0 24 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC287157 2023-04-01 2024-03-31 SC287157 2024-03-31 SC287157 2023-03-31 SC287157 2022-04-01 2023-03-31 SC287157 2023-03-31 SC287157 2022-03-31 SC287157 bus:RegisteredOffice 2023-04-01 2024-03-31 SC287157 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 SC287157 bus:Director1 2023-04-01 2024-03-31 SC287157 bus:Director3 2023-04-01 2024-03-31 SC287157 bus:Director5 2023-04-01 2024-03-31 SC287157 bus:Director6 2023-04-01 2024-03-31 SC287157 core:WithinOneYear 2024-03-31 SC287157 core:WithinOneYear 2023-03-31 SC287157 core:AfterOneYear 2024-03-31 SC287157 core:AfterOneYear 2023-03-31 SC287157 core:ShareCapital 2024-03-31 SC287157 core:ShareCapital 2023-03-31 SC287157 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC287157 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC287157 bus:SmallEntities 2023-04-01 2024-03-31 SC287157 bus:Audited 2023-04-01 2024-03-31 SC287157 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC287157 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC287157 bus:FullAccounts 2023-04-01 2024-03-31 SC287157 core:OtherRelatedParties 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC287157
Lagmar (Barnstaple) Limited
Filleted Financial Statements
31 March 2024
Lagmar (Barnstaple) Limited
Financial Statements
Year ended 31st March 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 6
Lagmar (Barnstaple) Limited
Officers and Professional Advisers
The board of directors
S Bell
NF Murphy
SG McCann
MA Lagan
Registered office
58 Morrison Street
Edinburgh
Scotland
EH3 8BP
Auditor
BMK Accounting Limited
Chartered Accountants & Statutory Auditor
43 Lockview Road
Stranmillis
Belfast
BT9 5FJ
Lagmar (Barnstaple) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Stocks
5
2,175,000
2,750,000
Debtors
6
24,876
64,028
Cash at bank and in hand
11,762
11,975
------------
------------
2,211,638
2,826,003
Creditors: amounts falling due within one year
7
263,347
289,209
------------
------------
Net current assets
1,948,291
2,536,794
------------
------------
Total assets less current liabilities
1,948,291
2,536,794
Creditors: amounts falling due after more than one year
8
5,300,000
5,450,000
------------
------------
Net liabilities
( 3,351,709)
( 2,913,206)
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 3,351,711)
( 2,913,208)
------------
------------
Shareholders deficit
( 3,351,709)
( 2,913,206)
------------
------------
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 23 September 2024 , and are signed on behalf of the board by:
S Bell Director
Company registration number: SC287157
Lagmar (Barnstaple) Limited
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 58 Morrison Street, Edinburgh, EH3 8BP, Scotland.
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. They are 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.
Going concern
The financial statements have been prepared on the going concern basis, on the understanding that the bank and shareholders will continue to financially support the company in the foreseeable future.
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 other administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
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.
Revenue recognition
Turnover is recognised at the fair value of the consideration received or receivable for rent in the normal course of business, and is shown net of VAT and other sales related taxes.
Stocks
Trading properties are carried at the lower of cost and net realisable value. The latter is assessed by the company having regard to suitable external advice and knowledge of recent comparable transactions.
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. Particulars of employees
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Stocks
2024
2023
£
£
Property
2,175,000
2,750,000
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
22,347
46,229
Other debtors
2,529
17,799
--------
--------
24,876
64,028
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
150,000
150,000
Trade creditors
( 2,669)
( 5,314)
Amounts owed to parent and related companies
88,280
100,280
Social security and other taxes
7,413
20,311
Other creditors
20,323
23,932
----------
----------
263,347
289,209
----------
----------
Details of security provided to the bank is as outlined in Note 10 of the financial statements.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
5,300,000
5,450,000
------------
------------
9. Security
Danske Bank holds a legal mortgage charge over the property of the company together with guarantees from the ultimate shareholders.
10. Summary audit opinion
The auditor's report dated 24 September 2024 was unqualified .
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
11. Related party transactions
The following companies are considered related parties for the purposes of FRS 102:- Company Relationship Lagmar Properties Limited Under control of joint shareholder Lagan Developments (Holdings) Limited Joint shareholder Mar Properties Limited Joint shareholder Disclosed in Note 8 (amounts falling due within one year) as amounts due to parent companies are the following amounts:
20242023
££
Lagan Developments (Holdings) Ltd.65,19065,190
Mar Properties Limited23,09023,090
----------------
88,28088,280
----------------
Disclosed in Note 8 (amounts falling due within one year) as amounts due to related party is the following amount:
20242023
££
Lagmar Properties Limited12,000
------------
12. Controlling party
The company is jointly controlled by Lagan Developments (Holdings) Limited and Mar Properties Limited.