REGISTERED NUMBER: 13024472 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LUDGATE HILL PROPERTIES LIMITED |
REGISTERED NUMBER: 13024472 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
LUDGATE HILL PROPERTIES LIMITED |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
LUDGATE HILL PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
Principal activity |
The principal activity of the group is property development and the management of property development projects for third parties. |
REVIEW OF BUSINESS |
The group has continued to trade well. |
The management team is a stable, long serving team with a flexible and dynamic outlook. |
The group's key financial and other performance indicators during the year were as follows: |
Financial KPIs | Unit | 2024 | 2023 |
Turnover | £ | 100,215,482 | 182,567,275 |
Profit before tax | £ | 8,850,363 | 22,024,011 |
Cash at bank and in hand | £ | 42,220,861 | 21,318,575 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Management of project risk is Stoford's principal business activity. Risk is identified within each project and managed to an acceptable level and thoroughly monitored throughout the progress of the scheme. Risk is therefore progressively eroded by active risk and uncertainty beyond its control. The business responds to this risk by closely monitoring market performance and reacting accordingly. |
The company does not presently have any bank borrowings, relying entirely on funds from within the group and the funds of purchasers of those investments created by the business. |
ENERGY AND CARBON REPORT |
This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities. |
EMISSIONS AND ENERGY CONSUMPTION |
During the year ended 30 June 2024, Ludgate Hill Properties Limited recorded greenhouse gas emissions from: |
- Combustion of gas for office heating of 2.04 tonnes of CO2e per year (2023: 1.82 tonnes) |
- Combustion of vehicle fuel for transport of 2.78 tonnes of CO2e per year (2023: 3.14 tonnes) |
- Purchase of electricity by the company for its own use of 4.98 tonnes of CO2e per year (2023: 4.92 tonnes) |
CO2e emissions have been calculated as follows: |
- Combustion of gas for office heating: by applying conversion factors (supplied by the UK Government) to actual kWh consumed, |
- Combustion of vehicle fuel for transport: by applying conversion factors (supplied by the UK Government) to estimated kWh consumed (based upon an average vehicle efficiency of 4 miles per kWh), |
- Purchase of electricity by the company for its own use: by applying conversion factors (supplied by the UK Government) to actual kWh consumed. |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Intensity Ratio |
CO2e emissions relative to group activity |
This is Tonnes of CO2e emitted annually per £1m of group turnover. During the year ended 30 June 2024 this was 9.80% (2023: 5.41%). |
ON BEHALF OF THE BOARD: |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
During the year dividends of £357,000 (2023: £Nil) were paid. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
Objectives and policies |
Financial risk management is an integral part of the way the group is managed. In the course of its business, the group is exposed primarily to interest rate risk, liquidity risk and credit risk. The overall aim of the group's financial risk management policies is to minimise potential adverse effects on financial performance and net assets. |
The group's treasury department manages the principal financial risks within policies and operating parameters approved by the Board of Directors. Treasury is not a profit centre and the group does not enter into speculative transactions. |
Price risk, credit risk, liquidity risk and cash flow risk |
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. |
All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Directors' liabilities |
The group maintained a Directors' and Officers' liability insurance policy throughout the financial period and has renewed that policy. |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUDGATE HILL PROPERTIES LIMITED |
Opinion |
We have audited the financial statements of Ludgate Hill Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUDGATE HILL PROPERTIES LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LUDGATE HILL PROPERTIES LIMITED |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and other relevant parties. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 100,215,482 | 182,567,275 |
Cost of sales | 87,157,081 | 154,039,413 |
