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Registered number: 10611932










LB DEVELOPMENT PROPERTIES LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 29 February 2024

 
LB DEVELOPMENT PROPERTIES LIMITED
 

Company Information


Directors
L A Booker 
R H Booker 




Registered number
10611932



Registered office
53 Lees Hall Road

Sheffield

South Yorkshire

S8 9JJ





 
LB DEVELOPMENT PROPERTIES LIMITED
Registered number: 10611932

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investments
  
320,000
-

  
320,000
-

Current assets
  

Stocks
  
-
663,814

Debtors
  
-
418

Cash at bank and in hand
  
54,174
3,616

  
54,174
667,848

Creditors: amounts falling due within one year
 6 
(231,829)
(608,842)

Net current (liabilities)/assets
  
 
 
(177,655)
 
 
59,006

Total assets less current liabilities
  
142,345
59,006

Creditors: amounts falling due after more than one year
 7 
(38,053)
(50,134)

  

Net assets
  
104,292
8,872


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
104,192
8,772

  
104,292
8,872


Page 1

 
LB DEVELOPMENT PROPERTIES LIMITED
Registered number: 10611932

Balance sheet (continued)
As at 29 February 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 income and retained earnings 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 25 September 2024.




L A Booker
R H Booker
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

1.


General information

L B Development Properties Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied
     - the Company has transferred the significant risks and rewards of ownership to the buyer;
     - the Company retains neither continuing managerial involvement to the degree usually associated with
       ownership nor effective control over the goods sold; 
     - the amount of revenue can be measured reliably;
     - it is probable that the Company will receive the consideration due under the transaction; and
     - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

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

Page 3

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Investment property

Investment properties are revalued annually and any changes in fair value are recognised in the Statement of comprehensive income.  No depreciation is provided in respect of investment properties.





 
3.1

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
3.2

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.

Page 4

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
3.3

Creditors

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

 
3.4

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
3.5

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.

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.

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 receipts 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.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 -2).

Page 5

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

5.


Fixed asset investments








Other fixed asset investments

£



Cost or valuation


Additions
320,000



At 29 February 2024
320,000





6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
7,248
163,200

Other loans
9,760
104,883

Trade creditors
7,067
1,355

Other taxation and social security
30,355
(1,024)

Other creditors
175,809
338,844

Accruals and deferred income
1,590
1,584

231,829
608,842



7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
38,053
50,134

38,053
50,134


Page 6

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

8.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
7,248
163,200

Other loans
9,760
104,883


17,008
268,083

Amounts falling due 1-2 years

Bank loans
7,248
-


7,248
-

Amounts falling due 2-5 years

Bank loans
21,745
50,134


21,745
50,134

Amounts falling due after more than 5 years

Bank loans
9,060
-

9,060
-

55,061
318,217


Included in bank loans is a loan of Nil (2022 £163,200) which is secured by legal charge over a freehold property owned by the company.


9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



50 (2023 -50) Ordinary A shares of £1.00 each
50
50
50 (2023 -50) Ordinary B shares of £1.00 each
50
50

100

100


Page 7

 
LB DEVELOPMENT PROPERTIES LIMITED
 

 
Notes to the financial statements
For the Year Ended 29 February 2024

10.


Related party transactions

The company operates a directors current account with the directors which is unsecured, interest free and repayable upon demand. The amount owed to the directors at the financial year end was £114,430 (2023 £233,060) and is included in other creditors.
Included in other creditors at the yearend is a loan from LB Construction & Design Ltd, a company under common control, in the sum of £60,179 (2023 £105,784). The loan is unsecured, interest free and repayable upon demand.
During the year the company paid for services provided by LB Construction & Design Ltd, a company under common control, totalling £24,624 (2023 £255,410).


Page 8