Company registration number 11393446 (England and Wales)
LOMOND (SALFORD TWO) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LOMOND (SALFORD TWO) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LOMOND (SALFORD TWO) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
8,568
Investment property
4
-
0
413,932
-
0
422,500
Current assets
Debtors
5
10,039
12,694
Cash at bank and in hand
300,011
14,828
310,050
27,522
Creditors: amounts falling due within one year
6
(2,899)
(119,597)
Net current assets/(liabilities)
307,151
(92,075)
Net assets
307,151
330,425
Capital and reserves
Called up share capital
7
354,105
354,105
Revaluation reserve
-
0
6,718
Profit and loss reserves
(46,954)
(30,398)
Total equity
307,151
330,425

For the financial period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
S J Smethurst
Director
Company registration number 11393446 (England and Wales)
LOMOND (SALFORD TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Lomond (Salford Two) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lodge, Alderley Road, Wilmslow, Cheshire, England, SK9 1RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK” (“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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

It is the directors intention to wind up the company upon completion of these financial statements, therefore the statements have been prepared on a break-up basis.

1.3
Turnover

Turnover represents rental income and is recognised at the fair value of the consideration receivable over the term of lease, and is shown net of any sales related discounts.

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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% 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.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

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. Changes in fair value are recognised in profit or loss.

1.6
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition of qualifying assets, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

 

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

LOMOND (SALFORD TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Debtors with no stated interest rate or receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

 

All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2024
Number
Number
Total
2
2
LOMOND (SALFORD TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024
22,993
Disposals
(22,993)
At 31 December 2024
-
0
Depreciation and impairment
At 1 April 2024
14,425
Eliminated in respect of disposals
(14,425)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 March 2024
8,568
4
Investment property
2024
£
Fair value
At 1 April 2024
413,932
Disposals
(413,932)
At 31 December 2024
-
0

Investment property comprises a portfolio of residential properties.

5
Debtors
2024
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,490
2,490
Other debtors
7,549
10,204
10,039
12,694

Included in other debtors is an amount of £7,550 (March 2024: £7,550) due from shareholders.

LOMOND (SALFORD TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2024
£
£
Bank loans
-
0
110,493
Other creditors
2,899
9,104
2,899
119,597

 

7
Called up share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
354,105
354,105
354,105
354,105
8
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

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