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No description of principal activity
2023-09-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03235304
2023-09-01
2024-08-31
03235304
2024-08-31
03235304
2023-08-31
03235304
2022-09-01
2023-08-31
03235304
2023-08-31
03235304
2022-08-31
03235304
core:MotorVehicles
2023-09-01
2024-08-31
03235304
bus:LeadAgentIfApplicable
2023-09-01
2024-08-31
03235304
bus:Director1
2023-09-01
2024-08-31
03235304
core:WithinOneYear
2024-08-31
03235304
core:WithinOneYear
2023-08-31
03235304
core:AfterOneYear
2024-08-31
03235304
core:AfterOneYear
2023-08-31
03235304
core:ShareCapital
2024-08-31
03235304
core:ShareCapital
2023-08-31
03235304
core:RetainedEarningsAccumulatedLosses
2024-08-31
03235304
core:RetainedEarningsAccumulatedLosses
2023-08-31
03235304
bus:SmallEntities
2023-09-01
2024-08-31
03235304
bus:AuditExemptWithAccountantsReport
2023-09-01
2024-08-31
03235304
bus:SmallCompaniesRegimeForAccounts
2023-09-01
2024-08-31
03235304
bus:PrivateLimitedCompanyLtd
2023-09-01
2024-08-31
03235304
bus:AbridgedAccounts
2023-09-01
2024-08-31
03235304
core:OtherPropertyPlantEquipment
2023-09-01
2024-08-31
COMPANY REGISTRATION NUMBER:
03235304
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 August 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
1 |
|
|
Abridged statement of financial position |
2 |
|
|
Notes to the abridged financial statements |
4 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Lightmoor Homes Limited |
|
Year ended 31 August 2024
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 August 2024, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED
Chartered Accountants
Midway House
Staverton Technology Park
Herrick Way, Staverton
Cheltenham, Glos.
GL51 6TQ
17 February 2025
Abridged Statement of Financial Position |
|
31 August 2024
Fixed assets
Tangible assets |
5 |
163,391 |
180,809 |
|
|
|
|
Current assets
Stocks |
9,426,528 |
8,716,887 |
Debtors |
13,886 |
18,618 |
Cash at bank and in hand |
– |
10 |
|
------------ |
------------ |
|
9,440,414 |
8,735,515 |
|
|
|
Creditors: amounts falling due within one year |
4,794,681 |
5,034,266 |
|
------------ |
------------ |
Net current assets |
4,645,733 |
3,701,249 |
|
------------ |
------------ |
Total assets less current liabilities |
4,809,124 |
3,882,058 |
|
|
|
Creditors: amounts falling due after more than one year |
6 |
5,259,671 |
4,608,743 |
|
------------ |
------------ |
Net liabilities |
(
450,547) |
(
726,685) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
450,647) |
(
726,785) |
|
--------- |
--------- |
Shareholders deficit |
(
450,547) |
(
726,685) |
|
--------- |
--------- |
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued) |
|
31 August 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
17 February 2025
, and are signed on behalf of the board by:
Company registration number:
03235304
Notes to the Abridged Financial Statements |
|
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Cheltenham, GL51 6TQ.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Although there is a balance sheet deficit, the director believe the property held in work-in-progress can be sold on the open market for a significant profit so have prepared the accounts on a going concern basis. The directors are also supporting the company by way of loans.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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 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:
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
10% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 September 2023 |
380,550 |
Additions |
1,376 |
|
--------- |
At 31 August 2024 |
381,926 |
|
--------- |
Depreciation |
|
At 1 September 2023 |
199,741 |
Charge for the year |
18,794 |
|
--------- |
At 31 August 2024 |
218,535 |
|
--------- |
Carrying amount |
|
At 31 August 2024 |
163,391 |
|
--------- |
At 31 August 2023 |
180,809 |
|
--------- |
|
|
6.
Creditors:
amounts falling due after more than one year
Included within the balance of other creditors due more than one year is a £3m loan secured with fixed and floating charges over the freehold property held within stock.
The directors have also given personal guarantees, securing £942,435 (2023: £979,831) of debt with charges against their own personal assets.
Included within creditors: amounts falling due after more than one year is an amount of £679,929 (2023: £744,382) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Balances falling due over 5 years are repayable in installments ending May 2036. The current interest rate is 10.89% per annum.
7.
Directors' advances, credits and guarantees
Included within creditors due within one year is £2,864,679 (2023: £2,975,448) owed to the directors of the company. These balances have no fixed repayment terms and interest accrues (but has not yet been paid) at a rate of 2% above Bank of England base rate.