Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Kerry Watson 11/02/2021 Mark Watson 11/02/2021 04 September 2024 The principal activity of the Company during the financial period was letting and operating of own or leased real estate. 13197734 2024-02-29 13197734 bus:Director1 2024-02-29 13197734 bus:Director2 2024-02-29 13197734 2023-02-28 13197734 core:CurrentFinancialInstruments 2024-02-29 13197734 core:CurrentFinancialInstruments 2023-02-28 13197734 core:ShareCapital 2024-02-29 13197734 core:ShareCapital 2023-02-28 13197734 core:RetainedEarningsAccumulatedLosses 2024-02-29 13197734 core:RetainedEarningsAccumulatedLosses 2023-02-28 13197734 bus:OrdinaryShareClass1 2024-02-29 13197734 2023-03-01 2024-02-29 13197734 bus:FilletedAccounts 2023-03-01 2024-02-29 13197734 bus:SmallEntities 2023-03-01 2024-02-29 13197734 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13197734 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13197734 bus:Director1 2023-03-01 2024-02-29 13197734 bus:Director2 2023-03-01 2024-02-29 13197734 2022-03-01 2023-02-28 13197734 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13197734 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13197734 (England and Wales)

LONSTON LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

LONSTON LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

LONSTON LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
LONSTON LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 877,796 567,765
877,796 567,765
Current assets
Debtors 4 1,852 123,559
Cash at bank and in hand 51,351 127,091
53,203 250,650
Creditors: amounts falling due within one year 5 ( 1,030,146) ( 856,240)
Net current liabilities (976,943) (605,590)
Total assets less current liabilities (99,147) (37,825)
Net liabilities ( 99,147) ( 37,825)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 99,149 ) ( 37,827 )
Total shareholders' deficit ( 99,147) ( 37,825)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lonston Ltd (registered number: 13197734) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Kerry Watson
Director
LONSTON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
LONSTON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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

Lonston Ltd (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 Bishop Fleming, Salt Quay House, 4 North East Quay, Sutton Harbour, PL4 0BN, United Kingdom.

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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £99,147. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 567,765
Additions 310,031
As at 29 February 2024 877,796

4. Debtors

2024 2023
£ £
Prepayments and accrued income 1,852 108,134
VAT recoverable 0 15,425
1,852 123,559

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 912,726 788,168
Accruals 104,152 61,147
Other taxation and social security 843 0
Other creditors 12,425 6,925
1,030,146 856,240

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 912,716 788,168