Company registration number 02258408 (England and Wales)
LANBRO DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LANBRO DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LANBRO DEVELOPMENTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,842
2,167
Tangible assets
4
21,863
24,116
Investment property
5
621,875
621,875
645,580
648,158
Current assets
Debtors
6
2,051,935
2,091,314
Cash at bank and in hand
834,540
169,898
2,886,475
2,261,212
Creditors: amounts falling due within one year
7
(987,791)
(622,182)
Net current assets
1,898,684
1,639,030
Total assets less current liabilities
2,544,264
2,287,188
Creditors: amounts falling due after more than one year
8
(1,842)
(2,168)
Provisions for liabilities
(52,131)
(51,715)
Net assets
2,490,291
2,233,305
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
2,490,289
2,233,303
Total equity
2,490,291
2,233,305
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LANBRO DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 February 2025 and are signed on its behalf by:
Mrs L M Lancaster
Mrs J E Lancaster
Director
Director
Company registration number 02258408 (England and Wales)
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024
- 3 -
1
Accounting policies
Company information
Lanbro Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elmsfield Park Estate Office, Elmsfield Park, Holme, Carnforth, Lancashire, LA6 1RJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold investment properties.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents rents received and development work, net of VAT, to the extent that the company has a right to consideration arising form the performance of its contractual arrangements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings Leasehold
- 10% straight line
Plant and machinery
- 15% reducing balance
Fixtures, fittings & equipment
- 15% reducing balance
Motor vehicles
- 25% reducing balance / 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Intellectual property & trade marks
Amortisation is calculated so as to write off the cost of an asset, less the estimated residual value, over the useful economic life of that asset as follows:
Intellectual property and trade marks are stated at cost less accumulated amortisation.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was as follows:
2024
2023
Number
Number
Total
3
3
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 31 July 2023 and 30 July 2024
10,400
Amortisation and impairment
At 31 July 2023
8,233
Amortisation charged for the year
325
At 30 July 2024
8,558
Carrying amount
At 30 July 2024
1,842
At 30 July 2023
2,167
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 July 2023
24,407
82,801
107,208
Additions
1,568
1,568
At 30 July 2024
24,407
84,369
108,776
Depreciation and impairment
At 31 July 2023
23,691
59,401
83,092
Depreciation charged in the year
245
3,576
3,821
At 30 July 2024
23,936
62,977
86,913
Carrying amount
At 30 July 2024
471
21,392
21,863
At 30 July 2023
716
23,400
24,116
5
Investment property
2024
£
Fair value
At 31 July 2023 and 30 July 2024
621,875
The directors consider £621,875 to be a fair reflection of the fair value as at 30 July 2024 (2023: £621,875). No independent valuation has been carried out.
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
756,390
584,265
Other debtors
1,295,545
1,507,049
2,051,935
2,091,314
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
540,160
259,331
Taxation and social security
149,526
96,357
Other creditors
298,105
266,494
987,791
622,182
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,842
2,168
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
200
200
2
2
The ordinary shares are split as follows:-
50 'A' Ordinary shares of 1p each £0.50
50 'B' Ordinary shares of 1p each £0.50
50 'C' Ordinary shares of 1p each £0.50
50 'D' Ordinary shares of 1p each £0.50
All classes of shares rank pari passu in all respects save that the directors may declare a dividend on one class of share and not another class.
LANBRO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 8 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,329,797
1,669,319
11
Profit and loss reserves
The balance of £2,487,069 shown in the profit and loss reserves includes £228,192 which is non distributable (2023: £228,192).