GROSS PROFIT | 13,058,401 | 28,527,862 |
Administrative expenses | 5,888,323 | 6,709,846 |
OPERATING PROFIT | 6 | 7,170,078 | 21,818,016 |
Income from fixed asset investments | 234,153 | 149,007 |
Interest receivable and similar income | 1,216,775 | 89,216 |
1,450,928 | 238,223 |
8,621,006 | 22,056,239 |
Movement in investments | 7 | (229,384 | ) | 11,341 |
8,850,390 | 22,044,898 |
Interest payable and similar expenses | 8 | 27 | 20,887 |
PROFIT BEFORE TAXATION | 8,850,363 | 22,024,011 |
Tax on profit | 9 | 2,274,273 | 4,601,530 |
PROFIT FOR THE FINANCIAL YEAR |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | (1,140,425 | ) | (1,146,600 | ) |
Tangible assets | 13 | 1,629,420 | 1,762,410 |
Investments | 14 |
Interest in joint venture |
Share of gross assets | 10,100 | 10,100 |
10,100 | 10,100 |
Other investments | 9,144,834 | 8,927,981 |
9,643,929 | 9,553,891 |
CURRENT ASSETS |
Stocks | 15 | 5,602,976 | 5,315,938 |
Debtors | 16 | 13,160,622 | 36,729,631 |
Cash at bank and in hand | 42,220,861 | 21,318,575 |
60,984,459 | 63,364,144 |
CREDITORS |
Amounts falling due within one year | 17 | 15,925,562 | 24,425,299 |
NET CURRENT ASSETS | 45,058,897 | 38,938,845 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
54,702,826 |
48,492,736 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 520 | 520 |
Share premium | 20 | 25,499,320 | 25,499,320 |
Capital redemption reserve | 20 | 160 | 160 |
Retained earnings | 20 | 29,200,024 | 22,992,250 |
54,700,024 | 48,492,250 |
NON-CONTROLLING INTERESTS | 2,802 | 486 |
TOTAL EQUITY | 54,702,826 | 48,492,736 |
The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by: |
J Craig - Director |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Capital redemption reserve | 20 |
Retained earnings | 20 | ( |
) | ( |
) |
Company's profit/(loss) for the financial year |
356,550 |
(330 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 | 520 | 5,580,596 | 25,499,320 |
Changes in equity |
Total comprehensive income | - | 17,411,654 | - |
Balance at 30 June 2023 | 520 | 22,992,250 | 25,499,320 |
Changes in equity |
Dividends | - | (357,000 | ) | - |
Total comprehensive income | - | 6,564,774 | - |
Balance at 30 June 2024 | 520 | 29,200,024 | 25,499,320 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 160 | 31,080,596 | 659 | 31,081,255 |
Changes in equity |
Dividends | - | - | (11,000 | ) | (11,000 | ) |
Total comprehensive income | - | 17,411,654 | 10,827 | 17,422,481 |
Balance at 30 June 2023 | 160 | 48,492,250 | 486 | 48,492,736 |
Changes in equity |
Dividends | - | (357,000 | ) | (9,000 | ) | (366,000 | ) |
Total comprehensive income | - | 6,564,774 | 11,316 | 6,576,090 |
Balance at 30 June 2024 | 160 | 54,700,024 | 2,802 | 54,702,826 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2023 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 | ( |
) |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 21,975,404 | 10,395,954 |
Interest paid | (27 | ) | - |
Tax paid | (2,188,869 | ) | (4,452,660 | ) |
Net cash from operating activities | 19,786,508 | 5,943,294 |
Cash flows from investing activities |
Purchase of tangible fixed assets | - | (5,610 | ) |
Purchase of fixed asset investments | (1,097 | ) | (8,939,322 | ) |
Sale of fixed asset investments | 15,748 | - |
Interest received | 1,223,974 | 238,223 |
Dividends received | 234,153 | - |
Net cash from investing activities | 1,472,778 | (8,706,709 | ) |
Cash flows from financing activities |
Repayment of other borrowing | - | (4,443,662 | ) |
Dividends paid | (357,000 | ) | (11,000 | ) |
Interest paid | - | (20,887 | ) |
Net cash from financing activities | (357,000 | ) | (4,475,549 | ) |
Increase/(decrease) in cash and cash equivalents | 20,902,286 | (7,238,964 | ) |
Cash and cash equivalents at beginning of year |
2 |
21,318,575 |
28,557,539 |
Cash and cash equivalents at end of year |
2 |
42,220,861 |
21,318,575 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 8,850,363 | 22,024,011 |
Depreciation charges | 126,815 | 48,975 |
Profit on disposal of fixed assets | (1,920 | ) | - |
Other finance costs | - | 11,341 |
Finance costs | 27 | 20,887 |
Finance income | (1,450,928 | ) | (238,223 | ) |
7,524,357 | 21,866,991 |
(Increase)/decrease in stocks | (287,038 | ) | 257,698 |
Decrease/(increase) in trade and other debtors | 23,131,673 | (6,459,401 | ) |
Decrease in trade and other creditors | (8,393,588 | ) | (5,269,334 | ) |
