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Registered number: 03413532









LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03413532

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
331,097
331,097

Debtors: amounts falling due within one year
 4 
1,084,026
420,259

Cash at bank and in hand
  
3,617
664,893

  
1,418,740
1,416,249

Creditors: amounts falling due within one year
 5 
(747,212)
(59,389)

Net current assets
  
 
 
671,528
 
 
1,356,860

Total assets less current liabilities
  
671,528
1,356,860

Creditors: amounts falling due after more than one year
 6 
(752,608)
(1,439,081)

  

Net liabilities
  
(81,080)
(82,221)


Capital and reserves
  

Called up share capital 
 7 
6
6

Profit and loss account
  
(81,086)
(82,227)

  
(81,080)
(82,221)


Page 1

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03413532

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2024.



R L Shah
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Investment property fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
6
22,997
(273,302)
(250,299)



Profit for the year
-
-
168,078
168,078

Transfer between reserves
-
(22,997)
22,997
-



At 1 February 2023
6
-
(82,227)
(82,221)



Profit for the year
-
-
1,141
1,141


At 31 January 2024
6
-
(81,086)
(81,080)


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

London & Countryside Developments Limited is a private company, limited by shares and is incorporated in England and Wales.  The address of its registered office is 3rd Floor, 24 Old Bond Street, London W1S 4BH.
The financial statements are presented in GBP which is the functional currency of the Company.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in existence for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements.
The Company has a loan and other debts owed to third parties.  The directors understand that these third parties shall continue to maintain their financial support of the company, by deferment of the amounts due to them and by other means.
The directors are therefore satisfied that the company will have sufficient resources to enable it to continue in existence for the forseeable future, and that it is therefore appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Revenue

Turnover represents amounts receivable for sales of property and related services provided and is recognised once the company has earned the right to the income and is stated net of value added tax where applicable.
Property acquisitions and disposals are accounted for when legally binding contracts which are irrecoverable and effectively unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Stocks

Stock, which comprises development properties held for resale, is valued at the lower of cost and net realisable value. Cost includes property purchase costs and all subsequest development costs. Interest payable is not carried forward in the valuation of development property but is written off to the profit and loss account as incurred. Pre-sale deposits received from customers are shown as liabilities.



 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 5

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Debtors

2024
2023
£
£


Other debtors
1,046,653
404,482

Prepayments and accrued income
37,373
15,777

1,084,026
420,259



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,800
16,320

Corporation tax
268
28,492

Other taxation and social security
7,623
7,402

Other creditors
715,781
2,225

Accruals and deferred income
3,740
4,950

747,212
59,389



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
752,608
1,439,081


Page 7

 
LONDON & COUNTRYSIDE DEVELOPMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3 'A' Voting ordinary shares of £1 each
3
3
3  'B' Non-voting ordinary shares of £1 each
3
3

6

6



8.


Related party transactions

At the balance sheet date, the amounts due from entities which share a common director or in which a director has a material interest was £1,046,653 (2023 - £404,483). On the above sums the company has recognised interest receivable of £21,835 (2023 - £9,255).
At the balance sheet date, the amounts due to entities which share a common director or in which a director has a material interest was £1,466,082 (2023 - £1,439,081).  Of these sums £752,608 (2023 - £1,439,081) is due in more than one year.


Page 8