REGISTERED NUMBER: 10083633 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LITTLEBURY DEVELOPMENTS LIMITED |
REGISTERED NUMBER: 10083633 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LITTLEBURY DEVELOPMENTS LIMITED |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditor | 5 |
Consolidated Statement of Income and Retained Earnings |
9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
LITTLEBURY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Christopher Bond |
AUDITOR: |
17 Moor Park Avenue |
Preston |
Lancashire |
PR1 6AS |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
2024 was The Groups 23rd year trading in the construction industry. The principle activity continues providing labour only bricklayer subcontractors to the house builder companies such as Bovis, Lindens, and Taylor Wimpey. The group also supplies sub contractors to smaller independent builders building single dwellings and small extensions on a small scale. |
Cash collection was excellent although retention back payments are still slow. |
Investing in staff has been the most significant year we have ever had. We would like to thank all our employees, clients and suppliers for all their continued support. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The effects of Brexit continue to be a concern to the Group. We have many Eastern European sub contractors working for us, and with the uncertainty of the government policy whether they can stay in the UK, leaving us a labour shortage. The governments commitment for an increase of house building supports group's strategic plan. |
KEY PERFORMANCE INDICATORS |
The group implements a number of key performance indicators which are reviewed on a regular basis. |
Monthly contracts meeting with contract managers to review progress, together with reasons for any slippage, health and safety issues, and a review of any financial consequences which these may have. |
Contract reviews to highlight matters which require proactive solutions and Board involvement to mitigate risk. |
A summary of the tracked key performance indicators are as follows: |
2022 | 2023 | 2024 |
Turnover | £14.4m | £13.8m | £8.1m |
Gross Profit % | 24% | 24% | 24% |
EBITDA | £3.1m | £2.6m | £1.5m |
Reserves | £13.8m | £14.0m | £14.6m |
ON BEHALF OF THE BOARD: |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of Construction and Civil Engineering. |
DIVIDENDS |
An interim dividend of 1972.7273 per share on the Ordinary 1 shares was paid on 31 March 2024. The director recommends that no final dividend be paid on these shares. |
No interim dividend was paid on the "A" Ordinary 1 shares. The director recommends that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 217,000 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information. |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITOR |
The auditors, SBCA Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
LITTLEBURY DEVELOPMENTS LIMITED |
Opinion |
We have audited the financial statements of Littlebury Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditor thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
LITTLEBURY DEVELOPMENTS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
LITTLEBURY DEVELOPMENTS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and fraudulent income recognition. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions to relevant laws and regulations described as having a direct impact on the financial statements; |
-enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of actual, suspected or alleged fraud; |
- performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluation the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws, and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be higher to detect than those that arise from error as fraud may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websites at www.frc.org/uk/auditorsresponsibillities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF |
LITTLEBURY DEVELOPMENTS LIMITED |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditor. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
17 Moor Park Avenue |
Preston |
Lancashire |
PR1 6AS |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
CONSOLIDATED |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 8,164,116 | 13,823,698 |
Cost of sales | 6,212,256 | 10,542,238 |
GROSS PROFIT | 1,951,860 | 3,281,460 |
Administrative expenses | 758,531 | 988,135 |
1,193,329 | 2,293,325 |
Income from fixed asset investments |
2,279 |
2,157 |
Interest receivable and similar income |
5 |
2 |
2,284 | 2,159 |
1,195,613 | 2,295,484 |
Gain/loss on revaluation of investments |
4,310 |
(2,798 |
) |
1,199,923 | 2,292,686 |
Interest payable and similar expenses |
6 |
(9,838 |
) |
(2,552 |
) |
PROFIT BEFORE TAXATION | 7 | 1,209,761 | 2,295,238 |
