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Company No: 03255839 (England and Wales)

LAPFORDWOOD LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

LAPFORDWOOD LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

LAPFORDWOOD LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
LAPFORDWOOD LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTOR R M Crichton
SECRETARY A J D Crichton
REGISTERED OFFICE Centenary House Peninsula Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 03255839 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
LAPFORDWOOD LIMITED

BALANCE SHEET

As at 31 January 2024
LAPFORDWOOD LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 307,739 307,771
307,739 307,771
Current assets
Debtors 4 865 841
Cash at bank and in hand 21,446 23,059
22,311 23,900
Creditors: amounts falling due within one year 5 ( 208,404) ( 209,668)
Net current liabilities (186,093) (185,768)
Total assets less current liabilities 121,646 122,003
Net assets 121,646 122,003
Capital and reserves
Called-up share capital 6 130,000 130,000
Profit and loss account ( 8,354 ) ( 7,997 )
Total shareholder's funds 121,646 122,003

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lapfordwood Limited (registered number: 03255839) were approved and authorised for issue by the Director on 02 April 2024. They were signed on its behalf by:

R M Crichton
Director
LAPFORDWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
LAPFORDWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lapfordwood Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The principal place of business is Lapfordwood House, Lapford, Crediton, EX17 6QU.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts chargeable in respect of the sale of timber and rental of company assets.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2023 307,645 16,998 324,643
At 31 January 2024 307,645 16,998 324,643
Accumulated depreciation
At 01 February 2023 0 16,872 16,872
Charge for the financial year 0 32 32
At 31 January 2024 0 16,904 16,904
Net book value
At 31 January 2024 307,645 94 307,739
At 31 January 2023 307,645 126 307,771

Land and buildings represent freehold property.

4. Debtors

2024 2023
£ £
Other debtors 865 841

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 20,000 20,000
Accruals 751 750
Taxation and social security 233 1,498
Other creditors 187,420 187,420
208,404 209,668

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
130,000 Ordinary shares of £ 1.00 each 130,000 130,000
187,420 Preference redeemable shares of £ 1.00 each 187,420 187,420
317,420 317,420

The redeemable preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry the right to receive notice of, attend and speak at general meetings. The redeemable preference shares also entitle the holder to vote and to preferential capital on winding up.