Company registration number 05515317 (England and Wales)
LADY MUSGRAVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LADY MUSGRAVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LADY MUSGRAVE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
35,707
Investment properties
4
450,000
478,176
450,000
513,883
Current assets
Stocks
-
11,432
Debtors
5
153
674,098
Cash at bank and in hand
995,627
136,567
995,780
822,097
Creditors: amounts falling due within one year
6
(201,104)
(156,326)
Net current assets
794,676
665,771
Total assets less current liabilities
1,244,676
1,179,654
Provisions for liabilities
-
0
(6,928)
Net assets
1,244,676
1,172,726
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,244,675
1,172,725
Total equity
1,244,676
1,172,726

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 September 2024 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 period 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.

LADY MUSGRAVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
N R Pembroke
Director
Company Registration No. 05515317
LADY MUSGRAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Lady Musgrave Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 High Street, The Gatsby, Berkhamsted, Hertfordshire, HP4 2DG.

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
Going concern

At the balance sheet date the company sold its trade to a third party. As a result the financial statements are prepared on a basis other than going concern accordingly. The directors do not consider there to be a material difference between the financial position presented under either accounting basis.true

1.3
Reporting period

The financial statements have been extended to a period longer than one year as the company has ceased trading at the balance sheet date. The comparative amounts presented in the financial statements are therefore not entirely comparable.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.

 

Sale of goods

Revenue arises from the sale of both food and beverages.

Revenue is recognised when the customer accepts delivery of the goods.

1.5
Tangible fixed assets

Tangible fixed assets 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:

Leasehold land and buildings
over the lease term
Fixtures and fittings
33.3% Straight line

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.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

LADY MUSGRAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises wet and dry goods for resale and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

LADY MUSGRAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
34
33
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
16,537
303,832
320,369
Additions
-
0
2,110
2,110
Disposals
(16,537)
(305,942)
(322,479)
At 30 September 2024
-
0
-
0
-
0
Depreciation and impairment
At 1 August 2023
14,433
270,229
284,662
Depreciation charged in the period
965
11,087
12,052
Eliminated in respect of disposals
(15,398)
(281,316)
(296,714)
At 30 September 2024
-
0
-
0
-
0
Carrying amount
At 30 September 2024
-
0
-
0
-
0
At 31 July 2023
2,104
33,603
35,707
LADY MUSGRAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 August 2023
478,176
Revaluations
(28,176)
At 30 September 2024
450,000

The directors have undertaken a valuation of the investment property as at the balance sheet date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
674,098
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
153
-
0
Total debtors
153
674,098
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,449
36,890
Corporation tax
61,300
53,213
Other taxation and social security
25,721
41,767
Other creditors
59,634
24,456
201,104
156,326
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
LADY MUSGRAVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
-
0
85,000
Between two and five years
-
0
85,000
-
0
170,000
9
Related party transactions

At the balance sheet date the company owed the director £15,881 (2023 - £6,925 owed by) in respect of loans made. Interest of £360 (2022 - £9,379) was charged at an average rate of 2.25% in relation to loans made during the period.

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