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COMPANY REGISTRATION NUMBER: NI030126
Lagmore Developments Limited
Filleted Unaudited Financial Statements
30 November 2023
Lagmore Developments Limited
Financial Statements
Year ended 30th November 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Lagmore Developments Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
80,753
82,337
Current assets
Stocks
410,830
404,380
Debtors
5
7,328
2,372
Cash at bank and in hand
1,256,184
1,227,063
------------
------------
1,674,342
1,633,815
Creditors: amounts falling due within one year
6
27,594
22,673
------------
------------
Net current assets
1,646,748
1,611,142
------------
------------
Total assets less current liabilities
1,727,501
1,693,479
------------
------------
Net assets
1,727,501
1,693,479
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,727,499
1,693,477
------------
------------
Shareholders funds
1,727,501
1,693,479
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lagmore Developments Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mrs C J Fitzsimons
Director
Company registration number: NI030126
Lagmore Developments Limited
Notes to the Financial Statements
Year ended 30th November 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, Co. Antrim, BT9 5FJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Tangible assets
Investment Property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1st December 2022 and 30th November 2023
76,004
16,468
4,588
97,060
--------
--------
-------
--------
Depreciation
At 1st December 2022
11,258
3,465
14,723
Charge for the year
1,303
281
1,584
--------
--------
-------
--------
At 30th November 2023
12,561
3,746
16,307
--------
--------
-------
--------
Carrying amount
At 30th November 2023
76,004
3,907
842
80,753
--------
--------
-------
--------
At 30th November 2022
76,004
5,210
1,123
82,337
--------
--------
-------
--------
The director believes that the value of investment property reflects market conditions at the Statement of Financial Position date.
5. Debtors
2023
2022
£
£
Other debtors
7,328
2,372
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
12,716
7,114
Social security and other taxes
3,239
3,760
Other creditors
11,639
11,799
--------
--------
27,594
22,673
--------
--------
7. Related party transactions
The company was under the control of Mrs C J Fitzsimons throughout the current and previous year. At the year end a balance of £1,572 was owed to the director of the company (2022: £1,482).