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Company registration number: 10295668
Lundy Investors Limited
Filleted financial statements
30 April 2023
Lundy Investors Limited
Contents
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lundy Investors Limited
Directors responsibilities statement
Year ended 30 April 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lundy Investors Limited
Statement of financial position
30 April 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 4,538 1,064
Investments 5 1,555,860 1,491,364
_______ _______
1,560,398 1,492,428
Current assets
Debtors 6 365,600 279,550
Cash at bank and in hand 900 4,095
_______ _______
366,500 283,645
Creditors: amounts falling due
within one year 7 ( 280,482) ( 173,871)
_______ _______
Net current assets 86,018 109,774
_______ _______
Total assets less current liabilities 1,646,416 1,602,202
Creditors: amounts falling due
after more than one year 8 ( 19,583) ( 28,983)
Provisions for liabilities ( 862) -
_______ _______
Net assets 1,625,971 1,573,219
_______ _______
Capital and reserves
Called up share capital 9 60,000 60,000
Revaluation reserve 1,555,859 1,491,363
Profit and loss account 10,112 21,856
_______ _______
Shareholders funds 1,625,971 1,573,219
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr E Rowson
Director
Company registration number: 10295668
Lundy Investors Limited
Statement of changes in equity
Year ended 30 April 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 May 2021 60,000 701,527 59 761,586
Profit for the year 861,633 861,633
Other comprehensive income for the year:
Transfer of gains on investments measured at fair value - 789,836 (789,836) -
_______ _______ _______ _______
Total comprehensive income for the year - 789,836 71,797 861,633
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 30 April 2022 and 1 May 2022 60,000 1,491,363 21,856 1,573,219
Profit for the year 161,452 161,452
Other comprehensive income for the year:
Transfer of gains on investments measured at fair value - 64,496 (64,496) -
_______ _______ _______ _______
Total comprehensive income for the year - 64,496 96,956 161,452
Dividends paid and payable ( 108,700) ( 108,700)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 108,700) ( 108,700)
_______ _______ _______ _______
At 30 April 2023 60,000 1,555,859 10,112 1,625,971
_______ _______ _______ _______
Lundy Investors Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
Lundy Investors Limited is a private company limited by shares, registered in England and Wales. . The company's registered number and registered office address can be found on the Directors and Other Information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover represents net fees earned on managed funds. Credit is taken for fees in the period to which the fee relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Subsidiaries
Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at cost. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2022 1,740 1,740
Additions 4,619 4,619
_______ _______
At 30 April 2023 6,359 6,359
_______ _______
Depreciation
At 1 May 2022 676 676
Charge for the year 1,145 1,145
_______ _______
At 30 April 2023 1,821 1,821
_______ _______
Carrying amount
At 30 April 2023 4,538 4,538
_______ _______
At 30 April 2022 1,064 1,064
_______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost or valuation
At 1 May 2022 1,491,364 1,491,364
Revaluations 64,496 64,496
_______ _______
At 30 April 2023 1,555,860 1,555,860
_______ _______
Impairment
At 1 May 2022 and 30 April 2023 - -
_______ _______
Carrying amount
At 30 April 2023 1,555,860 1,555,860
_______ _______
At 30 April 2022 1,491,364 1,491,364
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Lundy Nigerian Cocoa Growth Fund SP Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, Grand Cayman KY1-9008, George Town, Cayman Islands Ordinary shares 66
6. Debtors
2023 2022
£ £
Trade debtors 14,013 7,451
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,495 275
Prepayments and accrued income 8,811 8,310
Other debtors 338,281 263,514
_______ _______
365,600 279,550
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,400 9,400
Trade creditors 113,427 20,355
Accruals and deferred income 6,500 19,294
Corporation tax 136,489 110,995
Social security and other taxes 1,466 627
Other creditors 13,200 13,200
_______ _______
280,482 173,871
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 19,583 28,983
_______ _______
9. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 60,000 60,000 60,000 60,000
_______ _______ _______ _______
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 60,000 60,000 60,000 60,000
_______ _______ _______ _______
10. Summary audit opinion
The auditor's report for the year dated 25 October 2024 was unqualified.
The senior statutory auditor was David Shawcross FCA for and on behalf of Anderson Barrowcliff LLP
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 30 April 2023 Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr E Rowson 190,996 56,520 247,516
_______ _______ _______
2022
Year ended 30 April 2022 Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr E Rowson 140,147 50,849 190,996
_______ _______ _______
Amounts owed to/ from directors are advanced on an interest free basis with no formal repayment terms.
12. Controlling party
The company is controlled by E Rowson the majority shareholder and director.