Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-22falsetrue2true68100 - Buying and selling of own real estatefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.0 14681441 2023-02-21 14681441 2023-02-22 2023-12-31 14681441 2022-01-01 2023-02-21 14681441 2023-12-31 14681441 c:Director1 2023-02-22 2023-12-31 14681441 d:CurrentFinancialInstruments 2023-12-31 14681441 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14681441 d:ShareCapital 2023-02-22 2023-12-31 14681441 d:ShareCapital 2023-12-31 14681441 d:SharePremium 2023-02-22 2023-12-31 14681441 d:SharePremium 2023-12-31 14681441 d:MergerReserve 2023-02-22 2023-12-31 14681441 d:RetainedEarningsAccumulatedLosses 2023-02-22 2023-12-31 14681441 d:RetainedEarningsAccumulatedLosses 2023-12-31 14681441 c:OrdinaryShareClass1 2023-02-22 2023-12-31 14681441 c:OrdinaryShareClass1 2023-12-31 14681441 c:FRS102 2023-02-22 2023-12-31 14681441 c:AuditExemptWithAccountantsReport 2023-02-22 2023-12-31 14681441 c:FullAccounts 2023-02-22 2023-12-31 14681441 c:PrivateLimitedCompanyLtd 2023-02-22 2023-12-31 14681441 2 2023-02-22 2023-12-31 14681441 e:PoundSterling 2023-02-22 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14681441










Lochailort Kentford Limited








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 December 2023

 
Lochailort Kentford Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Lochailort Kentford Limited for the period ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lochailort Kentford Limited for the period ended 31 December 2023 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Lochailort Kentford Limited, as a body, in accordance with the terms of our engagement letter dated 5 February 2024Our work has been undertaken solely to prepare for your approval the financial statements of Lochailort Kentford Limited and state those matters that we have agreed to state to the Board of directors of Lochailort Kentford Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lochailort Kentford Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Lochailort Kentford Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lochailort Kentford Limited. You consider that Lochailort Kentford Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Lochailort Kentford Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
7 October 2024
Page 1

 
Lochailort Kentford Limited
Registered number: 14681441

Balance sheet
As at 31 December 2023

2023
Note
£

  

Current assets
  

Stocks
 4 
9,439,770

Debtors: amounts falling due within one year
 5 
2,030,504

Cash at bank and in hand
  
1,644,090

  
13,114,364

Creditors: amounts falling due within one year
 6 
(255,565)

Net current assets
  
 
 
12,858,799

Total assets less current liabilities
  
12,858,799

  

Net assets
  
12,858,799


Capital and reserves
  

Called up share capital 
 7 
100

Share premium account
  
12,999,900

Profit and loss account
  
(141,201)

  
12,858,799


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




H Haig
Director

The notes on pages 4 to 6 form part of these financial statements.
Page 2

 
Lochailort Kentford Limited
 

Statement of changes in equity
For the period ended 31 December 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
-
(141,201)
(141,201)
Total comprehensive income for the period
-
-
(141,201)
(141,201)


Contributions by and distributions to owners

Shares issued during the period
100
12,999,900
-
13,000,000


Total transactions with owners
100
12,999,900
-
13,000,000


At 31 December 2023
100
12,999,900
(141,201)
12,858,799

The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
Lochailort Kentford Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

1.


General information

Lochailort Kentford Limited is a private company, limited by shares and incorporated in England and Wales with a registration number 14681441. The registered office address is 108-110 Jermyn Street London, SW1Y 6EE.
The principal activity of the company was that of buying and selling of real estate and land.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Despite the company reporting a financial loss of £141,201 for the period ending 31 December  2023, the financial statements have been prepared on a going concern basis. The company was formed with the purpose of developing the £9,439,770 property on the balance sheet over the next couple of years to generate a profit. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Lochailort Kentford Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees




The average monthly number of employees, including the directors, during the period was as follows:


        2023
            No.






Directors
2


4.


Stocks

2023
£

Stock
9,439,770

9,439,770



5.


Debtors

2023
£


Other debtors
30,504

Called up share capital not paid
2,000,000

2,030,504


Page 5

 
Lochailort Kentford Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
40,565

Other creditors
215,000

255,565



7.


Share capital

2023
£
Allotted, called up and fully paid


100 Share Capital shares of £1.00 each
100


On incorporation, the company issued 100 ordinary shares of £1 at par value.


8.


Reserves

Share premium account

This represents £12,999,900 of share premium, £2,000,000 of which is unpaid.

Share Capital

This represents the nominal value of shares that have been issued by the company.

Profit and loss account

The profit and loss account comprises all current period retained profits and losses.


9.


Related party transactions

During the year a director, who resigned in the year, paid a deposit on behalf of the company of £215,000. At the year end amounts owed to the director was £215,000.  
During the year, the company advanced a loan from Lochailort Investments Limited totalling £202,868, a company which Hugo Haig was a director of during the year. During the year repayments totalling £202,868 were made. At the year end the balance due to Lochailort Investments Limited was £Nil.


Page 6