16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 24,834 24,834 24,834 24,834 xbrli:pure xbrli:shares iso4217:GBP SC121275 2023-05-01 2024-04-30 SC121275 2024-04-30 SC121275 2023-04-30 SC121275 2022-05-01 2023-04-30 SC121275 2023-04-30 SC121275 2022-04-30 SC121275 core:FurnitureFittings 2023-05-01 2024-04-30 SC121275 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC121275 bus:Director1 2023-05-01 2024-04-30 SC121275 core:NetGoodwill 2023-04-30 SC121275 core:LandBuildings 2023-04-30 SC121275 core:FurnitureFittings 2023-04-30 SC121275 core:LandBuildings 2024-04-30 SC121275 core:FurnitureFittings 2024-04-30 SC121275 core:WithinOneYear 2024-04-30 SC121275 core:WithinOneYear 2023-04-30 SC121275 core:AfterOneYear 2024-04-30 SC121275 core:AfterOneYear 2023-04-30 SC121275 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 SC121275 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 SC121275 core:NetGoodwill 2023-05-01 2024-04-30 SC121275 core:ShareCapital 2024-04-30 SC121275 core:ShareCapital 2023-04-30 SC121275 core:RevaluationReserve 2024-04-30 SC121275 core:RevaluationReserve 2023-04-30 SC121275 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC121275 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC121275 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 SC121275 core:LandBuildings 2023-04-30 SC121275 core:FurnitureFittings 2023-04-30 SC121275 bus:SmallEntities 2023-05-01 2024-04-30 SC121275 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC121275 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC121275 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC121275 bus:FullAccounts 2023-05-01 2024-04-30 SC121275 bus:OrdinaryShareClass1 2024-04-30 SC121275 bus:OrdinaryShareClass1 2023-04-30 SC121275 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2024-04-30 SC121275 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-04-30 SC121275 core:AssetRevaluationSurplusReserve 2023-05-01 2024-04-30 SC121275 bus:ChairmanChiefExecutive 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: SC121275
Lindsey Adam Limited
Filleted Unaudited Financial Statements
30 April 2024
Lindsey Adam Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
552,654
555,450
Current assets
Stocks
48,051
74,232
Debtors
8
4,198
7,265
Cash at bank and in hand
12,752
5,670
--------
--------
65,001
87,167
Creditors: amounts falling due within one year
9
146,096
160,636
---------
---------
Net current liabilities
81,095
73,469
---------
---------
Total assets less current liabilities
471,559
481,981
Creditors: amounts falling due after more than one year
10
22,457
10,754
Provisions
Taxation including deferred tax
58,311
59,674
---------
---------
Net assets
390,791
411,553
---------
---------
Lindsey Adam Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
12
2
2
Revaluation reserve
13
347,053
347,053
Profit and loss account
13
43,736
64,498
---------
---------
Shareholders funds
390,791
411,553
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Lindsey H. Adam
Director
Company registration number: SC121275
Lindsey Adam Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 80 Market Street, St Andrews, Fife, KY16 9PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has made losses for two years however the director has assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future and has taken steps to reduce losses going forward. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually at point of sale.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Tangible assets also include the heritable property, which is initially recorded at cost then subject to periodic valuation. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
No depreciation is provided on the company's heritable land and building. It is the director's belief that the residual value of these is at least equal to the book value.
Stock
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 23 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 1,363)
( 453)
-------
----
Tax on loss
( 1,363)
( 453)
-------
----
6. Intangible assets
Goodwill
£
Cost
At 1 May 2023
24,834
Additions
Disposals
( 24,834)
--------
At 30 April 2024
--------
Amortisation
At 1 May 2023
24,834
Charge for the year
Disposals
( 24,834)
--------
At 30 April 2024
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
7. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
550,000
144,889
694,889
Disposals
( 32,249)
( 32,249)
---------
---------
---------
At 30 April 2024
550,000
112,640
662,640
---------
---------
---------
Depreciation
At 1 May 2023
139,439
139,439
Charge for the year
885
885
Disposals
( 30,338)
( 30,338)
---------
---------
---------
At 30 April 2024
109,986
109,986
---------
---------
---------
Carrying amount
At 30 April 2024
550,000
2,654
552,654
---------
---------
---------
At 30 April 2023
550,000
5,450
555,450
---------
---------
---------
The heritable property was revalued in November 2021 on an open market value basis by J & E Shepherd, Chartered Surveyors. The director has reviewed it and in her opinion the market value is not materially different from the value reflected in these accounts.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 April 2024
Aggregate cost
144,635
Aggregate depreciation
---------
Carrying value
144,635
---------
At 30 April 2023
Aggregate cost
144,635
Aggregate depreciation
---------
Carrying value
144,635
---------
8. Debtors
2024
2023
£
£
Other debtors
4,198
7,265
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,227
10,533
Trade creditors
10,076
28,463
Social security and other taxes
10,579
12,126
Other creditors
109,214
109,514
---------
---------
146,096
160,636
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,457
10,754
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £7,883 (2023: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
58,311
59,674
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
1,362
Fair value adjustment of financial assets
58,311
58,312
--------
--------
58,311
59,674
--------
--------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Revaluation reserve is undistributable. Profit and loss account - This reserve records retained earnings and accumulated losses.
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
5,201
----
-------
15. Transactions with the director
The company was under the control of the director throughout the current and previous year. The director is the ultimate controlling party. At the year end the company was due to repay the director £103,221 (2023 - £102,221). The loan is interest free with no set repayment terms and repayable on demand.