REGISTERED NUMBER: |
THE LAVENHAM GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
REGISTERED NUMBER: |
THE LAVENHAM GROUP LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2024 |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 9 |
THE LAVENHAM GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Capital redemption reserve | 12 |
Fair value reserve | 12 |
Retained earnings | 12 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
The Lavenham Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest Pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
Turnover |
The turnover shown in the statement of comprehensive income is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Property, plant and equipment |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
No depreciation has been provided on the freehold land and buildings. This is because the company implements a policy of regular maintenance and repairs, resulting in the depreciation charge and accumulated depreciation for the year being immaterial. This departure from generally accepted accounting practice is considered necessary for the financial statements to show a true and fair view. |
Investments in subsidiaries |
Investments are included at fair value. Gains and losses are recognised in the statement of comprehensive income. Deferred taxation is not provided on these gains as the company would be entitled to corporation tax relief on the sale of the investment. |
Investment property |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The net of tax amount is transferred to a fair value reserve. |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the income statement using the effective interest rate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation of freehold property as at 31 March 2024 is represented by: |
£ |
Cost | 665,485 |
Revaluation | 229,980 |
895,465 |
The valuation was adopted at deemed cost upon transition to FRS 102 1A and so the policy of revaluation has not been continued. |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investments in subsidiaries were valued on an open market basis on 31 March 2024 by the directors. |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The investment property was valued on an open market basis on 31 March 2024 by the directors. |
Cost or valuation at 31 March 2024 is represented by: |
£ |
Cost | 194,995 |
Revaluations | 75,005 |
270,000 |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by subsidiary undertakings |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Other taxes and social security |
Directors' current accounts | 6,819 | 7,074 |
Accruals and deferred income |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans - 2-5 years |
Bank loans more than 5 years |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 2,563 | 23,228 |
THE LAVENHAM GROUP LIMITED (REGISTERED NUMBER: 02327702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 54,200 | 18,761 |
The bank loan of the company is secured by way of a fixed charge on the freehold property known as 4 and 5 Windham Road, Sudbury, CO10 2XD. |
12. | RESERVES |
Retained earnings | Revaluation reserve | Capital redemption reserve | Fair value reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2023 | 658,897 | 229,980 | 187,000 | 384,370 | 1,460,247 |
Profit for the year | 49,761 | - | - | - | 49,761 |
Dividends | (79,200 | ) | - | - | - | (79,200 | ) |
Fair value adjustment | 22,761 | - | - | (22,761 | ) | - |
At 31 March 2024 | 652,219 | 229,980 | 187,000 | 361,609 | 1,430,808 |
The reserves movements in the comparative year were as follows: |
Retained earnings | Revaluation reserve | Capital redemption reserve | Fair value reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 655,041 | 229,980 | 187,000 | 389,383 | 1,462,404 |
Profit for the year | 77,043 | - | - | - | 77,043 |
Dividends | (79,200 | ) | - | - | - | (79,200 | ) |
Fair value adjustment | 5,013 | - | - | (5,013 | ) | - |
At 31 March 2023 | 658,897 | 229,980 | 187,000 | 384,370 | 1,460,247 |