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REGISTERED NUMBER: 07305628 (England and Wales)






















Financial Statements

for the Year Ended 31 December 2023

for

Ladysmith Developments Limited

Ladysmith Developments Limited (Registered number: 07305628)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ladysmith Developments Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J L Priestley



REGISTERED OFFICE: Melbourne Park House
Royal Oak Business Park
East Road
Sleaford
Lincolnshire
NG34 7EQ



REGISTERED NUMBER: 07305628 (England and Wales)



SENIOR STATUTORY AUDITOR: James Sewell BA (Hons) FCA CTA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Ladysmith Developments Limited (Registered number: 07305628)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 640,027 301,588
Debtors 4 6,811 394
646,838 301,982
CREDITORS
Amounts falling due within one year 5 717,816 342,285
NET CURRENT LIABILITIES (70,978 ) (40,303 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(70,978

)

(40,303

)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (71,078 ) (40,403 )
SHAREHOLDERS' FUNDS (70,978 ) (40,303 )

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 director and authorised for issue on 24 September 2024 and were signed by:





J L Priestley - Director


Ladysmith Developments Limited (Registered number: 07305628)

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

1. STATUTORY INFORMATION

Ladysmith Developments Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern
In preparing the financial statements, the directors have adopted a basis other than that of a going concern basis as explained in the directors' report.

The financial statements have been prepared on a basis other than that of a going concern basis which included, where appropriate, writing down the company's assets to net realisable value. No material adjustments arose as a result of ceasing to apply the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,811 394

Ladysmith Developments Limited (Registered number: 07305628)

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 712,252 277,261
Taxation and social security - 60,503
Other creditors 5,564 4,521
717,816 342,285

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 712,252 277,261

The company has entered into an inter-company guarantee to secure the bank borrowings of the Melbourne Holdings Limited Group.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

9. RELATED PARTY DISCLOSURES

Other related parties

20232022
££
Sales--
Purchases30,151-
Amount due from related party--
Amount due to related party--

10. PARENT COMPANY

The immediate parent company is Melbourne Construction Limited.

The ultimate controlling party is Mr J L Priestley by the nature of his controlling interest in the company's ultimate parent company, Melbourne Holdings Limited.

Melbourne Holdings Limited's registered office is:

Melbourne Park House
Royal Oak Business Park
East Road
Sleaford
Lincolnshire
NG34 7EQ

Consolidated financial statements for the ultimate parent company are filed with the Registrar of Companies where copies may be obtained.