Registered number
07134980
Lone Star Land Limited
Unaudited Filleted Accounts
31 March 2024
Lone Star Land Limited
Registered number: 07134980
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,943 3,542
Investments 4 102 87
2,045 3,629
Current assets
Stocks 2,054,312 1,416,696
Debtors 5 1,226,762 1,259,756
Cash at bank and in hand 10,143 353,162
3,291,217 3,029,614
Creditors: amounts falling due within one year 6 (939,838) (958,275)
Net current assets 2,351,379 2,071,339
Total assets less current liabilities 2,353,424 2,074,968
Creditors: amounts falling due after more than one year 7 (227,682) (357,851)
Net assets 2,125,742 1,717,117
Capital and reserves
Called up share capital 8 106 100
Share premium 449,994 -
Profit and loss account 1,675,642 1,717,017
Shareholders' funds 2,125,742 1,717,117
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
AD Wilkins
Director
Approved by the board on 10 September 2024
Lone Star Land Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Profit recognition
Profit on long term projects is calculated in accordance with accounting standards. In determining the attributable profit on a project to a particular accounting period, the company utilises estimation techniques. The principal estimation technique used is a forecast at the completion of both costs and revenues in conjunction with a management review for each individual project. Management have designed a decision matrix to assist with the review. Profit is recognised when the outcome of a project can be foreseen with reasonable certainty and is attributed in line with the level of risk remaining in the project.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3-10 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 32,408
Disposals (9,484)
At 31 March 2024 22,924
Depreciation
At 1 April 2023 28,866
Charge for the year 1,599
On disposals (9,484)
At 31 March 2024 20,981
Net book value
At 31 March 2024 1,943
At 31 March 2023 3,542
4 Investments
Other
investments
£
Cost
At 1 April 2023 87
Additions 34
Disposals (19)
At 31 March 2024 102
5 Debtors 2024 2023
£ £
Trade debtors 953,478 1,109,734
Other debtors 273,284 150,022
1,226,762 1,259,756
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 130,169 130,168
Trade creditors 284,011 154,484
Taxation and social security costs 180,633 396,691
Other creditors 345,025 276,932
939,838 958,275
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 227,682 357,851
8 Called up share capital
During the year the 100 Ordinary shares were converted to 100 Ordinary A shares and 6 B shares were issued at a premium. The Ordinary A and B shares rank pari passu.
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 357,851 488,019
The bank loans are secured by a fixed and floating charge over all assets of the company dated 16 September 2020.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 69,732 11,022
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
AD Wilkins
Loan account - 130,586 - 130,586
- 130,586 - 130,586
This loan is interest free and was repaid on 4 May 2024.
12 Related party transactions
The company owed Lone Star Two Limited £124,150 (2023: £124,150) at the year end. Lone Star One Limited owed the company £6,812 (2023: £17,210) at the year end. The company made purchases with Lone Star One Limited of £17,500 (2023: £Nil) in the year.

Lone Star One Limited, Lone Star Two Limited are under the control of either AD Wilkins or AD and RC Wilkins.
Lone Star Land Limited are one of the controlling parties of KSW Brize Norton Limited. At the year end KSW Brize Norton Limited owed the company £79,950 (2023: £72,750).
Lone Star Land Limited are one of the controlling parties of KSW (Evesham) Limited. At the year end KSW (Evesham) Limited owed the company £6,000 (2023: £Nil).
Some of the directors of Lone Star Land Limited have an interest in Hinton Properties (Lighthorne Heath) Limited. At the year end Hinton Properties (Lighthorne Heath) Limited owed the company £36,559 (2023: £Nil).
13 Controlling party
AD Wilkins and RC Wilkins are the controlling parties.
14 Other information
Lone Star Land Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 High Street
Henley-In-Arden
Warwickshire
B95 5AN
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