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REGISTERED NUMBER: 00511312 (England and Wales)











Unaudited Financial Statements

for the Year Ended 29 February 2024

for

L.Best & Son,Limited

L.Best & Son,Limited (Registered number: 00511312)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L.Best & Son,Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: M Hitchcock
Mrs M Hitchcock





SECRETARY: Mrs M Hitchcock





REGISTERED OFFICE: 10 Grovehill Drive
Falmouth
Cornwall
TR11 3HS





REGISTERED NUMBER: 00511312 (England and Wales)





ACCOUNTANTS: Briants Chartered Accountants
Maritime House
Discovery Quay
Falmouth
Cornwall
TR11 3XA

L.Best & Son,Limited (Registered number: 00511312)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121 161
Investment property 5 1,260,000 960,000
1,260,121 960,161

CURRENT ASSETS
Debtors 6 4,507 3,216
Cash at bank 14,681 17,752
19,188 20,968
CREDITORS
Amounts falling due within one year 7 4,358 7,384
NET CURRENT ASSETS 14,830 13,584
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,274,951

973,745

PROVISIONS FOR LIABILITIES 201,748 31
NET ASSETS 1,073,203 973,714

CAPITAL AND RESERVES
Called up share capital 104,000 104,000
Revaluation reserve 8 761,713 761,713
Capital redemption reserve 5,500 5,500
Retained earnings 201,990 102,501
SHAREHOLDERS' FUNDS 1,073,203 973,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L.Best & Son,Limited (Registered number: 00511312)

Balance Sheet - continued
29 February 2024


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 Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:




M Hitchcock - Director



Mrs M Hitchcock - Director


L.Best & Son,Limited (Registered number: 00511312)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

L.Best & Son,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.

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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 2 ).

L.Best & Son,Limited (Registered number: 00511312)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023
and 29 February 2024 1,220
DEPRECIATION
At 1 March 2023 1,059
Charge for year 40
At 29 February 2024 1,099
NET BOOK VALUE
At 29 February 2024 121
At 28 February 2023 161

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 960,000
Revaluations 300,000
At 29 February 2024 1,260,000
NET BOOK VALUE
At 29 February 2024 1,260,000
At 28 February 2023 960,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 1982 50,377
Valuation in 1990 191,336
Valuation in 2003 (80,000 )
Valuation in 2007 400,000
Valuation in 2012 200,000
Valuation in 2024 300,000
Cost 198,287
1,260,000

L.Best & Son,Limited (Registered number: 00511312)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 198,287 198,287

The investment properties were valued on an open market basis basis on 29 February 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,116 1,060
Other debtors 269 313
Prepayments 2,122 1,843
4,507 3,216

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 996 4,522
Other creditors 1,917 -
Directors' current accounts 317 1,777
Accrued expenses 1,128 1,085
4,358 7,384

8. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 29 February 2024 761,713

9. CONTROLLING PARTY

Control of the company is exercised by Mr and Mrs Hitchcock who own 100% of the shares in the company and are the company directors.