Ledbury Developments Limited 01138445 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investors and developers Digita Accounts Production Advanced 6.30.9574.0 true true 01138445 2023-04-01 2024-03-31 01138445 2024-03-31 01138445 core:CurrentFinancialInstruments 2024-03-31 01138445 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01138445 bus:SmallEntities 2023-04-01 2024-03-31 01138445 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01138445 bus:FullAccounts 2023-04-01 2024-03-31 01138445 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01138445 bus:RegisteredOffice 2023-04-01 2024-03-31 01138445 bus:Director1 2023-04-01 2024-03-31 01138445 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01138445 core:OtherRelatedParties 2023-04-01 2024-03-31 01138445 core:UKTax 2023-04-01 2024-03-31 01138445 countries:EnglandWales 2023-04-01 2024-03-31 01138445 2023-03-31 01138445 2022-04-01 2023-03-31 01138445 2023-03-31 01138445 core:CurrentFinancialInstruments 2023-03-31 01138445 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01138445 core:UKTax 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01138445

Prepared for the registrar

Ledbury Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ledbury Developments Limited

(Registration number: 01138445)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

2,316,107

2,316,107

Current assets

 

Debtors

6

-

1,800

Cash at bank and in hand

 

131,560

95,706

 

131,560

97,506

Creditors: Amounts falling due within one year

7

(705,702)

(711,784)

Net current liabilities

 

(574,142)

(614,278)

Total assets less current liabilities

 

1,741,965

1,701,829

Deferred tax liabilities

 

(91,480)

(91,480)

Net assets

 

1,650,485

1,610,349

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

445,681

537,161

Profit and loss account

1,204,704

1,073,088

Shareholders' funds

 

1,650,485

1,610,349

For the financial year ending 31 March 2024 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 14 October 2024 and signed on its behalf by:
 


J R Goodwin
Director

 

Ledbury Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3/5 New Street
Ledbury
Herefordshire
HR8 2DX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the rental income receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns.

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 the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

 

Ledbury Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Ledbury Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Taxation

Tax charged in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

24,511

29,703

 

5

Investment properties

2024
£

At 1 April 2023

2,316,107

At 31 March 2024 the investment properties were valued by the directors on an open market basis. The original cost of the investment properties was £1,778,946 (2023 - £1,778,946).

 

6

Debtors

2024
 £

2023
 £

Trade debtors

-

1,800

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

21,730

21,730

Amounts due to related parties

8

599,700

652,700

Social security and other taxes

 

5,675

5,751

Other creditors

 

4,110

-

Accrued expenses

 

49,976

1,900

Corporation tax liability

24,511

29,703

 

705,702

711,784

 

Ledbury Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

8

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £599,700 (2023 - £652,700) to the directors in the form of a directors loan account. There are no fixed terms for repayment and no interest accruing on the loan.