Company registration number 01856991 (England and Wales)
LANCASTER CLOSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LANCASTER CLOSE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
LANCASTER CLOSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
2
2
2
Current assets
Trade and other receivables
3
23,647
14,903
Cash and cash equivalents
36,270
40,450
59,917
55,353
Current liabilities
4
(11,730)
(11,151)
Net current assets
48,187
44,202
Net assets
48,189
44,204
Equity
Members' Subscriptions
5
17,500
17,500
Retained earnings
30,689
26,704
Total equity
48,189
44,204
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
H.J.W. Stokoe
Director
Company Registration No. 01856991
LANCASTER CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Lancaster Close Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 20 King Street, London, EC2V 8EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents rents receivable during the year.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight line over 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.5
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include other receivables, 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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
LANCASTER CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts 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.
2
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1
14,895
14,896
Depreciation and impairment
At 1 January 2023 and 31 December 2023
14,894
14,894
Carrying amount
At 31 December 2023
1
1
2
At 31 December 2022
1
1
2
3
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
23,647
14,903
4
Current liabilities
2023
2022
£
£
Other payables
11,730
11,151
LANCASTER CLOSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Members' Subscriptions
2023
2022
£
£
Members' Subscriptions
17,500
17,500
This represents payment to the company by the members. The directors may levy contributions from time to time by way of loan or outright payment, in accordance with the company's Articles of Association.
In the event of the company being wound up, the liability of each member is limited to £1.