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Registration number: SC517978

Lisburn Park Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Lisburn Park Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Lisburn Park Limited

Company Information

Director

K G Brewster

Registered office

18/5 Rothesay Terrace
Edinburgh
EH3 7RY

Accountants

Mitchell Oswald Chartered Accountants 28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lisburn Park Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lisburn Park Limited for the year ended 31 October 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of Lisburn Park Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lisburn Park Limited and state those matters that we have agreed to state to the Board of Directors of Lisburn Park Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lisburn Park Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lisburn Park Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lisburn Park Limited. You consider that Lisburn Park Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lisburn Park Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

28 February 2025

 

Lisburn Park Limited

(Registration number: SC517978)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

360,000

300,000

Current assets

 

Cash at bank and in hand

 

5,575

21,949

Creditors: Amounts falling due within one year

5

(40,294)

(66,739)

Net current liabilities

 

(34,719)

(44,790)

Total assets less current liabilities

 

325,281

255,210

Creditors: Amounts falling due after more than one year

5

(2,916)

(7,917)

Provisions for liabilities

(33,075)

(13,737)

Net assets

 

289,290

233,556

Capital and reserves

 

Called up share capital

1

1

Other reserves

99,225

58,563

Retained earnings

190,064

174,992

Shareholders' funds

 

289,290

233,556

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 February 2025
 

.........................................
K G Brewster
Director

   
     
 

Lisburn Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
18/5 Rothesay Terrace
Edinburgh
EH3 7RY

These financial statements were authorised for issue by the director on 28 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;
services have been delivered to the customer; and
collectability of the related receivables is fairly assured.

Tax

Tax is recognised in the profit or loss of the company.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Deferred tax is accounted for in respect of all material timing differences. Deferred tax is charged/(credited) to the profit and loss account.

 

Lisburn Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Deferred tax is provided on these movements. 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Provisions

Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Lisburn Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.


 Impairment

Trade debtors and investments in equity shares are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 November

300,000

Fair value adjustments

60,000

At 31 October

360,000

The director has assessed the investment property and based on current market conditions is confident that the
investment property is included within the accounts at fair value.

The property was valued by Shepherds Chartered Surveyors and the value has been reflected within these accounts.

 

Lisburn Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

34,844

61,709

Trade creditors

 

275

-

Taxation and social security

 

3,600

3,626

Accruals and deferred income

 

1,575

1,404

 

40,294

66,739

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

2,916

7,917

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000

Other borrowings

29,844

56,709

34,844

61,709

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,916

7,917

 

Lisburn Park Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Repayments to director
£

Advances from director
£

At 31 October 2024
£

K G Brewster

Interest free loan

56,709

(27,000)

135

29,844

         
       

 

2023

At 1 November 2022
£

Repayments to director
£

Advances from director
£

At 31 October 2023
£

K G Brewster

Interest free loan

76,514

(20,300)

495

56,709