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Company No: 07541208 (England and Wales)

MIDDLE LUSCOMBE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MIDDLE LUSCOMBE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MIDDLE LUSCOMBE LIMITED

BALANCE SHEET

As at 29 February 2024
MIDDLE LUSCOMBE LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 308 15,174
308 15,174
Current assets
Stocks 0 600
Debtors 4 1,385 1,385
Cash at bank and in hand 698 3,731
2,083 5,716
Creditors: amounts falling due within one year 5 ( 15,712) ( 17,338)
Net current liabilities (13,629) (11,622)
Total assets less current liabilities (13,321) 3,552
Net (liabilities)/assets ( 13,321) 3,552
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 13,322 ) 3,551
Total shareholder's (deficit)/funds ( 13,321) 3,552

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Middle Luscombe Limited (registered number: 07541208) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Mr C D Towns
Director
MIDDLE LUSCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MIDDLE LUSCOMBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Middle Luscombe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is Middle Luscombe, Harbertonford, Totnes, TQ9 7HT.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In 2024, the director made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors has included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 20 years straight line
Office equipment 5 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 March 2023 54,581 37,551 2,046 94,178
At 29 February 2024 54,581 37,551 2,046 94,178
Accumulated depreciation
At 01 March 2023 54,578 22,382 2,044 79,004
Charge for the financial year 3 22 2 27
Impairment losses 0 14,839 0 14,839
At 29 February 2024 54,581 37,243 2,046 93,870
Net book value
At 29 February 2024 0 308 0 308
At 28 February 2023 3 15,169 2 15,174

4. Debtors

2024 2023
£ £
Corporation tax 1,385 1,385

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,024 0
Amounts owed to director 10,102 11,549
Accruals 1,500 1,598
Taxation and social security 2,086 2,628
Other creditors 0 1,563
15,712 17,338

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1