Company Registration No. 05822240 (England and Wales)
Lonsdale Settled Estates Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Lonsdale Settled Estates Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Lonsdale Settled Estates Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
69,100
59,454
Current assets
Inventories
13,410
531,498
Trade and other receivables
4
956,782
865,728
Cash and cash equivalents
254,853
167,631
1,225,045
1,564,857
Current liabilities
5
(1,294,140)
(1,624,306)
Net current liabilities
(69,095)
(59,449)
Net assets
5
5
Equity
Called up share capital
6
5
5

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
The Honorable Philip Howard
Director
Company Registration No. 05822240
Lonsdale Settled Estates Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information

Lonsdale Settled Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glebe House, Lowther, Penrith, Cumbria, CA10 2HH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents amounts receivable for rental and sporting services stated net of Value Added Tax. Rental and sporting income billed in advance of the accounting period is treated as deferred income and included within creditors. Rental and sporting income recognised in advance of being billed for the accounting period is treated as accrued income and included within debtors.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Lonsdale Settled Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Lonsdale Settled Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
9
3
Property, plant and equipment
Plant and machinery
£
Cost
At 1 April 2023
215,903
Additions
35,068
Disposals
(36,575)
At 31 March 2024
214,396
Depreciation and impairment
At 1 April 2023
156,449
Depreciation charged in the year
25,421
Eliminated in respect of disposals
(36,574)
At 31 March 2024
145,296
Carrying amount
At 31 March 2024
69,100
At 31 March 2023
59,454
Lonsdale Settled Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
3
Property, plant and equipment (continued)
5

The net book value of tangible assets includes £Nil (2023: £Nil) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £Nil (2023: £6,094) for the year.

4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
141,493
386,544
Other receivables
815,289
479,184
956,782
865,728
5
Current liabilities
2024
2023
£
£
Trade payables
16,514
32,480
Taxation and social security
16,438
6,341
Other payables
189,243
188,486
Accruals and deferred income
1,071,945
1,396,999
1,294,140
1,624,306
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
1 Independent Director's share of £1 each
1
1
1 Life Tenant share of £1 each
1
1
1 Reversioner's share of £1 each
1
1
5
5

The Ordinary shares are non-voting shares but the holders are entitled to dividends or a return of capital on winding up.

 

The Independent Director, Life Tenant and Reversioner shares constitute separate classes of non-participating shares in the company which carry rights to vote but carry no entitlement to dividends or a return of capital on winding up.

Lonsdale Settled Estates Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
7
Related party relationships and transactions
The company has entered into the following related party transactions during the year (including VAT where applicable):
2024
2023
£
£
Lonsdale Settled Estate
Rent due by the company for the year
(397,424)
(382,562)
Certain rent paid by the company
180,000
180,000
Net rent due by the company
(217,424)
(202,562)
Fees paid by the company on the Trust's behalf
76,333
50,902
Mortgage payments paid by the company on the Trust's behalf
85,448
87,217
Transfer of work in progress from the company to the Trust
550,000
-
Lloyds Bank loan interest paid by the Trust on the company's behalf
-
(14,781)
Countryside stewardship income due to the company
173,000
-
2024
2023
£
£
The balances due to/(from) related parties at the year-end were as follows:
Lonsdale Settled Estate
183,732
851,089
The above balances are unsecured, interest free and repayable on demand.
Lonsdale Settled Estate is a related party as the trustees also own shares in the company.
The Earl of Lonsdale was a director of the company.
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