REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MAY 2023 |
FOR |
LANEFIELD DEVELOPMENT COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MAY 2023 |
FOR |
LANEFIELD DEVELOPMENT COMPANY LIMITED |
LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LANEFIELD DEVELOPMENT COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 15 MAY 2023 |
DIRECTORS: |
SECRETARY: | Colin Watson Picken |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
24 Beresford Terrace |
Ayr |
KA7 2EG |
BANKERS: |
30 Sandgate |
Ayr |
KA7 1BW |
SOLICITORS: |
4 Alloway Place |
Ayr |
KA7 2AD |
LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032) |
BALANCE SHEET |
15 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
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 |
LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MAY 2023 |
1. | STATUTORY INFORMATION |
Lanefield Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
In accordance with FRS 102, investment properties are revalued annually at fair value. Changes to fair value are reflected in the profit and loss account No depreciation is provided in respect of investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in FRS 102. The director considers that, because these properties are not held for their consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to apply FRS 102 in order to give a true and fair view. |
If this departure from the Act had not been made, the reported net profit for the financial year would have been reduced by additional depreciation charges of £1,212 (2022 : £1,212). |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 15 MAY 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 16 May 2022 |
and 15 May 2023 |
NET BOOK VALUE |
At 15 May 2023 |
At 15 May 2022 |
Fair value at 15 May 2023 is represented by: |
£ |
Valuation in 2022 | 72,744 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 72,744 | 72,744 |
Aggregate depreciation | (33,847 | ) | (32,635 | ) |
Investment property was valued on an open market value basis on 15 May 2023 by C W Picken, director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Inter-firm current account | 106,932 | 102,476 |
Corporation Tax recoverable |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Current Corporation Tax |
Directors' current accounts | 6,203 | 6,203 |
Accruals and deferred income |
Value added tax payable | 600 | - |
LANEFIELD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC037032) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 15 MAY 2023 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 42,600 | 42,600 |
Ordinary "A" - "B" | £1 | 2 | 2 |
42,602 | 42,602 |
8. | RESERVES |
Retained | Capital |
earnings | reserve | Totals |
£ | £ | £ |
At 16 May 2022 | 147,294 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 15 May 2023 | 172,518 |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The company is under the immediate and ultimate control of directors Gordon and Colin Picken, who each hold 49.9998% of the issued share capital. |