Tax on profit | 8 | 361,799 | 491,524 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
10,687,958 |
9,080,244 |
Dividends | 10 | (217,000 | ) | (196,000 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
11,318,920 |
10,687,958 |
Profit attributable to: |
Owners of the parent | 847,962 | 1,803,714 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 428,311 | 642,467 |
Tangible assets | 12 | 555,789 | 560,293 |
Investments | 13 | 32,633 | 28,323 |
1,016,733 | 1,231,083 |
CURRENT ASSETS |
Stocks | 14 | 1,251,215 | 170,452 |
Debtors | 15 | 14,325,347 | 14,582,261 |
Cash at bank | 145,330 | 196,197 |
15,721,892 | 14,948,910 |
CREDITORS |
Amounts falling due within one year |
16 |
895,497 |
991,610 |
NET CURRENT ASSETS | 14,826,395 | 13,957,300 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
15,843,128 |
15,188,383 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(20,809 |
) |
- |
PROVISIONS FOR LIABILITIES | 19 | (27,939 | ) | (24,965 | ) |
NET ASSETS | 15,794,380 | 15,163,418 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 4,475,460 | 4,475,460 |
Retained earnings | 21 | 11,318,920 | 10,687,958 |
SHAREHOLDERS' FUNDS | 15,794,380 | 15,163,418 |
The financial statements were approved by the director and authorised for issue on 10 September 2024 and were signed by: |
P J Allgood - Director |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year |
848,705 |
194,854 |
The financial statements were approved by the director and authorised for issue on |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 24 | 596,859 | (288,125 | ) |
Interest paid | 10,401 | 4,202 |
Interest element of hire purchase payments paid |
(563 |
) |
(1,650 |
) |
Tax paid | (413,516 | ) | (793,544 | ) |
Net cash from operating activities | 193,181 | (1,079,117 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (45,000 | ) | (24,719 | ) |
Sale of tangible fixed assets | - | 6,550 |
Interest received | 5 | 2 |
Dividends received | 2,279 | 2,157 |
Net cash from investing activities | (42,716 | ) | (16,010 | ) |
Cash flows from financing activities |
Hire purchase loans taken | 30,150 | - |
Capital repayments in year | (14,905 | ) | (27,883 | ) |
Amount introduced by directors | 469,193 | 418,829 |
Amount withdrawn by directors | (468,770 | ) | (418,944 | ) |
Equity dividends paid | (217,000 | ) | (196,000 | ) |
Net cash from financing activities | (201,332 | ) | (223,998 | ) |
Decrease in cash and cash equivalents | (50,867 | ) | (1,319,125 | ) |
Cash and cash equivalents at beginning of year |
25 |
196,197 |
1,515,322 |
Cash and cash equivalents at end of year |
25 |
145,330 |
196,197 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Littlebury Developments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The company is a qualifying entity for the purposes of FRS12, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit ot loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements. |
Section 4 'Statement of Financial Position': Reconciliation of the opening and closing number of shares; |
Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures; |
Section 11 'basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gain/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit and loss and in other comprehensive income; |
Section 26 'Share based Payment': Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payment, explanation of modifications to arrangements; |
Section 33 'Related party Disclosures': Compensation for key management personnel. |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company Littlebury Developments Limited together with all entities controlled by the parent company (its subsidiaries) and the groups share of its interests in joint ventures and associates. |
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, which are described below, the director's are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recongnised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision effects both current and future periods. |
Provisions for Amounts Recoverable on Contract |
Where losses on contracts are expected, the entire loss is recognised immediately within the statement of Comprehensive Income. |
Key Sources of estimation uncertainty |
The director's have considered whether there are any key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. They have concluded that there are no key assumptions relevant to the group. |
Turnover |
Turnover represents the invoice value of work carried out during the year, net of Value Added Tax, adjusted for contractual work in progress as follows: |
The amount by which recorded turnover is in excess of payments on account is classified as "amounts recoverable on contracts" and separately disclosed, as appropriate, within debtors due within one year and after more than one year. |
