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Registration number: 08727235

Lockhart Developments Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Lockhart Developments Limited
(Registration number: 08727235)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lockhart Developments Limited
(Registration number: 08727235)

Company Information

Directors

Mr S W Whiteford

Mrs H Whiteford

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Lockhart Developments Limited
(Registration number: 08727235)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

120,569

500

Current assets

 

Debtors

5

464,028

356,152

Cash at bank and in hand

 

148,311

55,496

 

612,339

411,648

Creditors: Amounts falling due within one year

6

(121,644)

(88,146)

Net current assets

 

490,695

323,502

Total assets less current liabilities

 

611,264

324,002

Creditors: Amounts falling due after more than one year

6

(75,111)

-

Provisions for liabilities

(19,305)

(95)

Net assets

 

516,848

323,907

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

516,846

323,905

Total equity

 

516,848

323,907

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

 

Lockhart Developments Limited
(Registration number: 08727235)

Balance Sheet as at 31 December 2023

.........................................
Mr S W Whiteford
Director

 

Lockhart Developments Limited
(Registration number: 08727235)

Notes to the Unaudited 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 & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 income 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 countries where the company operates and generates taxable income.

 

Lockhart Developments Limited
(Registration number: 08727235)

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

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% straight line basis

Motor Vehicle

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 amortised cost using the effective interest method, less provision for 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 receivables.

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 amortised cost using the effective interest method.

 

Lockhart Developments Limited
(Registration number: 08727235)

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption 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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Lockhart Developments Limited
(Registration number: 08727235)

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

-

1,000

-

1,000

Additions

21,072

991

115,605

137,668

At 31 December 2023

21,072

1,991

115,605

138,668

Depreciation

At 1 January 2023

-

500

-

500

Charge for the year

-

258

17,341

17,599

At 31 December 2023

-

758

17,341

18,099

Carrying amount

At 31 December 2023

21,072

1,233

98,264

120,569

At 31 December 2022

-

500

-

500

Included within the net book value of land and buildings above is £21,072 (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

2023
£

2022
£

Trade debtors

21,279

8,888

Other debtors

442,749

347,264

Total current trade and other debtors

464,028

356,152

 

Lockhart Developments Limited
(Registration number: 08727235)

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

21,149

-

Taxation and social security

 

91,423

76,800

Accrued expenses

 

9,072

11,346

 

121,644

88,146

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

75,111

-

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

21,149

-

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

75,111

-

 

Lockhart Developments Limited
(Registration number: 08727235)

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

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

285,059

147,826

(83,164)

349,722

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

314,252

123,904

(153,096)

285,059