LBN HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
Company Registration Number: 10806118
LBN HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 7
LBN HOLDINGS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
DIRECTORS
C Hatton
M J Hatton
S M Hatton
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Units 7 & 8
Minster Industrial Park
Downs Road
Witney
Oxfordshire
OX29 0QS
COMPANY REGISTRATION NUMBER
10806118 England and Wales
LBN HOLDINGS LTD
BALANCE SHEET
AS AT 31 MAY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Investments 5 207,109 207,109
CURRENT ASSETS
Debtors 6 18,100 10
Cash at bank and in hand 100 100
18,200 110
CREDITORS: Amounts falling due within one year 7 211,958 202,484
NET CURRENT LIABILITIES (193,758) (202,374)
NET ASSETS 13,351 4,735
CAPITAL AND RESERVES
Called up share capital 102 10
Distributable profit and loss account 13,249 4,725
SHAREHOLDERS' FUNDS 13,351 4,735
LBN HOLDINGS LTD
BALANCE SHEET
AS AT 31 MAY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
C Hatton
Director
Date approved by the board: 20 February 2025
LBN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 GENERAL INFORMATION
LBN Holdings Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Units 7 & 8
Minster Industrial Park
Downs Road
Witney
Oxfordshire
OX29 0QS
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its subsidiary £207,964 which could be required for repayment without notice. The company is therefore dependent upon the continued support of its subsidiary. The directors do not consider the support of the subsidiary likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
LBN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
LBN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 3 3
5 FIXED ASSET INVESTMENTS
Investment in subsidiary Investment property Total
£ £ £
Cost
At 1 June 2023 59,153 147,956 207,109
At 31 May 2024 59,153 147,956 207,109
Net book value
At 1 June 2023 59,153 147,956 207,109
At 31 May 2024 59,153 147,956 207,109
In the opinion of the directors, the investment property has been stated at fair value.
6 DEBTORS
2024 2023
£ £
Other debtors 18,100 10
LBN HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Taxation and social security 2,396 -
Accruals and deferred income 500 500
Other creditors 209,062 201,984
211,958 202,484
8 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 June 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 May 2024
£ £ £ £ £
C Hatton 10 50 - - 60
M J Hatton - 20 - - 20
S M Hatton - 20 - - 20
10 90 - - 100
These advances are interest free and repayable on demand.
9 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
C&C Tyres and Exhaust Services Ltd Subsidiary company
During the year, the following transactions with related parties took place:
Witney MOT Centre Ltd
Connected undertaking 2024 2023
£ £
Amount due from connected undertaking 18,000 -
L Hatton
Shareholder 2024 2023
£ £
Amounts due to shareholder 99 -
B Hatton
Shareholder 2024 2023
£ £
Amounts due to shareholder 999 -
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