Company registration number 05254330 (England and Wales)
LITTON (ARCHER ROAD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LITTON (ARCHER ROAD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LITTON (ARCHER ROAD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
12,000,000
11,500,000
Current assets
Debtors
4
353,985
472,371
Cash at bank and in hand
139,727
174,459
493,712
646,830
Creditors: amounts falling due within one year
5
(565,752)
(795,698)
Net current liabilities
(72,040)
(148,868)
Total assets less current liabilities
11,927,960
11,351,132
Creditors: amounts falling due after more than one year
6
(8,488,169)
(8,400,846)
Provisions for liabilities
(406,500)
(273,600)
Net assets
3,033,291
2,676,686
Capital and reserves
Called up share capital
7
1
1
Revaluation reserve
1,388,271
1,013,271
Profit and loss reserves
1,645,019
1,663,414
Total equity
3,033,291
2,676,686

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LITTON (ARCHER ROAD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
W M D Twelves
Director
Company registration number 05254330 (England and Wales)
LITTON (ARCHER ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Litton (Archer Road) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Offices 5-7 Lumford Mill, Riverside Business Park, Buxton Road, Bakewell, Derbyshire, DE45 1GS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable net of VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LITTON (ARCHER ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
LITTON (ARCHER ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Investment property
2024
£
Fair value
At 1 April 2023
11,500,000
Revaluations
500,000
At 31 March 2024
12,000,000

The valuation of investment properties were made as at 14 April 2023 by Carter Jonas LLP an independent firm of chartered surveyors. The basis of this valuation was open market value. W M D Twelves MRICS, a director of the company has considered the valuation as at 31 March 2024 and the valuation has been adjusted accordingly.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,828
46,753
Amounts owed by group undertakings
-
0
13,918
Other debtors
321,157
411,700
353,985
472,371
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
200,000
Trade creditors
40,003
58,771
Amounts due to group undertakings
31,247
14,293
Corporation tax
55,153
106,710
Other taxation and social security
36,579
44,033
Accruals and deferred income
352,770
371,891
565,752
795,698

The bank loan is secured by way of an unlimited guarantee as disclosed in note 8 to the financial statements.

LITTON (ARCHER ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,265,000
7,115,000
Amounts due to group undertakings
1,223,169
1,285,846
8,488,169
8,400,846

The bank loan is secured by way of an unlimited guarantee as disclosed in note 8 to the financial statements.

 

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee to Svenka Handlesbanken AB (publ) in respect of Litton (Parkgate) Limited, Litton (Brunswick Park) Limited, Riverside Business Park Limited, Litton (Greenland Road) Limited and Litton (Hellaby) Limited's bank borrowings. At 31 March 2024 these amounted to £12,471,331 (2023: £10,918,750).

9
Parent company

The company is a wholly owned subsidiary of Litton Holdings Limited. The ultimate parent company is Scorpio Securities Limited, a company incorporated in England and Wales.

 

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