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Registration number: 05448776

L & R Developments (Herts) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

L & R Developments (Herts) Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

L & R Developments (Herts) Limited

Company Information
__________________________________________________________________________

Directors

Mr L Richards

Mrs R Richards

Company secretary

Mrs R Richards

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

L & R Developments (Herts) Limited

(Registration number: 05448776)
Balance Sheet as at 31 May 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

161,479

 

119,300

Current assets

   

 

Stocks

5

1,128,516

 

1,088,213

 

Debtors

6

78,939

 

205,840

 

Cash at bank and in hand

 

117,410

 

28,544

 

 

1,324,865

 

1,322,597

 

Creditors: Amounts falling due within one year

7

(737,046)

 

(871,931)

 

Net current assets

   

587,819

 

450,666

Net assets

   

749,298

 

569,966

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

749,198

 

569,866

 

Shareholders' funds

   

749,298

 

569,966

For the financial year ending 31 May 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

Mr L Richards

Director

 

L & R Developments (Herts) Limited

Notes to the Financial Statements for the Year Ended 31 May 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Not depreciated as it is fully maintained

Vehicles, plant and machinery

25% on written down basis

 

L & R Developments (Herts) Limited

Notes to the Financial Statements for the Year Ended 31 May 2024
__________________________________________________________________________

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks of development land is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The development costs of property and work in progress comprises direct materials, direct professional fees and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

L & R Developments (Herts) Limited

Notes to the Financial Statements for the Year Ended 31 May 2024
__________________________________________________________________________

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average no. of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

L & R Developments (Herts) Limited

Notes to the Financial Statements for the Year Ended 31 May 2024
__________________________________________________________________________

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

17,500

17,500

At 31 May 2024

17,500

17,500

Amortisation

At 1 June 2023

17,500

17,500

At 31 May 2024

17,500

17,500

Carrying amount

At 31 May 2024

-

-

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

12,019

150,953

169,750

332,722

Additions

-

31,665

66,785

98,450

Disposals

-

-

(35,928)

(35,928)

At 31 May 2024

12,019

182,618

200,607

395,244

Depreciation

At 1 June 2023

-

126,499

86,923

213,422

Charge for the year

-

6,695

13,648

20,343

At 31 May 2024

-

133,194

100,571

233,765

Carrying amount

At 31 May 2024

12,019

49,424

100,036

161,479

At 31 May 2023

12,019

24,454

82,827

119,300

5

Stocks

2024
£

2023
£

Development work in progress

1,128,516

1,088,213

 

L & R Developments (Herts) Limited

Notes to the Financial Statements for the Year Ended 31 May 2024
__________________________________________________________________________

6

Debtors

Current

2024
£

2023
£

Trade debtors

78,814

28,709

Prepayments

125

3,041

Other debtors

-

174,090

 

78,939

205,840

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

67,654

21,666

Accruals and deferred income

7,350

6,000

Other creditors

662,042

844,265

737,046

871,931

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100