The value of the recorded turnover has been determined by the following methods: |
Part Completed Contracts: |
a) Contracts in the early stages, the outcome of which cannot reasonably be assessed, cost plus overheads less foreseeable losses. |
b) Contracts sufficiently advanced for the outcome to be assessed with reasonable certainly, cost plus ascertainable profit less any known inequalities of profitability in the various stages of the contracts, less foreseeable losses. |
Contracts Awaiting Final Certificates: |
Cost plus attributable profit less foreseeable losses. |
Goodwill |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Work in progress is valued at the lower of cost and net realisable value. |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities: |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities: |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group had adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Construction | 8,164,116 | 13,823,698 |
8,164,116 | 13,823,698 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 8,164,116 | 13,823,698 |
8,164,116 | 13,823,698 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 198,061 | 468,745 |
Social security costs | 7,446 | 15,264 |
Other pension costs | 4,592 | 7,205 |
210,099 | 491,214 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administrative | 8 | 11 |
5. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Director's remuneration | - | 15,912 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest | (10,401 | ) | (4,202 | ) |
Hire purchase | 563 | 1,650 |
(9,838 | ) | (2,552 | ) |
7. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 14,182 | 18,787 |
Depreciation - owned assets | 45,137 | 46,549 |
Loss/(profit) on disposal of fixed assets | 4,367 | (380 | ) |
Goodwill amortisation | 214,156 | 214,156 |
Auditors' remuneration | 13,808 | 2,451 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 358,825 | 485,889 |
Over/under provision of tax | - | 1,002 |
Total current tax | 358,825 | 486,891 |
Deferred tax | 2,974 | 4,633 |
Tax on profit | 361,799 | 491,524 |
UK corporation tax has been charged at 25 % (2023 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,209,761 | 2,295,238 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
302,440 |
436,095 |
Effects of: |
Expenses not deductible for tax purposes | 57,164 | 42,881 |
Income not taxable for tax purposes | (567 | ) | (410 | ) |
Depreciation in excess of capital allowances | 2,762 | 12,958 |
Total tax charge | 361,799 | 491,524 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim dividend | 217,000 | 196,000 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 2,141,559 |
AMORTISATION |
At 1 April 2023 | 1,499,092 |
Amortisation for year | 214,156 |
At 31 March 2024 | 1,713,248 |
NET BOOK VALUE |
At 31 March 2024 | 428,311 |
At 31 March 2023 | 642,467 |
The company had no intangible fixed assets as 31 March 2024 or 31 March 2023. |
The amortisation charge has been included within administrative expenses in the year. |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 508,328 | 119,566 | 4,367 |
Additions | - | 33,500 | - |
Disposals | - | (20,951 | ) | - |
At 31 March 2024 | 508,328 | 132,115 | 4,367 |
DEPRECIATION |
At 1 April 2023 | 53,338 | 80,110 | 3,889 |
Charge for year | 15,420 | 11,407 | 478 |
Eliminated on disposal | - | (20,467 | ) | - |
At 31 March 2024 | 68,758 | 71,050 | 4,367 |
NET BOOK VALUE |
At 31 March 2024 | 439,570 | 61,065 | - |
At 31 March 2023 | 454,990 | 39,456 | 478 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 153,052 | 19,105 | 804,418 |
Additions | 11,500 | - | 45,000 |
Disposals | (14,629 | ) | (3,173 | ) | (38,753 | ) |
At 31 March 2024 | 149,923 | 15,932 | 810,665 |
DEPRECIATION |
At 1 April 2023 | 95,027 | 11,761 | 244,125 |
Charge for year | 14,757 | 3,075 | 45,137 |
Eliminated on disposal | (11,801 | ) | (2,118 | ) | (34,386 | ) |
At 31 March 2024 | 97,983 | 12,718 | 254,876 |
NET BOOK VALUE |
At 31 March 2024 | 51,940 | 3,214 | 555,789 |
At 31 March 2023 | 58,025 | 7,344 | 560,293 |
Included in cost of land and buildings is freehold land of £200,000 (2023 - £200,000) which is not depreciated. |
Included in fixed assets is plant and machinery held under hire purchase contracts with a net book value of £32,104 (2023: £44,336). Depreciation charged on those assets in the year was £1,396 (2023: £14,784) |
The company had no tangible fixed assets as 31 March 2024 or 31 March 2023. |
13. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 | 28,323 |
Revaluations | 4,310 |
At 31 March 2024 | 32,633 |
NET BOOK VALUE |
At 31 March 2024 | 32,633 |
At 31 March 2023 | 28,323 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Group |
Cost or valuation at 31 March 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2018 | 43,377 |
