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REGISTERED NUMBER: 01588995 (England and Wales)















Audited Financial Statements for the Year Ended 30 November 2023

for

Lissett Residentials Limited

Lissett Residentials Limited (Registered number: 01588995)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lissett Residentials Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J Beharrell
C Close
Mrs C Beharrell


REGISTERED OFFICE: Pocklington Industrial Estate
Pocklington
York
East Yorkshire
YO42 1NR


REGISTERED NUMBER: 01588995 (England and Wales)


SENIOR STATUTORY AUDITOR: Laura Jennifer Drew BFP ACA FCCA


AUDITORS: Harris Lacey and Swain
Chartered Accountants
Statutory Auditors
Suite 1, The Riverside Building
Livingstone Road
Hessle,
Hull
HU13 0DZ


BANKERS: Virgin Money
2 New Street
York
YO1 8RA

Lissett Residentials Limited (Registered number: 01588995)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 217,062 196,295

CURRENT ASSETS
Stocks 1,389,128 1,364,719
Debtors 5 2,398,574 2,141,411
Cash at bank and in hand 669 11,161
3,788,371 3,517,291
CREDITORS
Amounts falling due within one year 6 1,376,848 910,205
NET CURRENT ASSETS 2,411,523 2,607,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,628,585

2,803,381

CREDITORS
Amounts falling due after more than one
year

7

246,220

458,441
NET ASSETS 2,382,365 2,344,940

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,381,365 2,343,940
SHAREHOLDERS' FUNDS 2,382,365 2,344,940

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





J Beharrell - Director


Lissett Residentials Limited (Registered number: 01588995)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Lissett Residentials 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. This includes the choice of depreciation method applied to fixed assets and provisions made against stock. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company/group and value added taxes.

The company bases its estimate of returns on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

The company provides the manufacturing of luxury homes and recognises revenue on a build stage basis.

The final stage of revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company sales channels have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 25 years
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is measured on the basis of the degree of completion of a home as it passes along the production line.

Lissett Residentials Limited (Registered number: 01588995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued

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 int he assets of the company after deducting all of its liabilities.

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised a initial transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less an impairment loss in the case of trade debtors.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Any initial direct costs incurred in negotiation and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Pension costs and other post-retirement benefits
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.

Government grants
Government grants are recognised at fair value when there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are treated as deferred income and allocated to income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.

Lissett Residentials Limited (Registered number: 01588995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 52 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 December 2022 165,692 67,991 233,683
Additions 271,107 6,542 277,649
Disposals (195,692 ) (74,533 ) (270,225 )
At 30 November 2023 241,107 - 241,107
DEPRECIATION
At 1 December 2022 - 37,388 37,388
Charge for year 24,045 16,094 40,139
Eliminated on disposal - (53,482 ) (53,482 )
At 30 November 2023 24,045 - 24,045
NET BOOK VALUE
At 30 November 2023 217,062 - 217,062
At 30 November 2022 165,692 30,603 196,295

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 942,141 963,338
Other debtors 1,456,433 1,178,073
2,398,574 2,141,411

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 443,288 229,813
Trade creditors 735,853 450,900
Taxation and social security 61,234 71,316
Other creditors 136,473 158,176
1,376,848 910,205

Lissett Residentials Limited (Registered number: 01588995)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 103,849 268,518
Other creditors 142,371 189,923
246,220 458,441

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 276,621 63,146
Bank loans 270,516 435,185
547,137 498,331

Bank loans and overdrafts are secured by way of fixed and floating charges.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Laura Jennifer Drew BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of Harris Lacey and Swain

10. OTHER FINANCIAL COMMITMENTS

The Company has operating lease commitments annually on buildings £56,410 (2022 - £56,410) which are subject to a yearly increase based on any increase in the Retail Price Index.

11. ULTIMATE CONTROLLING PARTY

The controlling party is J Beharrell.

Justin Beharrell is the controlling party by reason of his ownership of Lissett Homes Limited, the holding company of the Group.