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REGISTERED NUMBER: 03163828 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

LOCHPLACE LIMITED

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOCHPLACE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R Good Stephenson
Mrs V A Good Stephenson





SECRETARY: R Good Stephenson





REGISTERED OFFICE: 4 Wallfield,
Wallfield Park
Reigate
Surrey
RH2 9AJ





REGISTERED NUMBER: 03163828 (England and Wales)

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,391 4,319
Investment property 5 2,245,000 2,245,000
2,248,391 2,249,319

CURRENT ASSETS
Stocks 83,239 33,320
Debtors 6 1,853,472 2,217,420
Cash at bank 1,330 127
1,938,041 2,250,867
CREDITORS
Amounts falling due within one year 7 1,705,347 2,037,045
NET CURRENT ASSETS 232,694 213,822
TOTAL ASSETS LESS CURRENT LIABILITIES 2,481,085 2,463,141

PROVISIONS FOR LIABILITIES 49,326 49,326
NET ASSETS 2,431,759 2,413,815

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 2,431,755 2,413,811
SHAREHOLDERS' FUNDS 2,431,759 2,413,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 25 November 2024 and were signed on its behalf by:





R Good Stephenson - Director


LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Lochplace 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of properties and other work performed, excluding value added tax, plus attributable profit on long term contracts ascertained by reference to the value of work carried out to date.

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 - 15% on reducing balance
Fixtures and fittings - 33% on cost

Investment property
The company's properties are held for long term investment and are included in the Balance Sheet at their open market values. Their value is assessed annually on the basis of open market value by the directors of the company and are revalued when appropriate. Surpluses or deficits on revaluation of such properties are transferred to the revaluation reserve.

Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from statutory accounting principles which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified

Stocks and work-in-progress
Stocks and work-in-progress (except long-term contract balances) are stated at the lower of cost and net realisable value.

Long-term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 March 2023 18,298 13,694 31,992
Additions - 1,701 1,701
At 29 February 2024 18,298 15,395 33,693
DEPRECIATION
At 1 March 2023 18,298 9,375 27,673
Charge for year - 2,629 2,629
At 29 February 2024 18,298 12,004 30,302
NET BOOK VALUE
At 29 February 2024 - 3,391 3,391
At 28 February 2023 - 4,319 4,319

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 2,245,000
NET BOOK VALUE
At 29 February 2024 2,245,000
At 28 February 2023 2,245,000

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2016 1,302,172
Valuation in 2017 281,542
Valuation in 2018 49,103
Valuation in 2020 50,000
Valuation in 2021 (280,000 )
Valuation in 2022 (925,000 )
Cost 1,767,183
2,245,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,767,183 1,767,183

Investment property was valued on an open market basis on 29 February 2024 by Robert Good Stephenson MRICS .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,116 8,531
Amounts owed by group undertakings 1,147,376 -
Amounts recoverable on contracts 700,000 2,200,000
VAT - 5,262
Prepayments and accrued income 2,980 3,627
1,853,472 2,217,420

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 7,510
Trade creditors 12,018 24,946
Amounts owed to group undertakings - 294,291
Tax 5,862 157,656
Social security and other taxes 9,540 1,656
Other creditors 24,572 24,185
Amounts owed to related
parties 1,503,847 1,388,614
Directors' current accounts 162 214
Accruals and deferred income 149,346 137,973
1,705,347 2,037,045

LOCHPLACE LIMITED (REGISTERED NUMBER: 03163828)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Richard Good Stephenson, who with Valerie Good Stephenson owns 100% of the share capital of Lochplace Holdings Limited.