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Registration number: 08091210

Daniel Lambert Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Daniel Lambert Limited

(Registration number: 08091210)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

30,088,349

30,561,574

Current assets

 

Debtors

4

1,653

1,653

Investments

5

3,472

4,960

Cash at bank and in hand

 

79,126

438,344

 

84,251

444,957

Creditors: Amounts falling due within one year

6

(3,994,702)

(4,992,583)

Net current liabilities

 

(3,910,451)

(4,547,626)

Total assets less current liabilities

 

26,177,898

26,013,948

Creditors: Amounts falling due after more than one year

6

(11,569,266)

(11,644,266)

Provisions for liabilities

(138,776)

(179,340)

Net assets

 

14,469,856

14,190,342

Capital and reserves

 

Called up share capital

11,522,610

11,522,610

Revaluation reserve

658,816

845,827

Profit and loss account

2,288,430

1,821,905

Shareholders' funds

 

14,469,856

14,190,342

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Daniel Lambert Limited

(Registration number: 08091210)

Balance Sheet as at 31 May 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................

N J B Smith

Director

 

Daniel Lambert Limited

Statement of Changes in Equity for the Year Ended 31 May 2024

Share capital
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 June 2023

11,522,610

845,827

1,821,905

14,190,342

Profit for the year

-

-

279,514

279,514

Total comprehensive income

-

-

279,514

279,514

Fair value and deferred tax adjustments

-

(187,011)

187,011

-

At 31 May 2024

11,522,610

658,816

2,288,430

14,469,856

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 June 2022

11,522,610

566,755

1,814,716

13,904,081

Profit for the year

-

-

286,261

286,261

Total comprehensive income

-

-

286,261

286,261

Transfers

-

279,072

(279,072)

-

At 31 May 2023

11,522,610

845,827

1,821,905

14,190,342

 

Daniel Lambert Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

Accounting policies

Statutory information

Daniel Lambert Limited is a private company, limited by shares, domiciled in England and Wales, company number 08091210. The registered office is at Pegasus House, 463a Glossop Road, S10 2QD.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Daniel Lambert Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

1

Accounting policies (continued)

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard FRS102 - Section 1A, as follows:

This treatment as regards the company's investment properites may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified.

Financial assets

Investments in shares are included at fair value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Daniel Lambert Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

3

Tangible assets

Land and buildings
£

Cost or valuation

At 1 June 2023

30,561,574

Additions

876,775

Disposals

(1,350,000)

At 31 May 2024

30,088,349

Depreciation

Carrying amount

At 31 May 2024

30,088,349

At 31 May 2023

30,561,574


 

The investment property was valued by the director on an open market basis at £30,088,349 as at 31 May 2024 (2023 - £30,561,574). The historical cost of the investment was £29,290,758 (2023 - £29,536,407).

4

Debtors

Current

2024
£

2023
£

Other debtors

1,653

1,653

5

Other financial assets (current and non-current)

2024
£

2023
£

Financial assets at fair value through profit and loss

3,472

4,960

The historical cost of the investments as at 31 May 2024 was £9,012 (2023: £9,012).

 

Daniel Lambert Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Loans and borrowings

-

616,795

Directors current accounts

3,869,472

4,296,472

Taxation and social security

56,600

34,533

Other creditors

13,054

16,380

Accruals and deferred income

55,576

28,403

3,994,702

4,992,583

Due after one year

Loans and borrowings

8,811,061

10,111,061

Amounts owed to related parties

2,758,205

1,533,205

11,569,266

11,644,266

7

Related party transactions

The director's current account included in creditors is a joint loan and is due within one year and is interest free, as is the related parties loan.