Company registration number SC613603 (Scotland)
LOMOND (WOOD LANE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOMOND (WOOD LANE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LOMOND (WOOD LANE) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
187,393
186,751
Debtors
3
36,321
41,921
Cash at bank and in hand
1,432
692
225,146
229,364
Creditors: amounts falling due within one year
4
(4,887)
(11,000)
Net current assets
220,259
218,364
Creditors: amounts falling due after more than one year
5
(264,467)
(245,598)
Net liabilities
(44,208)
(27,234)
Capital and reserves
Called up share capital
6
300,000
300,000
Profit and loss reserves
(344,208)
(327,234)
Total equity
(44,208)
(27,234)
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 30 November 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 5 June 2024 and are signed on its behalf by:
S J Smethurst
Director
Company registration number SC613603 (Scotland)
LOMOND (WOOD LANE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Lomond (Wood Lane) Limited is a private company limited by shares incorporated in Scotland. The registered office is Garnock House, Kenilworth Road, Bridge of Allan, Stirling, FK9 4DU.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is funded by way of equity finance and debt. The company continues to have the support of its shareholders and is continuing to operate within its agreed banking facilities. trueAs at 30 November 2023 the company has net liabilities of £44,208. However, the directors have considered the carrying value of the company's financial assets and liabilities and are of the opinion that the value of work in progress is in excess of it's carrying value at cost. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Stock and work in progress
Work in progress comprises land and property which has been acquired for ultimate resale.
Work in progress is stated at the lower of cost and net realisable value. Cost comprises the direct cost of acquiring plots of land, property and improvements to property. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
LOMOND (WOOD LANE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
36,321
41,921
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,078
Other creditors
4,887
8,922
4,887
11,000
Bank loans payable within one year include an unsecured bank loan for £nil (2022 - £2,078) from Barclays plc obtained through the Coronavirus Business Interruption Loan Scheme and was drawn down on 1 October 2020.
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
121,667
121,667
Other creditors
142,800
123,931
264,467
245,598
LOMOND (WOOD LANE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Creditors: amounts falling due after more than one year
(Continued)
- 4 -
Other creditors due after one year includes interest free loans received from shareholders totalling £140,722 (2022 - £123,931).
Bank loans due after one year includes an unsecured bank loan for £46,869 (2022 - £44,792) from Barclays plc obtained through the Coronavirus Business Interruption Loan Scheme and was drawn down on 1 October 2020. The loan is repayable within 6 years and is currently interest only.
There is also a secured bank loan for £76,875 from Together Finance which was obtained on 22 January 2021. The loan is interest only and is repayable 4 years after the draw down date. Together Finance hold a standard security over the land held within work in progress and a floating charge over the whole of the assets of the company.
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
300,000 Ordinary shares of £1 each
300,000
300,000
7
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.