Registered number
11292208
The Laurels (Addlethorpe) Limited
Filleted Accounts
31 March 2024
The Laurels (Addlethorpe) Limited
Registered number: 11292208
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,000 10,000
Tangible assets 4 706,684 572,318
714,684 582,318
Current assets
Stocks 11,020 23,151
Debtors 5 27,453 82,140
Cash at bank and in hand 35,321 24,475
73,794 129,766
Creditors: amounts falling due within one year 6 (460,214) (402,764)
Net current liabilities (386,420) (272,998)
Total assets less current liabilities 328,264 309,320
Creditors: amounts falling due after more than one year 7 (18,056) (26,389)
Provisions for liabilities (64,435) (51,767)
Net assets 245,773 231,164
Capital and reserves
Called up share capital 100 100
Profit and loss account 245,673 231,064
Shareholders' funds 245,773 231,164
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Hobbins
Director
Approved by the board on 29 October 2024
The Laurels (Addlethorpe) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property improvements 10% straight line
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures and fittings 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 20,000
At 31 March 2024 20,000
Amortisation
At 1 April 2023 10,000
Provided during the year 2,000
At 31 March 2024 12,000
Net book value
At 31 March 2024 8,000
At 31 March 2023 10,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 663,899 81,279 27,055 772,233
Additions 208,324 14,783 - 223,107
At 31 March 2024 872,223 96,062 27,055 995,340
Depreciation
At 1 April 2023 151,436 32,172 16,307 199,915
Charge for the year 77,523 8,530 2,688 88,741
At 31 March 2024 228,959 40,702 18,995 288,656
Net book value
At 31 March 2024 643,264 55,360 8,060 706,684
At 31 March 2023 512,463 49,107 10,748 572,318
5 Debtors 2024 2023
£ £
Trade debtors 16,374 73,540
Other debtors 11,079 8,600
27,453 82,140
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,333 8,333
Trade creditors 5,700 -
Corporation tax 203 11,273
Taxation and social security costs 9,682 11,025
Other creditors 436,296 372,133
460,214 402,764
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 18,056 26,389
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 26,389 34,722
Bank loans represent a Bounce Back Loan facility of £50,000. This is secured against the assets of the Company and is interest bearing at a rate of 2.5%. The loan was subject to a repayment and interest holiday of 12 months and repayments began in June 2021.
9 Related party transactions
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
10 Other information
The Laurels (Addlethorpe) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ormsby Lodge
Mill Road
Addlethorpe
Lincolnshire
PE24 4TE
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