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Registration number: 02090644

Lulworth Heritage Limited

Annual Report and Unaudited Financial Statements Year Ended 31 March 2024

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Chartered Accountants

 

Lulworth Heritage Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Lulworth Heritage Limited

Company Information

Directors

Mr J J Weld

Mrs S E Weld

Company secretary

Mr J J Weld

Registered office

The Weld Estate Office
East Lulworth
Wareham
Dorset
BH20 5QS

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lulworth Heritage Limitedfor the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lulworth Heritage Limited for the year ended 31 March 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Lulworth Heritage Limited, as a body, in accordance with the terms of our engagement letter dated 6 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Lulworth Heritage Limited and state those matters that we have agreed to state to the Board of Directors of Lulworth Heritage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lulworth Heritage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lulworth Heritage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lulworth Heritage Limited. You consider that Lulworth Heritage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lulworth Heritage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

13 November 2024

 

Lulworth Heritage Limited

(Registration number: 02090644)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

20,382

 

23,395

Investments

5

 

2

 

2

   

20,384

 

23,397

Current assets

   

 

Stocks

74,992

 

86,669

 

Debtors

6

25,079

 

23,566

 

Cash at bank and in hand

 

71,218

 

56,501

 

 

171,289

 

166,736

 

Creditors: Amounts falling due within one year

7

(187,158)

 

(167,699)

 

Net current liabilities

   

(15,869)

 

(963)

Total assets less current liabilities

   

4,515

 

22,434

Provisions for liabilities

 

(4,274)

 

(5,053)

Net assets

   

241

 

17,381

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

239

 

17,379

 

Total Equity

   

241

 

17,381

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

Mr J J Weld
Company secretary and director

 

Lulworth Heritage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is given in the company information section on page 1.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have confirmed that they will continue to support the company by not requiring repayment of their loans and will advance further funds, if required, to enable the company to meet its debts as they fall due.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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 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. Current tax represents the amount of tax payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Lulworth Heritage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

10% per annum reducing balance

Events kiosk

15% per annum reducing balance

Plant and machinery

15% per annum reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 are 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.

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.

Borrowings

Borrowings represent amounts loaned to the company by the directors interest free and with no fixed repayment date.

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.

 

Lulworth Heritage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Leasehold property improvements
 £

Plant and machinery
£

Events kiosk
£

Total
£

Cost

At 1 April 2023

22,759

23,500

15,434

61,693

At 31 March 2024

22,759

23,500

15,434

61,693

Depreciation

At 1 April 2023

12,823

14,637

10,838

38,298

Charge for the year

994

1,330

689

3,013

At 31 March 2024

13,817

15,967

11,527

41,311

Carrying amount

At 31 March 2024

8,942

7,533

3,907

20,382

At 31 March 2023

9,936

8,863

4,596

23,395

 

Lulworth Heritage Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost

At 1 April 2023

2

At 31 March 2024

2

Carrying amount

At 31 March 2024

2

At 31 March 2023

2

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Ezy Systems Limited

Ordinary shares

100%

100%

         

Lulworth Online Limited

Ordinary shares

100%

100%

         

Both subsidiaries are dormant.

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,502

4,256

Prepayments

7,826

7,824

Other debtors

10,751

11,486

 

25,079

23,566

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

87,732

67,885

Taxation and social security

14,221

14,539

Other creditors

85,205

85,275

187,158

167,699