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Registered number: 05718118









LANCASTER HOMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
LANCASTER HOMES LIMITED
REGISTERED NUMBER: 05718118

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
467
1,141

Investments
 5 
53,250
53,250

  
53,717
54,391

Current assets
  

Stocks
 6 
-
631,829

Debtors: amounts falling due within one year
 7 
3,126,051
1,654,546

Cash at bank and in hand
 8 
9,854
29,646

  
3,135,905
2,316,021

Creditors: amounts falling due within one year
 9 
(2,327,228)
(1,490,734)

Net current assets
  
 
 
808,677
 
 
825,287

Total assets less current liabilities
  
862,394
879,678

Creditors: amounts falling due after more than one year
 10 
(16,667)
(26,667)

  

Net assets
  
845,727
853,011


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
845,627
852,911

  
845,727
853,011


Page 1

 
LANCASTER HOMES LIMITED
REGISTERED NUMBER: 05718118
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




R. A. Newbold
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Lancaster Homes Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Leytonstone House, Leytonstone, London, E11 1GA.
The principal activity of the company is property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

 
2.3

Finance costs

Finance costs are charged to Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings  in the year in which they are incurred.

Page 3

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25 % Reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Trading stock of properties

Trading stock of properties is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus the attendant costs of developing the property to a saleable state.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Property acquisitions and disposals are accounted for when legally binding contracts, which are irrevocable and unconditional, are exchanged.

Page 4

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 March 2023
11,648


Disposals
(6,556)



At 29 February 2024

5,092



Depreciation


At 1 March 2023
10,507


Charge for the year on owned assets
155


Disposals
(6,037)



At 29 February 2024

4,625



Net book value



At 29 February 2024
467



At 28 February 2023
1,141


5.


Fixed asset investments








Unlisted investments

£



Cost or valuation


At 1 March 2023
53,250



At 29 February 2024
53,250




Page 6

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress (goods to be sold)
-
631,829



7.


Debtors

29 February
28 February
2024
2023
£
£


Amounts owed by group undertakings
3,126,051
1,653,362

Prepayments and accrued income
-
1,184

3,126,051
1,654,546



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
9,854
29,646



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
10,000
10,000

Corporation tax
-
1,060

Other taxation and social security
2,843
4,298

Other creditors
2,309,071
1,467,690

Accruals and deferred income
5,314
7,686

2,327,228
1,490,734


Page 7

 
LANCASTER HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
16,667
26,667



11.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
6,667
16,667


26,667
36,667



12.


Related party transactions

During the year, the Company made loans of £3,126,051 (2023 - £1,653,362) to companies under common control.
During the year, the Company also received loans of £2,303,990 
(2023 - £1,447,537) from companies under common control.
At the year end, the Company owed the director £5,081 
(2023 - £20,152)
All loans are unsecured and interest free.


13.


Controlling party

The Company is controlled by the director R. A. Newbold by virtue of his 100% shareholding in R.A.N. Group Holdings Limited, the parent company. R.A.N. Group Holdings Limited is incorporated in England and Wales.

 
Page 8