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Registration number: 07406838

LDGSW Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

LDGSW Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

LDGSW Limited

(Registration number: 07406838)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,479

2,085

Investment property

5

350,000

350,000

 

352,479

352,085

Current assets

 

Debtors

6

-

16,392

Cash at bank and in hand

 

1,329

5,665

 

1,329

22,057

Creditors: Amounts falling due within one year

7

(15,636)

(7,929)

Net current (liabilities)/assets

 

(14,307)

14,128

Total assets less current liabilities

 

338,172

366,213

Provisions for liabilities

(8,878)

(8,801)

Net assets

 

329,294

357,412

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

35,839

35,839

Retained earnings

293,355

321,473

Shareholders' funds

 

329,294

357,412

 

LDGSW Limited

(Registration number: 07406838)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 2 February 2025 and signed on its behalf by:
 

P Tewkesbury
Director

W Tewkesbury
Director

 
     
 

LDGSW Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Milsted Langdon LLP
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
 

These financial statements were authorised for issue by the Board on 2 February 2025.

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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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 and deferred 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.

 

LDGSW Limited

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

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance method

Office equipment

15% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. An independent valuer is not involved. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

LDGSW Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

3

Staff numbers

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

 

LDGSW Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

9,000

-

9,000

Additions

-

832

832

At 31 October 2024

9,000

832

9,832

Depreciation

At 1 November 2023

6,915

-

6,915

Charge for the year

313

125

438

At 31 October 2024

7,228

125

7,353

Carrying amount

At 31 October 2024

1,772

707

2,479

At 31 October 2023

2,085

-

2,085

5

Investment properties

2024
£

At 1 November

350,000

At 31 October

350,000

The investment properties class of fixed assets were adjusted at 31 October 2024 to fair value by the directors who are internal to the company. The basis of the valuation was open market value. The class of assets has a current value of £350,000 (2023 - £350,000) and a carrying amount of historical cost £305,754 (2023 - £305,754) The depreciation on this historical cost is nil (2023 - nil).

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Other debtors

-

16,392

-

16,392

 

LDGSW Limited

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

7

Creditors

Due within one year

2024
£

2023
£

Amounts due to related parties

10,453

-

Social security and other taxes

2,579

2,036

Accruals

2,139

1,927

Corporation tax liability

465

3,966

15,636

7,929

8

Related party transactions

Loans to related parties has interest charged at the rate of 2.25% and the loan is repayable on demand.

Loans to related parties

2024

Key management
£

Total
£

At start of period

(16,338)

(16,338)

Advanced

33,000

33,000

Repaid

(6,209)

(6,209)

At end of period

10,453

10,453

2023

Key management
£

Total
£

At start of period

764

764

Advanced

4,312

4,312

Repaid

(21,414)

(21,414)

At end of period

(16,338)

(16,338)