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Registered number: 00725074










LULLINGSTONE ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 MARCH 2024

 
LULLINGSTONE ESTATES LIMITED
REGISTERED NUMBER: 00725074

BALANCE SHEET
AS AT 30 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
192,409
205,822

  
192,409
205,822

Current assets
  

Stocks
  
2,872
3,103

Debtors: amounts falling due within one year
 6 
4,733
6,439

Cash at bank and in hand
  
3,086
154

  
10,691
9,696

Creditors: amounts falling due within one year
 7 
(99,919)
(104,950)

Net current liabilities
  
 
 
(89,228)
 
 
(95,254)

Total assets less current liabilities
  
103,181
110,568

Creditors: amounts falling due after more than one year
 8 
-
(12,439)

  

Net assets
  
103,181
98,129


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
102,181
97,129

  
103,181
98,129


Page 1

 
LULLINGSTONE ESTATES LIMITED
REGISTERED NUMBER: 00725074
    
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr T Hart Dyke
Director

Date: 25 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1.


General information

Lullingstone Estates Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Lullingstone Castle, Eynsford, Dartford, Kent, DA4 0JA.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements show a net current liabilities position at the year end, however the majority of this balance is made up of balances due to the directors.  
The directors have confirmed they do not expect repayment until such time as the Company is in a position to make the repayment and in the mean time will continue to support the Company.  Therefore, there are no material uncertainties that cast significant doubt upon the Company's ability to continue as a going concern.

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
10
years (land not depreciated)
Furniture and equipment
-
10
years
Computer equipment
-
10
years
Improvements to gardens
-
10
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Improvements to gardens
Total

£
£
£
£
£



Cost or valuation


At 31 March 2023
22,325
44,162
-
290,167
356,654


Additions
-
-
250
2,220
2,470



At 30 March 2024

22,325
44,162
250
292,387
359,124



Depreciation


At 31 March 2023
10,450
40,067
-
100,315
150,832


Charge for the year on owned assets
-
696
25
15,162
15,883



At 30 March 2024

10,450
40,763
25
115,477
166,715



Net book value



At 30 March 2024
11,875
3,399
225
176,910
192,409



At 30 March 2023
11,875
4,095
-
189,852
205,822

Page 7

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

6.


Debtors

2024
2023
£
£


Other debtors
4,288
5,784

Prepayments and accrued income
445
655

4,733
6,439



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
12,461
14,472

Trade creditors
9,386
7,036

Other taxation and social security
872
870

Other creditors
77,200
82,572

99,919
104,950


The following liabilities were secured:

2024
2023
£
£



Bank loans
12,461
14,472

12,461
14,472

Details of security provided:

Freehold land and property have been secured against the bank loans provided by Barclays Bank PLC.

Page 8

 
LULLINGSTONE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
12,439

-
12,439


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
12,439

-
12,439

Details of security provided:

Freehold land and property have been secured against the bank loans provided by Barclays Bank PLC.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £193 (2023: £110). Contributions totalling £NIL (2023: £NIL) were payable to the fund at the balance sheet date. 

 
Page 9