REGISTERED NUMBER: |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Avroe House |
Avroe Crescent |
Blackpool Business Park |
Blackpool |
Lancashire |
FY4 2DP |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Income and expenditure account |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Lowther Gardens (Lytham) Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£) and are rounded to £1. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Limited by guarantee |
The Company is limited by guarantee and therefore has no share capital. The members contribute to the funds of the Company by the payment of annual subscriptions and in the event of insolvency the members would be liable to pay £1 each. |
Other operating income |
Other operating income represents Council and other funding received during the period. Council funding is recognised in the income and expenditure account of the period in which monies are received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included within Plant and Machinery are assets held under hire purchase agreements with a Net Book Value of £27,248 (2023: £31,748). Depreciation of £4,500 (2022: £4,500) was charged on these assets during the year. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
Trade debtors |
Tax |
Prepayments |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
FBC Loan | 5,000 | 5,000 |
Hire purchase contracts (see note 8) |
Trade creditors |
Social security and other taxes |
VAT | 37,637 | 8,861 |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as | restated |
£ | £ |
FBC Loan | 10,220 | 15,220 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
as | restated |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2024 | 2023 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
LOWTHER GARDENS (LYTHAM) MANAGEMENT |
LIMITED (REGISTERED NUMBER: 07520640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as | restated |
£ | £ |
Hire purchase contracts | - | 3,575 |
FBC loan | 15,520 | 20,220 |
The bank and FBC loans are secured on the fixed assets included in these accounts and those of Lowther Gardens Lytham Trust. |
10. | RELATED PARTY DISCLOSURES |
The directors of Lowther Gardens (Lytham) Management Limited are also trustees of Lowther Gardens Lytham Trust, a charity which is considered to be a related entity. |
At the year end, Lowther Gardens (Lytham) Management Limited owed £245,203 (2023: £295,281) to Lowther Gardens Lytham Trust arising from transfers between the two entities. During the year, purchases from Lowther Gardens Lytham Trust totalled £24,000 (2023: £12,000) for rental charges. |
11. | ULTIMATE CONTROLLING PARTY |
Lowther Gardens Lytham Trust is regarded by the directors as being the company's ultimate parent undertaking. |
The principal place of business for Lowther Gardens Lytham Trust is Lowther Pavilion, West Beach, Lytham St Annes, Lancashire, FY8 5QQ. |