
9a Beech Grove
Whitehaven
Cumbria
CA28 6LG
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