Lawrence Developments Limited 04737646 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property development and letting Digita Accounts Production Advanced 6.30.9574.0 true 04737646 2023-04-01 2024-03-31 04737646 2024-03-31 04737646 core:RetainedEarningsAccumulatedLosses 2024-03-31 04737646 core:RevaluationReserve 2024-03-31 04737646 core:ShareCapital 2024-03-31 04737646 core:CurrentFinancialInstruments 2024-03-31 04737646 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04737646 core:FurnitureFittingsToolsEquipment 2024-03-31 04737646 core:LandBuildings 2024-03-31 04737646 bus:SmallEntities 2023-04-01 2024-03-31 04737646 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04737646 bus:FilletedAccounts 2023-04-01 2024-03-31 04737646 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04737646 bus:RegisteredOffice 2023-04-01 2024-03-31 04737646 bus:Director1 2023-04-01 2024-03-31 04737646 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04737646 core:OfficeEquipment 2023-04-01 2024-03-31 04737646 countries:EnglandWales 2023-04-01 2024-03-31 04737646 2023-03-31 04737646 core:FurnitureFittingsToolsEquipment 2023-03-31 04737646 core:LandBuildings 2023-03-31 04737646 2022-04-01 2023-03-31 04737646 2023-03-31 04737646 core:RetainedEarningsAccumulatedLosses 2023-03-31 04737646 core:RevaluationReserve 2023-03-31 04737646 core:ShareCapital 2023-03-31 04737646 core:CurrentFinancialInstruments 2023-03-31 04737646 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04737646 core:FurnitureFittingsToolsEquipment 2023-03-31 04737646 core:LandBuildings 2023-03-31 04737646 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 04737646 core:LandBuildings 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04737646

Lawrence Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lawrence Developments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Lawrence Developments Limited

(Registration number: 04737646)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,269,500

2,269,500

Current assets

 

Debtors

5

1,215

2,148

Cash at bank and in hand

 

107,212

65,933

 

108,427

68,081

Creditors: Amounts falling due within one year

6

(1,053,579)

(1,053,199)

Net current liabilities

 

(945,152)

(985,118)

Total assets less current liabilities

 

1,324,348

1,284,382

Provisions for liabilities

(93,457)

(99,250)

Net assets

 

1,230,891

1,185,132

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

818,514

818,514

Retained earnings

412,277

366,518

Shareholders' funds

 

1,230,891

1,185,132

For the financial year ending 31 March 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
S A Dalton
Director

 

Lawrence Developments Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 South Saint Mary's Gate
Grimsby
North East Lincolnshire
DN31 1LW

These financial statements were authorised for issue by the Board on 6 November 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Lawrence Developments Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line basis

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date, with changes in fair value recognised in profit and loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,269,500

974

2,270,474

At 31 March 2024

2,269,500

974

2,270,474

Depreciation

At 1 April 2023

-

974

974

At 31 March 2024

-

974

974

Carrying amount

At 31 March 2024

2,269,500

-

2,269,500

At 31 March 2023

2,269,500

-

2,269,500

 

Lawrence Developments Limited

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

Included within the net book value of land and buildings above is £2,269,500 (2023 - £2,269,500) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Prepayments

396

330

Other debtors

819

1,818

 

1,215

2,148

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

421,204

421,079

Taxation and social security

 

9,375

9,976

Accruals and deferred income

 

2,500

1,644

Other creditors

 

620,500

620,500

 

1,053,579

1,053,199

7

Share capital

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

455,155

455,155

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

421,204

421,079