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Registration number: 01187719

Lancasters Trading & Development Co Limited

Annual Report and Financial Statements

for the year ended 31 December 2023

 

Lancasters Trading & Development Co Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Lancasters Trading & Development Co Limited

(Registration number: 01187719)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

47,812

58,421

Current assets

 

Stocks

6

6,310

19,829

Debtors

7

2,387,158

2,440,651

Cash at bank and in hand

 

10,000

10,000

 

2,403,468

2,470,480

Creditors: Amounts falling due within one year

9

(3,690,945)

(3,745,718)

Net current liabilities

 

(1,287,477)

(1,275,238)

Total assets less current liabilities

 

(1,239,665)

(1,216,817)

Provisions for liabilities

(10,505)

(12,839)

Net liabilities

 

(1,250,170)

(1,229,656)

Capital and Reserves

 

Called up share capital

8

2

2

Retained Earnings

(1,250,172)

(1,229,658)

Shareholders' deficit

 

(1,250,170)

(1,229,656)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised for issue by the Board on 17 September 2024 and signed on its behalf by:
 


R J R Lancaster
Director

   
 

Lancasters Trading & Development Co Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

The principal place of business is:
Wych Elm
Sunnyside Road
WOOLACOMBE
Devon
EX34 7DG

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Fundamental Accounting Concept

The accounts have been prepared under the going concern concept because the directors of Lancaster Leisure Limited have agreed to provide continuing financial support from the group.

3

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

All amounts are in £'s.

Going concern

During the year ended 31 December 2023 the company incurred a net loss of £20,514 and, at that date, the company's total liabilities exceeded its total assets by £1,250,172. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. However, the financial statements are prepared on a going concern basis as the directors have agreed to provide continuing financial support from the group as referred to in note 2 to the financial statements.

 

Lancasters Trading & Development Co Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 18 September 2024 was Nigel Bennett FCA, who signed for and on behalf of Glover Stanbury.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible Assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance basis

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at the undiscounted amount of the cash expected to be received (i.e. net of impairment). A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debts.

Stocks

Work in progress comprises direct materials and, where applicable, direct labour costs incurred in bringing the inventories to their present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lancasters Trading & Development Co Limited

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

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at transaction price net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the interest expense being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Lancasters Trading & Development Co Limited

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

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and loans from fellow Group companies.

 Recognition and measurement
Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, Where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due Within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

4

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 0 (2022 - 0).

 

Lancasters Trading & Development Co Limited

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

5

Tangible Assets

Plant and machinery
£

Total
£

Cost

At 1 January 2023

129,842

129,842

Additions

5,250

5,250

At 31 December 2023

135,092

135,092

Depreciation

At 1 January 2023

71,421

71,421

Charge for the year

15,859

15,859

At 31 December 2023

87,280

87,280

Carrying amount

At 31 December 2023

47,812

47,812

At 31 December 2022

58,421

58,421

6

Stocks

2023
£

2022
£

Work in progress

6,310

19,829

 

Lancasters Trading & Development Co Limited

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

7

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

34,432

-

Amounts owed by group undertakings

2,350,709

2,438,635

Other debtors

 

2,017

2,016

   

2,387,158

2,440,651

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

3,276,241

3,272,853

Trade Creditors

 

95,867

237,745

Taxation and social security

 

307,941

210,184

Accruals and deferred income

 

10,896

24,936

 

3,690,945

3,745,718

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

3,276,241

3,272,853

Aggregate of secured liabilties

The aggregate of secured liabilities at the year end is £3,276,241 (2022 - £3,272,853).

The company's bank overdraft is secured by fixed and floating charges over the assets.

 

Lancasters Trading & Development Co Limited

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

11

Parent and ultimate parent undertaking

The company's parent is Lancaster Leisure Limited, incorporated in England.

  These financial statements are available upon request from the parent company's registered office which is located at 30 Bear Street, Barnstaple, Devon, EX32 7DD