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COMPANY REGISTRATION NUMBER: 07463237
Lagan Shefford Limited
Filleted Financial Statements
31 December 2023
Lagan Shefford Limited
Financial Statements
Year ended 31st December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Lagan Shefford Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
569,881
1,213,049
Creditors: amounts falling due within one year
5
1,750
167,064
----------
------------
Net current assets
568,131
1,045,985
----------
------------
Total assets less current liabilities
568,131
1,045,985
Provisions
Other provisions
211,431
524,476
----------
------------
Net assets
356,700
521,509
----------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
355,700
520,509
----------
----------
Shareholders funds
356,700
521,509
----------
----------
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:
SG McCann
Director
Company registration number: 07463237
Lagan Shefford Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Finance House, Beaumont Road, Banbury, Oxfordshire, OX16 1RH.
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 in accordance with the Companies Act 2006 and are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
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. (a) WIP Provision Management and directors estimate the value of the WIP accrual for completed sites at 31 December 2023.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Debtors and creditors receivable / payable within one year
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 administrative expenses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Debtors
2023
2022
£
£
Amounts owed by group undertakings
562,381
1,205,429
Other debtors
7,500
7,620
----------
------------
569,881
1,213,049
----------
------------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
162,564
Other creditors
1,750
4,500
-------
----------
1,750
167,064
-------
----------
6. 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 .
7. Related party transactions
As a wholly owned subsidiary the company has taken advantage of the exemption under the terms of FRS 102 Section 1A from disclosing related party transactions with entities that are members of the group.
8. Ultimate parent company
The company considers JPK Lagan to be the ultimate controlling party.