Cash generated from operations | 21,975,404 | 10,395,954 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 42,220,861 | 21,318,575 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 21,318,575 | 28,557,539 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 21,318,575 | 20,902,286 | 42,220,861 |
21,318,575 | 20,902,286 | 42,220,861 |
Total | 21,318,575 | 20,902,286 | 42,220,861 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Ludgate Hill Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As at 30 June 2024, the company has net current liabilities of £1,635,780 (2023 : £1,635,330). The directors have prepared the financial statements on a going concern basis as it is considered the group to have sufficient resources and support to meet its liabilities as they fall due at least 12 months from the signing of these financial statements. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th June 2024. |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. |
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisitions date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries which are related parties are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders share of changes in equity since the date of the combination. |
Entities in which the group holds an interest on a long term basis and are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method.The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th June 2024. |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Business combinations |
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date in the adjustment is probable and can be measured reliably. |
Investments |
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. |
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable. |
Revenue recognition |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts after eliminating sales within the group. |
The group recognises revenue when the amount of revenue can be reliably measures, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities. |
Contract revenue recognition |
Where the right to receive contract revenues has become unconditional prior to the period end, and the outcome of a contract can be measured reliably, the related revenue is recognised in proportion to the completion of the contract work. Completion is measured by reference to the time actually incurred on the works as a proportion of the total time forecast to be incurred, where this is considered to give a true and fair reflection. Otherwise, completion is measured by reference to the costs actually incurred on the works as a proportion of the total costs forecast to be incurred. |
Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. |
Negative goodwill |
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. |
Amortisation |
Amortisation is provided on intangible assets so as to write off the costs, less any estimated residual value, over their useful life. The amortisation method and rate on both positive and negative goodwill is 10% per annum on cost. |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stock are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Dividends |
Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Based on their assessments of perceived market demand for properties similar in nature and location to the development projects being undertaken by the group, management are confident that the recoverable value of the group's work in progress exceeds its carrying value. The carrying amount is £5,602,976 (2023: £5,315,938). |
The group recognises accrued income by reference to the total costs forecast to be incurred on contracts that were in progress at the end of the reporting period. Therefore the total costs expected to be taken to complete these projects is a key source of estimation uncertainty. The carrying amount is £8,245,352 (2023: £27,941,895). |
The carrying value of all the group's fixed assets is calculated by reference to the expected useful economic lives of those assets. The future economic lives of the fixed assets is, therefore, a key source of estimation uncertainty. By its very nature the future economic life of goodwill is particularly subject to estimation uncertainty. The carrying amount of goodwill is £355,850 (2023: £580,600).The carrying amount of negative goodwill is £-1,496,275 (2023: £-1,727,200). |
4. | TURNOVER |
Turnover has all been generated from within the UK and is attributable to the principle activity of the group. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,423,977 | 4,218,986 |
Social security costs | 441,309 | 575,831 |
