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Registered number: 12107762
Larkspur Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 12107762
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 887 -
Investment Properties 5 725,000 572,045
725,887 572,045
CURRENT ASSETS
Debtors 6 451,000 405,000
Cash at bank and in hand 1,479 61,654
452,479 466,654
Creditors: Amounts Falling Due Within One Year 7 (532,269 ) (562,073 )
NET CURRENT ASSETS (LIABILITIES) (79,790 ) (95,419 )
TOTAL ASSETS LESS CURRENT LIABILITIES 646,097 476,626
Creditors: Amounts Falling Due After More Than One Year 8 (455,050 ) (455,050 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,061 ) -
NET ASSETS 161,986 21,576
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 11 152,955 -
Profit and Loss Account 8,931 21,476
SHAREHOLDERS' FUNDS 161,986 21,576
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Geoffrey Wootton
Director
18th October 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 100 - 9,096 9,196
Profit for the year and total comprehensive income - - 14,380 14,380
Dividends paid - - (2,000) (2,000)
As at 31 March 2023 and 1 April 2023 100 - 21,476 21,576
Profit for the year and total comprehensive income - - 142,410 142,410
Dividends paid - - (2,000) (2,000)
Transfer to/from Other Reserves - - (152,955) (152,955)
Transfer to/from Profit & Loss Account - 152,955 - 152,955
As at 31 March 2024 100 152,955 8,931 161,986
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Notes to the Financial Statements
1. General Information
Larkspur Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12107762 . The registered office is Larkspur, 56 Downs Way, Tadworth, Surrey, KT20 5DX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% SL
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Computer Equipment
£
Cost or Valuation
As at 1 April 2023 -
Additions 1,099
As at 31 March 2024 1,099
Depreciation
As at 1 April 2023 -
Provided during the period 212
As at 31 March 2024 212
Net Book Value
As at 31 March 2024 887
As at 1 April 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 572,045
Revaluations 152,955
As at 31 March 2024 725,000
6. Debtors
2024 2023
£ £
Due within one year
Due after more than one year
Other debtors 451,000 405,000
451,000 405,000
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 4,744 3,373
Accruals and deferred income 1,140 1,140
Directors' loan accounts 526,385 557,560
532,269 562,073
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Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 455,050 455,050
455,050 455,050
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mrs Lynne Wootton - 1,000
Mr Geoffrey Wootton - 1,000
11. Reserves
Revaluation Reserve
£
Transfer to profit and loss 152,955
As at 31 March 2024 152,955
12. Loans to Associated Companies
Larkspur homes Ltd loaned £160,713.50 to an associated company on 19/05/2022. This was not included in the 31/03/2023 accounts. The loan was repaid to Larkspur Homes Ltd on 28/07/2023.
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