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Registration number: SC492762

Lamont Leasing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lamont Leasing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Lamont Leasing Limited

Company Information

Directors

Mr Martin Iain Lamont

Mrs Jennifer Lamont

Registered office

Rockcliffe
East Bay
Mallaig
Inverness-Shire
Invernessshire
PH41 4QF

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Lamont Leasing Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Martin Iain Lamont

Mrs Jennifer Lamont

Principal activity

The principal activity of the company is property letting

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr Martin Iain Lamont
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lamont Leasing Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lamont Leasing Limited for the year ended 31 December 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lamont Leasing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lamont Leasing Limited and state those matters that we have agreed to state to the Board of Directors of Lamont Leasing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lamont Leasing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lamont Leasing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lamont Leasing Limited. You consider that Lamont Leasing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lamont Leasing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

4 April 2024

 

Lamont Leasing Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

34,110

22,590

Gross profit

 

34,110

22,590

Administrative expenses

 

(56,893)

(52,568)

Operating loss

 

(22,783)

(29,978)

Income from shares in group undertakings

 

525,000

375,000

Profit before tax

3

502,217

345,022

Profit for the financial year

 

502,217

345,022

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lamont Leasing Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

502,217

345,022

Total comprehensive income for the year

502,217

345,022

 

Lamont Leasing Limited

(Registration number: SC492762)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

912,741

922,586

Investments

5

758,865

758,865

 

1,671,606

1,681,451

Current assets

 

Debtors

6

6,296

5,218

Cash at bank and in hand

 

855,969

644,985

 

862,265

650,203

Creditors: Amounts falling due within one year

7

(1,000)

(1,000)

Net current assets

 

861,265

649,203

Net assets

 

2,532,871

2,330,654

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

2,532,869

2,330,652

Shareholders' funds

 

2,532,871

2,330,654

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 

.........................................
Mr Martin Iain Lamont
Director

 

Lamont Leasing Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

2

2,330,652

2,330,654

Profit for the year

-

502,217

502,217

Dividends

-

(300,000)

(300,000)

At 31 December 2023

2

2,532,869

2,532,871

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

2

2,205,630

2,205,632

Profit for the year

-

345,022

345,022

Dividends

-

(220,000)

(220,000)

At 31 December 2022

2

2,330,652

2,330,654

 

Lamont Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Land & buildings

in accordance with the property

 

Lamont Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lamont Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,441

13,723

Income from shares in group undertakings

(525,000)

(375,000)

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

881,417

77,518

958,935

Additions

-

596

596

At 31 December 2023

881,417

78,114

959,531

Depreciation

At 1 January 2023

-

36,349

36,349

Charge for the year

-

10,441

10,441

At 31 December 2023

-

46,790

46,790

Carrying amount

At 31 December 2023

881,417

31,324

912,741

At 31 December 2022

881,417

41,169

922,586

Included within the net book value of land and buildings above is £881,417 (2022 - £881,417) in respect of freehold land and buildings.
 

 

Lamont Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

758,865

758,865

Subsidiaries

£

Cost or valuation

At 1 January 2023

758,865

Provision

Carrying amount

At 31 December 2023

758,865

At 31 December 2022

758,865

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

DI Lamont & Co Ltd

Scotland

Ordinary shares

75%

75%

Subsidiary undertakings

DI Lamont & Co Ltd

The principal activity of DI Lamont & Co Ltd is Fishing.

6

Debtors

Current

2023
£

2022
£

Other debtors

6,296

5,218

 

6,296

5,218

 

Lamont Leasing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,000

1,000

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

2023

2022

£

£

Interim dividend of £150,000.00 (2022 - £110,000.00) per ordinary share

300,000

220,000

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,521

14,188