Other pension costs | 317,928 | 79,404 |
4,183,214 | 4,874,221 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and support | 16 | 16 |
Other departments | 6 | 6 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 502,651 | 395,345 |
Directors' pension contributions to money purchase schemes | 254,576 | 10,789 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 208,651 | 96,804 |
Pension contributions to money purchase schemes | 39,776 | 10,789 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | - | 7,781 |
Depreciation - owned assets | 132,990 | 55,150 |
Profit on disposal of fixed assets | (2,120 | ) | (301 | ) |
Goodwill amortisation | 224,750 | 224,750 |
Negative goodwill amortisation | (230,925 | ) | (230,925 | ) |
Auditors' remuneration | 84,400 | 73,500 |
7. | MOVEMENT IN INVESTMENTS |
2024 | 2023 |
£ | £ |
Change in market value | (229,384 | ) | 11,341 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | - | 7,587 |
Corporation tax interest | 27 | 13,300 |
27 | 20,887 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 2,274,273 | 4,601,530 |
Tax on profit | 2,274,273 | 4,601,530 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 8,850,363 | 22,024,011 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.500 %) |
2,212,591 |
4,514,922 |
Effects of: |
Expenses not deductible for tax purposes | 61,682 | 86,608 |
Total tax charge | 2,274,273 | 4,601,530 |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim dividends | 357,000 | - |
12. | INTANGIBLE FIXED ASSETS |
Group |
Negative |
Goodwill | goodwill | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 2,247,505 | (2,309,255 | ) | (61,750 | ) |
AMORTISATION |
At 1 July 2023 | 1,666,905 | (582,055 | ) | 1,084,850 |
Amortisation for year | 224,750 | (230,925 | ) | (6,175 | ) |
At 30 June 2024 | 1,891,655 | (812,980 | ) | 1,078,675 |
NET BOOK VALUE |
At 30 June 2024 | 355,850 | (1,496,275 | ) | (1,140,425 | ) |
At 30 June 2023 | 580,600 | (1,727,200 | ) | (1,146,600 | ) |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 1,725,000 | 258,959 | 29,025 | 2,012,984 |
DEPRECIATION |
At 1 July 2023 | - | 228,629 | 21,945 | 250,574 |
Charge for year | 103,500 | 26,050 | 3,440 | 132,990 |
At 30 June 2024 | 103,500 | 254,679 | 25,385 | 383,564 |
NET BOOK VALUE |
At 30 June 2024 | 1,621,500 | 4,280 | 3,640 | 1,629,420 |
At 30 June 2023 | 1,725,000 | 30,330 | 7,080 | 1,762,410 |
14. | FIXED ASSET INVESTMENTS |
Group |
Shares in | Interest | Fixed |
group | in joint | term | Unlisted |
undertakings | venture | deposits | investments | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | - | 10,100 | 4,960,000 | 3,967,981 | 8,938,081 |
Additions | 1,097 | - | - | - | 1,097 |
Disposals | - | - | - | (13,628 | ) | (13,628 | ) |
Revaluations | - | - | - | 229,384 | 229,384 |
At 30 June 2024 | 1,097 | 10,100 | 4,960,000 | 4,183,737 | 9,154,934 |
NET BOOK VALUE |
At 30 June 2024 | 1,097 | 10,100 | 4,960,000 | 4,183,737 | 9,154,934 |
At 30 June 2023 |
- |
10,100 |
4,960,000 |
3,967,981 |
8,938,081 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Group |
Cost or valuation at 30 June 2024 is represented by: |
Shares in | Interest | Fixed |
group | in joint | term | Unlisted |
undertakings | venture | deposits | investments | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | - | 10,100 | - | (11,341 | ) | (1,241 | ) |
Valuation in 2024 | - | - | - | 229,384 | 229,384 |
Cost | 1,097 | - | 4,960,000 | 3,965,694 | 8,926,791 |
1,097 | 10,100 | 4,960,000 | 4,183,737 | 9,154,934 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Group |
Details of undertakings |
Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows: |
Proportion of voting | rights and shares held |
Name of undertaking | Holding | 2024 | 2023 |
Great Charles Street Properties Limited | Ordinary £1 shares | 100% | 100% |
Stoford Properties Limited | Ordinary £1 shares | 100% | 100% |
Stoford Gorcott Limited | Ordinary £1 shares | 100% | 100% |
Stoford (Worcester) Limited | Ordinary £1 shares | 100% | 100% |
Stoford (Winyates) Limited | Ordinary £1 shares | 100% | 100% |
Cotmore Park Thame Management Company Limited | Ordinary £1 shares | 100% | 100% |
Redditch Gateway Infrastructure Limited | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 8A Limited | Ordinary £1 shares | 100% | 100% |
Worcester Six Management Company Limited | Ordinary £1 shares | 100% | 100% |
Stoford Developments Limited | Ordinary £1 shares | 100% | 100% |
Stoford (Thame Strategic Land) Limited | Ordinary £1 shares | 100% | 100% |
