Company registration number 08938815 (England and Wales)
FOREST LODGE LANE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
FOREST LODGE LANE DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FOREST LODGE LANE DEVELOPMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOREST LODGE LANE DEVELOPMENTS LIMITED FOR THE YEAR ENDED 29 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Forest Lodge Lane Developments Limited for the year ended 29 March 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Forest Lodge Lane Developments 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 financial statements of Forest Lodge Lane Developments Limited and state those matters that we have agreed to state to the board of directors of Forest Lodge Lane Developments 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 Forest Lodge Lane Developments Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Forest Lodge Lane Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Forest Lodge Lane Developments Limited. You consider that Forest Lodge Lane Developments 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 financial statements of Forest Lodge Lane Developments 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 financial statements.
WBV Limited
15 July 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
FOREST LODGE LANE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 29 MARCH 2023
29 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
243
140,337
Current assets
Stocks
87,167
87,167
Debtors
4
625,176
586,156
Cash at bank and in hand
405
2,239
712,748
675,562
Creditors: amounts falling due within one year
5
(680,199)
(796,355)
Net current assets/(liabilities)
32,549
(120,793)
Total assets less current liabilities
32,792
19,544
Creditors: amounts falling due after more than one year
6
(28,742)
(42,361)
Provisions for liabilities
(22,675)
Net assets/(liabilities)
4,050
(45,492)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
8
4,049
(45,493)
Total equity
4,050
(45,492)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
FOREST LODGE LANE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 MARCH 2023
29 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 July 2024
Mrs EL James
Director
Company registration number 08938815 (England and Wales)
FOREST LODGE LANE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2023
- 4 -
1
Accounting policies
Company information
Forest Lodge Lane Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Forest Lodge, Forest Lodge Lane, Port Talbot, Neath Port Talbot, SA13 2RX.
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 the revaluation of freehold properties at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the sale of plots of land for further development, excluding value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil%
Motor vehicles
25% on reducing balance
Land has been valued at market value at the balance sheet date.
1.4
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the stocks to their present location and condition.
Work in progress is valued at cost, which consists of materials, direct labour plus attributable profit less any foreseeable losses and after deducting amounts charged to cost of sales. Attributable profit is that amount which is estimated to reflect fairly the profit arising on developments up to the accounting date. Foreseeable losses are those which are currently estimated to arise over the duration of existing developments after taking into account costs to be incurred in the future.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
FOREST LODGE LANE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
FOREST LODGE LANE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Motor vehicles
Total
£
£
£
Cost or valuation
At 30 March 2022
140,000
1,750
141,750
Disposals
(140,000)
(140,000)
At 29 March 2023
1,750
1,750
Depreciation and impairment
At 30 March 2022
1,413
1,413
Depreciation charged in the year
94
94
At 29 March 2023
1,507
1,507
Carrying amount
At 29 March 2023
243
243
At 29 March 2022
140,000
337
140,337
If Freehold Land had not been revalued it would have been included at the following historical cost:
2023 2022
Cost £nil £20,659
Freehold land was valued by the director as at 31st March 2015 and no impairment to this value has been noted by the director as at 29th March 2022.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
40,790
Amounts owed by group undertakings and undertakings in which the company has a participating interest
32,400
Other debtors
592,776
545,366
625,176
586,156
FOREST LODGE LANE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
1,001
Trade creditors
200,067
215,568
Amounts owed to group undertakings and undertakings in which the company has a participating interest
140,650
52,000
Corporation tax
33,746
33,746
Other taxation and social security
152
152
Other creditors
295,584
493,888
680,199
796,355
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,742
42,361
7
Secured debts
Included within creditors are other loans amounting to £180,039 (2023) and £339,039 (2022).
The loans are secured upon a legal charge on land held by the company.
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(45,493)
110,919
Profit/(loss) for the year
49,542
(156,412)
At the end of the year
4,049
(45,493)
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs EL James -
-
545,366
149,759
(102,350)
592,775
545,366
149,759
(102,350)
592,775