Registered number
01117478
Lemmerbell Limited
Unaudited Filleted Accounts
31 May 2024
Lemmerbell Limited
Registered number: 01117478
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,960,000 2,960,000
Current assets
Debtors 4 1,498,327 1,522,321
Cash at bank and in hand 102,600 81,727
1,600,927 1,604,048
Creditors: amounts falling due within one year 5 (113,225) (99,529)
Net current assets 1,487,702 1,504,519
Total assets less current liabilities 4,447,702 4,464,519
Creditors: amounts falling due after more than one year 6 (590,084) (634,657)
Provisions for liabilities (Deferred tax) 8 (152,453) (152,453)
Net assets 3,705,165 3,677,409
Capital and reserves
Called up share capital 99 99
Share premium 80,344 80,344
Non distributable reserve (fair value revaluation reserve ) 9 2,042,403 2,042,403
Profit and loss account 10 1,582,319 1,554,563
Shareholders' funds 3,705,165 3,677,409
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
….................................................
N F Lines
Director
Approved by the board on 18 February 2025
Lemmerbell Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment properties ( at fair values) Nil
Plant and machinery 25% straight line
Leasehold over the period of lease
Investments properties
In accordance with accounting standards, the company's properties are held for long term investment and have been valued at fair value by the directors in the balance sheet at their RICS open market fair values. The surplus or deficit on the revaluation of such properties is transferred to the profit and loss account. Depreciation is not provided in respect of freehold properties.
This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that the policy is necessary in order that the financial statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is one of many factors reflected in the valuation and the amount that might otherwise have been shown cannot be separately identified or quantified. Deferred tax is provided on any timing differences on potential gains arising on any movement in fair values of the investment properties.
Going concern
The company is dependent on the continued support of it's bankers and other creditors. The directors have assessed the future trading and cash flows of the business and are satisfied that the adoption of the going concern basis is appropriate. In the event that the bankers and other creditors withdraw support, alternative methods of finance would have to be sought.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted by the balance sheet date. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Investment properties
£
Cost or valuation
At 1 June 2023 2,960,000
At 31 May 2024 2,960,000
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 2,960,000
At 31 May 2023 2,960,000
Investment properties 2024 2023
£ £
Historical cost 1,080,931 1,080,931
Cumulative depreciation based on historical cost - -
1,080,931 1,080,931
Investment properties have not been depreciated and is stated at open fair value as valued independently on instructions from the directors as at 8 November 2022 and believe the value is unchanged as at 31 May 2024 The consideration of the current fair value has been reviewed in light of the current rental yield and market conditions. There are no restrictions on the ability to realise income and / or proceeds of disposal on investment properties.
4 Debtors 2024 2023
£ £
Trade debtors 8,787 29,329
Directors loan account ( due on demand) 1,157,740 1,132,048
Tax recoverable (S455 tax) 309,866 301,195
Prepayments 20,842 19,868
Other debtors 1,092 39,881
1,498,327 1,522,321
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts (secured) 44,574 44,574
Corporation tax 13,416 25,281
Other creditors 55,235 29,674
113,225 99,529
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (secured) 590,084 634,657
7 Loans 2024 2023
£ £
Loans include:
Bank loans ( secured) 634,658 679,232
Secured Bank Loans 634,658 679,232
All security is by legal charges (fixed and floating) on all assets including investment properties , all undertakings and personal guarantees by the directors. The Loans matured and was renewed on 14 September 2022 for a further 5 year term ending 14.09.2027 at a variable interest rate partial amortising facility with a Bank of England base rate 1.75% p.a. and margin of 3.49% p.a.
8 Deferred Tax 2024 2023
£ £
At 1 June 2023 152,453 21,725
Charged to profit & loss -revaluation of investment properties - 130,728
At 31 May 2024 152,453 152,453
9 Non distributable reserve 2024 2023
(Fair value revaluation reserve on investment properties ) £ £
At 1 June 2023 2,042,403 1,487,187
Transfer gain on revaluation of investment properties from profit & loss reserves - 707,669
Transfer deferred tax on revaluation of investment properties from profit & loss reserves - (152,453)
At 31 May 2024 2,042,403 2,042,403
10 Profit and loss account 2024 2023
£ £
At 1 June 2023 1,554,563 1,462,043
Profit for the financial year 27,756 647,736
Transfer gain on revaluation of investment properties to non distributable reserves - (707,669)
Transfer deferred tax on revaluation of investment properties to non distributable reserves - 152,453
At 31 May 2024 1,582,319 1,554,563
11 Loans to directors (DLA)
Description and conditions B/fwd Advance paid Repaid C/fwd
£ £ £ £
Mrs S Lines
Loans to director 1,132,048 25,692 1,157,740
1,132,048 25,692 - 1,157,740
DLA balance is c/fwd. in the name of S Lines following the passing of her late husband D H Lines in 2022.
12 Related party transactions 2024 2023
£ £
Matthew Fraser Ltd
Holding company
Management charges 110,000 110,000
Funding advances to/from Holding Company waived 8,476 28,372
Lines Family Partnership
N F Lines and S Lines are partners in the partnership
Insurance recharged 1,467 -
Amount due from (to) the related party - -
13 Controlling party
The company is controlled by Matthew Fraser Limited, which owns 78.79% of the ordinary share capital. Matthew Fraser Limited was controlled jointly by Late Mr D H Lines ( deceased 08.11.2022) and Mrs S Lines by virtue of their majority shareholding in Matthew Fraser Limited up until 08.11.2022 and since then by Mrs S Lines by virtue of her inheriting part of her late husband's shares giving her the majority share holding.
14 Other information
Lemmerbell Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Mulberry Close
Northampton
NN5 7AW
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