Company registration number 02635404 (England and Wales)
LENCHES BRIDGE COMMERCIALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LENCHES BRIDGE COMMERCIALS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
LENCHES BRIDGE COMMERCIALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
450,000
450,000
Current assets
Debtors
4
11,099
11,099
Creditors: amounts falling due within one year
5
(2,700)
(1,800)
Net current assets
8,399
9,299
Total assets less current liabilities
458,399
459,299
Provisions for liabilities
(107,000)
(107,000)
Net assets
351,399
352,299
Capital and reserves
Called up share capital
6
100
100
Other reserves
8
308,011
308,011
Profit and loss reserves
43,288
44,188
Total equity
351,399
352,299
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 December 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 September 2024 and are signed on its behalf by:
D J Shakespeare
Director
Company Registration No. 02635404
LENCHES BRIDGE COMMERCIALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
100
308,011
60,112
368,223
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(15,924)
(15,924)
Balance at 31 December 2022
100
308,011
44,188
352,299
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(900)
(900)
Balance at 31 December 2023
100
308,011
43,288
351,399
LENCHES BRIDGE COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Lenches Bridge Commercials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Finch House, 28-30 Wolverhampton Street, Dudley, West Midlands, DY1 1DB.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been drawn up on a going concern basis. The company's ongoing activities are dependent upon the financial support of its shareholders and directors who have undertaken to provide such support for the foreseeable future.true
If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
1.3
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.
1.4
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.
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.
LENCHES BRIDGE COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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, loans from fellow group companies and preference shares 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.
1.6
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.
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.
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.
LENCHES BRIDGE COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
450,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis, by reference to market evidence of property prices.
The historical cost of the part retained is £59,989 (2022 - £59,989).
LENCHES BRIDGE COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,000
10,000
Other debtors
1,099
1,099
11,099
11,099
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
2,700
1,800
6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
7
Parent company
D J Shakespeare Holdings Limited and Alcape Holdings Limited each own 50% of the issued share capital of Lenches Bridge Commercials Limited. The registered office for these companies is Finch House, 28-30 Wolverhampton Street, Dudley, West Midlands, DY1 1DB and 15-17 Church Street, Stourbridge,West Midlands, DY8 1LU respectively.
LENCHES BRIDGE COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions
Related Businesses
The following businesses are related parties of Lenches Bridge Commercials Limited:
Name of Business
Nature of relationship
A J Capewell Properties Limited
A J Capewell is also a director of A J Capewell Properties Limited and owns 61% of the issued share capital.
D J Shakespeare Limited
D J Shakespeare is also a director of D J Shakespeare Limited and owns 75% of the issued share capital.
Related individuals
The following transactions took place with individual related parties during the year:
Directors' current accounts
Creditors include the following amounts due to directors at the year end:
2023
2022
£
£
Directors loan account- D J Shakespeare
1,800
900
All Related Party Transactions
There are no provisions against any of the amounts owing at the year end and no amounts have been written off in respect of these transactions during the year.
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