Valuation in 2019 | (1,600 | ) |
Valuation in 2020 | (13,799 | ) |
Valuation in 2021 | 14,989 |
Valuation in 2022 | (11,846 | ) |
Valuation in 2023 | (2,798 | ) |
Valuation in 2024 | 4,310 |
32,633 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Allgood Services Limited |
Registered office: 9 Commerce Road, Lynchwood, Peterborough, PE2 6LR |
Nature of business: Construction |
% |
Class of shares: | holding |
Ordinary | 100.00 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Work-in-progress | 1,251,215 | 170,452 |
15. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one | year: |
Trade debtors | 245,315 | 915,457 |
Amounts recoverable on contract | 1,013,710 | 1,252,483 |
Other debtors | 12,823,101 | 11,906,329 |
VAT | 44,220 | - |
Prepayments | 8,691 | 7,235 |
14,135,037 | 14,081,504 |
Amounts falling due after more | than one year: |
Amounts recoverable on contract | 190,310 | 500,757 |
Aggregate amounts | 14,325,347 | 14,582,261 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 18) | 9,341 |
14,905 |
Trade creditors | 141,520 | 152,449 |
Amounts owed to group undertakings | - | - |
Tax | 214,840 | 269,531 |
Social security and other taxes | 79,219 | 96,507 |
VAT | - | 26,216 | - | - |
Other creditors | 13,938 | 7,215 |
Directors' loan accounts | 595 | 172 | - | - |
Accrued expenses | 436,044 | 424,615 |
895,497 | 991,610 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) | 20,809 |
- |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 9,341 | 14,905 |
Between one and five years | 20,809 | - |
30,150 | 14,905 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 1,190 | 4,756 |
Between one and five years | - | 1,190 |
1,190 | 5,946 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | LEASING AGREEMENTS - continued |
Finance lease payments represent rentals payable by the company of the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
Obligations under finance leases are secured on the assets to which they relate. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 27,939 | 24,965 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 24,965 |
Charge to Statement of Comprehensive Income during year | 2,974 |
Balance at 31 March 2024 | 27,939 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 110 | 110 |
"A" Ordinary | 1 | 4,475,350 | 4,475,350 |
4,475,460 | 4,475,460 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 10,687,958 |
Profit for the year | 847,962 |
Dividends | (217,000 | ) |
At 31 March 2024 | 11,318,920 |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
21. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
The profit and loss reserve relates to cumulative profit and losses less distributions to shareholders. |
22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
P J Allgood |
Balance outstanding at start of year | (169 | ) | (284 | ) |
Amounts advanced | 686,314 | 646,742 |
Amounts repaid | (686,740 | ) | (646,627 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (595 | ) | (169 | ) |
23. | ULTIMATE CONTROLLING PARTY |
The controlling party is P J Allgood. |
The ultimate controlling party is P J Allgood. |
During the year, total dividends of £217,000 (2023: £196,000) were paid to the directors. |
At the balance sheet date amounts due to the directors amounted to £595 (2023: £169). |
At the balance sheet date amounts due from connected companies, by virtue of a common director, amounted to £13,330,683 (2023: £11,906,219). |
During the year, sales to connected companies, by virtue of a common director amounted to £1,333,483 (2023: £1,057,513). |
LITTLEBURY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10083633) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
24. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,209,761 | 2,295,238 |
Depreciation charges | 259,293 | 260,705 |
Loss/(profit) on disposal of fixed assets | 4,367 | (380 | ) |
(Gain)/loss on revaluation of fixed assets | (4,310 | ) | 2,798 |
(Increase) / decrease in ARoC | 549,220 | (189,022 | ) |
Finance costs | (9,838 | ) | (2,552 | ) |
Finance income | (2,284 | ) | (2,159 | ) |
2,006,209 | 2,364,628 |
(Increase)/decrease in stocks | (1,080,763 | ) | 2,178,291 |
Increase in trade and other debtors | (292,306 | ) | (4,746,544 | ) |
Decrease in trade and other creditors | (36,281 | ) | (84,500 | ) |
Cash generated from operations | 596,859 | (288,125 | ) |
25. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 145,330 | 196,197 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 196,197 | 1,515,322 |
26. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 196,197 | (50,867 | ) | 145,330 |
196,197 | (50,867 | ) | 145,330 |
Debt |
Finance leases | (14,905 | ) | (15,245 | ) | (30,150 | ) |
(14,905 | ) | (15,245 | ) | (30,150 | ) |
Total | 181,292 | (66,112 | ) | 115,180 |