Stoford Gadbrook Limited | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 9 Limited (Dissolved 16 May 2023) | Ordinary £1 shares | - | 100% |
Stoford Enfield Limited | Ordinary £1 shares | 100% | 100% |
Stoford Planning Limited | A Ordinary £1 shares | 95% | 95% |
Stoford Worcester Plot 10B Limited | Ordinary £1 shares | 100% | 100% |
Stoford Oldbury Limited | Ordinary £1 shares | 100% | 100% |
Stoford Exeter Gateway DC3 Limited (Dissolved 12 March 2024) | Ordinary £1 shares | 100% | 100% |
Stoford Digbeth Limited | Ordinary £1 shares | 100% | 100% |
Stoford Exeter Gateway DC4 Limited (Dissolved 2 January 2024) | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 6A, Limited | Ordinary £1 shares | 100% | 100% |
Stoford Stafford Unit A Limited | Ordinary £1 shares | 100% | 100% |
Stafford North Business Park Limited | Ordinary £1 shares | 100% | 100% |
Stoford Telford Limited (Dissolved 23 April 2024) | Ordinary £1 shares | 100% | 100% |
Stoford (Halesowen) Limited | Ordinary £1 shares | 100% | 100% |
Stoford Andover Limited | Ordinary £1 shares | 100% | 100% |
Stoford (Newmarket) Limited | Ordinary £1 shares | 100% | 100% |
Stoford Hooton Limited | Ordinary £1 shares | 100% | 100% |
Stoford Exeter Gateway DC 9 Limited | Ordinary £1 shares | 100% | 100% |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
14. | FIXED ASSET INVESTMENTS - continued |
Redditch Gateway Management Limited (Dissolved 15 August 2023) | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 7 Limited | Ordinary £1 shares | 100% | 100% |
Stoford (Middlewich) Limited | Ordinary £1 shares | 100% | 100% |
Stoford Wolverhampton 1 Limited | Ordinary £1 shares | 100% | 100% |
Stoford Ellesmere Port Limited | Ordinary £1 shares | 100% | 100% |
Stoford (I54) Land Limited | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 10C Limited | Ordinary £1 shares | 100% | 100% |
Stoford Worcester Plot 12 Limited | Ordinary £1 shares | 100% | 100% |
Exeter Gateway Management Company Limited | Ordinary £1 shares | 100% | 100% |
Stoford Rugby Limited | Ordinary £1 shares | 100% | 100% |
Stoford Fradley Limited | Ordinary £1 shares | 100% | 100% |
Joint ventures |
Gallan Stoford Liverpool Limited | Ordinary £1 shares | 50% | 50% |
Stoford Gallan Crick Limited | Ordinary £1 shares | 50% | 50% |
Stoford Alderley (Chippenham) Limited | A Ordinary £1 shares | 50% | 50% |
The registered office address of all subsidiary and joint venture undertakings is: |
26-28 Ludgate Hill, Birmingham, B3 1DX |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Work-in-progress | 5,602,976 | 5,315,938 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 4,257,746 | 7,651,325 |
Amounts owed by group undertakings | - | 31,496 |
Amounts owed by participating interests | 170,019 | - |
Other debtors | - | 564,775 |
Tax | 42,470 | 88,404 |
Accrued income | 8,245,352 | 27,941,895 |
Prepayments | 445,035 | 451,736 |
13,160,622 | 36,729,631 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 5,453,016 | 16,097,063 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | - | 1,956,670 | - | - |
Tax | 96,570 | 57,100 |
Social security and other taxes | 73,345 | 37,899 |
VAT | 1,418,622 | 2,934,398 | - | - |
Other creditors | 7,555 | - |
Directors' current accounts | 70,493 | 70,493 | - | - |
Accrued expenses | 8,805,961 | 3,271,676 |
15,925,562 | 24,425,299 |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 91,918 | 89,981 |
Between one and five years | 132,155 | 203,411 |
224,073 | 293,392 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £102,640 (2023: £91,918). |
19. | CALLED UP SHARE CAPITAL |
Alloted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
160 | Ordinary B | £1 | 160 | 160 |
160 | Ordinary C | £1 | 160 | 160 |
40 | Ordinary E | £1 | 40 | 40 |
40 | Ordinary F | £1 | 160 | 160 |
520 | 520 |
LUDGATE HILL PROPERTIES LIMITED (REGISTERED NUMBER: 13024472) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 22,992,250 | 25,499,320 | 160 | 48,491,730 |
Profit for the year | 6,564,774 | 6,564,774 |
Dividends | (357,000 | ) | (357,000 | ) |
At 30 June 2024 | 29,200,024 | 25,499,320 | 160 | 54,699,504 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | ( |
) | 25,499,150 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | ( |
) | 25,498,700 |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Entities over which the entity has control, joint control or significant influence |
2024 | 2023 |
£ | £ |
Amount due from related party | 170,019 | 31,496 |
Amount due to related party | - | 1,956,670 |