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REGISTERED NUMBER: 04799342 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

L And C Developments (Southport) Ltd

L And C Developments (Southport) Ltd (Registered number: 04799342)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


L And C Developments (Southport) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C M Collins
L P Collins
P J Collins





SECRETARY: C M Collins





REGISTERED OFFICE: 8 Lulworth Road
Southport
Merseyside
PR8 2AT





REGISTERED NUMBER: 04799342 (England and Wales)





ACCOUNTANTS: Kinsella Clarke Limited
61 Stanley Road
Bootle
Merseyside
L20 7BZ

L And C Developments (Southport) Ltd (Registered number: 04799342)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,273,955 7,694,568

CURRENT ASSETS
Stocks 2,635,359 1,825,656
Debtors 5 129,442 114,980
Cash at bank 143,506 112,655
2,908,307 2,053,291
CREDITORS
Amounts falling due within one year 6 3,548,455 2,356,902
NET CURRENT LIABILITIES (640,148 ) (303,611 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,633,807

7,390,957

CREDITORS
Amounts falling due after more than one
year

7

(4,332,424

)

(4,243,013

)

PROVISIONS FOR LIABILITIES (370,431 ) (174,066 )
NET ASSETS 3,930,952 2,973,878

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 8 1,579,204 704,088
Retained earnings 2,351,648 2,269,690
SHAREHOLDERS' FUNDS 3,930,952 2,973,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L And C Developments (Southport) Ltd (Registered number: 04799342)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





L P Collins - Director


L And C Developments (Southport) Ltd (Registered number: 04799342)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

L And C Developments (Southport) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
In line with accounting standards for investment companies, no depreciation has been charged on land and buildings.

Depreciation has been provided on other tangible assets at the following rates in order to write off each asset over it's estimated useful life:-

Plant and machinery etc - 15% & 20% on reducing balance

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.

Taxation
Taxation for the year comprises current 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.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

L And C Developments (Southport) Ltd (Registered number: 04799342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 7,620,000 255,060 7,875,060
Additions 563,401 - 563,401
Disposals (50,000 ) - (50,000 )
Revaluations 1,080,390 - 1,080,390
At 31 December 2023 9,213,791 255,060 9,468,851
DEPRECIATION
At 1 January 2023 - 180,492 180,492
Charge for year - 14,404 14,404
At 31 December 2023 - 194,896 194,896
NET BOOK VALUE
At 31 December 2023 9,213,791 60,164 9,273,955
At 31 December 2022 7,620,000 74,568 7,694,568

In the opinion of the directors, land and building has been shown at fair value.

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2018 1,148,786 - 1,148,786
Valuation in 2020 (295,111 ) - (295,111 )
Valuation in 2021 15,570 - 15,570
Valuation in 2023 1,080,390 - 1,080,390
Cost 7,264,156 255,060 7,519,216
9,213,791 255,060 9,468,851

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 43,951 43,084
Other debtors 85,491 71,896
129,442 114,980

L And C Developments (Southport) Ltd (Registered number: 04799342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 332,500 272,500
Trade creditors 32,414 14,971
Taxation and social security 21,478 9,981
Other creditors 3,162,063 2,059,450
3,548,455 2,356,902

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 4,332,424 4,243,013

Amounts falling due in more than five years:

Repayable by instalments
Bank loans BOC more than 5 yrs 3,400,000 3,400,000

8. RESERVES
Fair
value
reserve
£   
At 1 January 2023 704,088
Current year adjustment 875,116

At 31 December 2023 1,579,204

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
C M Collins
Balance outstanding at start of year (664,797 ) (14,797 )
Amounts advanced 240 -
Amounts repaid (263,529 ) (650,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (928,086 ) (664,797 )

L And C Developments (Southport) Ltd (Registered number: 04799342)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

L P Collins
Balance outstanding at start of year (725,341 ) (294,358 )
Amounts advanced - 219,017
Amounts repaid (458,000 ) (650,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,183,341 ) (725,341 )

P J Collins
Balance outstanding at start of year (61,329 ) (32,152 )
Amounts advanced 762 13,343
Amounts repaid (554,797 ) (42,520 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (615,364 ) (61,329 )