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COMPANY REGISTRATION NUMBER: NI627960
Lagan Homes (Lisburn) Ltd
Filleted Financial Statements
31 December 2023
Lagan Homes (Lisburn) Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
179,066
199,607
Current assets
Stocks
717,191
717,191
Debtors
7
14,290,754
9,129,195
-------------
------------
15,007,945
9,846,386
Creditors: amounts falling due within one year
8
14,042,873
8,213,934
-------------
------------
Net current assets
965,072
1,632,452
------------
------------
Total assets less current liabilities
1,144,138
1,832,059
Creditors: amounts falling due after more than one year
9
1,164,054
1,769,320
------------
------------
Net (liabilities)/assets
( 19,916)
62,739
------------
------------
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
( 19,917)
62,738
--------
--------
Shareholders (deficit)/funds
( 19,916)
62,739
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
L McKillen
Director
Company registration number: NI627960
Lagan Homes (Lisburn) Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company's principal activities are the construction of high quality housing developments and the provision of management services for other group and related companies. The company is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of the registered office is Lagan House, 19 Clarendon Road, Belfast, Co Antrim, BT1 3BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed funding and liquidity needs for a period of more than one year after the balance sheet date and concluded sufficient reserves exist within the Group and its wider accessible funding to ensure the future trading of the business. On this basis, the Directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2022: 49 ).
5. Loans
Analysis of the maturity of loans is given below:
2023
2022
£
£
Amounts falling due within one year
Obligations under finance lease and hire purchase agreements
34,771
82,968
Amounts falling due 1-2 years
Obligations under finance lease and hire purchase agreements
15,000
44,892
Amount falling due 2-5 years
--------
---------
49,771
127,860
--------
---------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
560,890
473,440
1,034,330
Additions
92,369
92,369
Disposals
( 80,982)
( 80,982)
---------
---------
------------
At 31 December 2023
560,890
484,827
1,045,717
---------
---------
------------
Depreciation
At 1 January 2023
483,868
350,855
834,723
Charge for the year
47,746
65,164
112,910
Disposals
( 80,982)
( 80,982)
---------
---------
------------
At 31 December 2023
531,614
335,037
866,651
---------
---------
------------
Carrying amount
At 31 December 2023
29,276
149,790
179,066
---------
---------
------------
At 31 December 2022
77,022
122,585
199,607
---------
---------
------------
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
2023 2022
£ £
Motor vehicles 96,485 103,579
Plant & machinery 45,333 69,601
--------- ---------
141,818 173,180
--------- ---------
7. Debtors
2023
2022
£
£
Trade debtors
38,005
53,370
Amounts owed by group and related undertakings
12,956,343
8,003,920
Other debtors
1,296,406
1,071,905
-------------
------------
14,290,754
9,129,195
-------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,524,690
4,725,970
Trade creditors
269,303
77,067
Amounts owed to group and related undertakings
5,134,995
3,191,580
Social security and other taxes
84,884
83,944
Other creditors
29,001
135,373
-------------
------------
14,042,873
8,213,934
-------------
------------
Secured loans and overdrafts Bank facilities are secured by fixed and floating charges and inter-company cross guarantees.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group and related undertakings
1,149,054
1,724,428
Other creditors
15,000
44,892
------------
------------
1,164,054
1,769,320
------------
------------
10. Deferred taxation
2023
2022
£
£
At beginning of year
10,985
Credited to Statement of income and retained earnings
(10,985)
----
--------
At end of year
----
--------
11. Related party transactions
The company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with related companies which are controlled within the Lagan Homes Group Ltd of which the company is a subsidiary.
The company had the following transactions with related undertakings during the year:
2023
2022
£
£
LF Fasthouse Ltd
146,312
Lagan Management Limited
341,318
469,048
L.P.I Properties Limited
61,679
102,718
The company had the following amounts outstanding from/(to) related undertakings:
2023
2022
£
£
Mealough Developments LLP
136,733
646,672
Lagan Cement Ltd
307
307
Lagpor Developments Ltd
1,230,194
1,230,194
2023
2022
£
£
Lagan Management Limited
(938)
(2,916)
LPI (Properties) Limited
(22,628)
Eastonville Ltd
(104,847)
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Summary audit opinion
The auditor's report dated 17 September 2024 was unqualified .
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
14. Ultimate controlling party and parent undertakings
The company considers JPK Lagan to be ultimate controlling party.