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Company No: 02566305 (England and Wales)

LICHFIELD LAND COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LICHFIELD LAND COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LICHFIELD LAND COMPANY LIMITED

BALANCE SHEET

As at 31 December 2023
LICHFIELD LAND COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 50,205 60,790
50,205 60,790
Current assets
Debtors 4 302,464 117,265
Cash at bank and in hand 109,790 204,366
412,254 321,631
Creditors: amounts falling due within one year 5 ( 37,526) ( 77,165)
Net current assets 374,728 244,466
Total assets less current liabilities 424,933 305,256
Net assets 424,933 305,256
Capital and reserves
Called-up share capital 2 2
Profit and loss account 424,931 305,254
Total shareholders' funds 424,933 305,256

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.

Director's responsibilities:

The financial statements of Lichfield Land Company Limited (registered number: 02566305) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

I C Moore
Director
LICHFIELD LAND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LICHFIELD LAND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lichfield Land Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, England, United Kingdom. The principal place of business is Manor Farm, Holmsley Road, New Milton, Hampshire, BH25 5TP.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 January 2023 60,790 60,790
Additions 25,160 25,160
Disposals ( 35,745) ( 35,745)
At 31 December 2023 50,205 50,205
Accumulated depreciation
At 01 January 2023 0 0
At 31 December 2023 0 0
Net book value
At 31 December 2023 50,205 50,205
At 31 December 2022 60,790 60,790

4. Debtors

2023 2022
£ £
Other debtors 302,464 117,265

5. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 1,716 2,977
Corporation tax 35,810 67,004
Other creditors 0 7,184
37,526 77,165