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21 August 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
5,383,305
616,695
6,000,000
6,000,000
xbrli:pure
xbrli:shares
iso4217:GBP
NI668772
2023-01-01
2023-12-31
NI668772
2023-12-31
NI668772
2022-12-31
NI668772
2022-01-01
2022-12-31
NI668772
2022-12-31
NI668772
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NI668772
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2023-12-31
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2023-12-31
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NI668772
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NI668772
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NI668772
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NI668772
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NI668772
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NI668772
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2022-12-31
NI668772
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2022-12-31
NI668772
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NI668772
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2023-12-31
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NI668772
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2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
NI668772
Lesley Developments (Lisburn) Limited |
|
Filleted Financial Statements |
|
Lesley Developments (Lisburn) Limited |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Lesley Developments (Lisburn) Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr M A Herbert |
|
Mrs L E Herbert |
|
Mr J Carlisle |
|
|
Registered office |
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Auditor |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants & Statutory Auditors |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
Bank |
Ulster Bank |
|
91-93 University Road |
|
Belfast |
|
BT7 1NG |
|
|
Solicitors |
Carson McDowell |
|
Murray House |
|
Murray Street |
|
Belfast |
|
BT1 6DN |
|
|
Lesley Developments (Lisburn) Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
6,000,000 |
– |
|
|
|
|
Current assets
Debtors |
5 |
272,676 |
255,962 |
Cash at bank and in hand |
87,345 |
– |
|
--------- |
--------- |
|
360,021 |
255,962 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
152,411 |
12,000 |
|
--------- |
--------- |
Net current assets |
207,610 |
243,962 |
|
------------ |
--------- |
Total assets less current liabilities |
6,207,610 |
243,962 |
|
|
|
|
Creditors: amounts falling due after more than one year |
7 |
5,356,000 |
255,000 |
|
------------ |
--------- |
Net assets/(liabilities) |
851,610 |
(
11,038) |
|
------------ |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
851,510 |
(
11,138) |
|
--------- |
-------- |
Shareholders funds/(deficit) |
851,610 |
(
11,038) |
|
--------- |
-------- |
|
|
|
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
21 August 2024
, and are signed on behalf of the board by:
Company registration number:
NI668772
Lesley Developments (Lisburn) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
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 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.
Revenue recognition
Turnover represents the total amounts derived from rentals receivable on lettings to third party tenants. Turnover from rentals accrues on a time basis by reference to the agreements entered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Tangible assets
|
Investment property |
|
£ |
Cost or valuation |
|
At 1 January 2023 |
– |
Additions |
5,383,305 |
Revaluations |
616,695 |
|
------------ |
At 31 December 2023 |
6,000,000 |
|
------------ |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
6,000,000 |
|
------------ |
At 31 December 2022 |
– |
|
------------ |
|
|
Tangible assets held at valuation
Investment properties are valued by the directors on an open market value for existing use basis, having regard to any recent professional valuations and marketing material provided by external agents. The directors are of the opinion that the market valuations of the investment properties are not materially different from that shown in the accounts. The historic cost of the investment property at the balance sheet date was £5,383,305.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
30,000 |
– |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
237,158 |
962 |
Other debtors |
5,518 |
255,000 |
|
--------- |
--------- |
|
272,676 |
255,962 |
|
--------- |
--------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
237,158 |
962 |
|
--------- |
---- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
6,601 |
– |
Corporation tax |
75,733 |
– |
Social security and other taxes |
5,388 |
– |
Other creditors |
64,689 |
12,000 |
|
--------- |
-------- |
|
152,411 |
12,000 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
5,356,000 |
255,000 |
|
------------ |
--------- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
21 August 2024
was
unqualified
.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann Chartered Accountants
.
9.
Related party transactions
Control The company is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell Limited is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland.
Mrs L E Herbert
is the sole shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures. des have not been used). An entity should disclose at a minimum:
10.
Controlling party
Herbert Corporate Holdings Limited
, a company incorporated in Northern Ireland, is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings Limited may be obtained from Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.