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Company registration number: 11082574
Luna Developments NW Ltd
Unaudited filleted financial statements
30 November 2023
Luna Developments NW Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Luna Developments NW Ltd
Directors and other information
Directors Mr M J Renwick
Miss S E Bridge
Company number 11082574
Registered office Office 1, Marathon House
The Sidings Business Park
Clitheroe
Lancashire
BB7 9SE
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancashire
PR1 1LD
Luna Developments NW Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Luna Developments NW Ltd
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Luna Developments NW Ltd for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Luna Developments NW Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Luna Developments NW Ltd and state those matters that we have agreed to state to the board of directors of Luna Developments NW Ltd as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Luna Developments NW Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Luna Developments NW Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Luna Developments NW Ltd. You consider that Luna Developments NW Ltd 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 financial statements of Luna Developments NW Ltd. 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 financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancashire
PR1 1LD
Luna Developments NW Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,046 25,228
_______ _______
2,046 25,228
Current assets
Stocks - 29,950
Debtors 6 2,283,543 2,695,869
_______ _______
2,283,543 2,725,819
Creditors: amounts falling due
within one year 7 ( 2,242,746) ( 2,703,900)
_______ _______
Net current assets 40,797 21,919
_______ _______
Total assets less current liabilities 42,843 47,147
Creditors: amounts falling due
after more than one year 8 ( 37,121) ( 45,252)
Provisions for liabilities ( 512) ( 341)
_______ _______
Net assets 5,210 1,554
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,110 1,454
_______ _______
Shareholders funds 5,210 1,554
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Mr M J Renwick
Director
Company registration number: 11082574
Luna Developments NW Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office 1, Marathon House, The Sidings Business Park, Clitheroe, Lancashire, BB7 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recognised in respect of goods supplies and services rendered net of Value Added Tax and any applicable discounts. Where the work relates to construction contracts and in partially completed the turnover is recognised with reference to the stage of completion with the relevant proportion of income being recognised at the reporting date. Any income due on such contracts and not yet invoices is recorded as accrued income and is recognised within other debtors.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks represent land held by the company for development purposes. This is held at the cost being the lower of cost and net realisable value.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2022 40,022 1,437 41,459
Disposals ( 36,000) - ( 36,000)
_______ _______ _______
At 30 November 2023 4,022 1,437 5,459
_______ _______ _______
Depreciation
At 1 December 2022 15,193 1,038 16,231
Charge for the year 4,594 399 4,993
Disposals ( 17,811) - ( 17,811)
_______ _______ _______
At 30 November 2023 1,976 1,437 3,413
_______ _______ _______
Carrying amount
At 30 November 2023 2,046 - 2,046
_______ _______ _______
At 30 November 2022 24,829 399 25,228
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 2,283,543 2,695,869
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,142 3,224
Trade creditors 58,261 642,175
Social security and other taxes 44,729 82,846
Other creditors 2,131,614 1,975,655
_______ _______
2,242,746 2,703,900
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 37,121 45,252
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr M J Renwick 6,420 19,825 ( 30,500) ( 4,255)
_______ _______ _______ _______
These loans were interest free and repayable on demand.
10. Related party transactions
At commencement of the period the company had accrued income due from companies under common control of £2,095,998. During the period the company accrued further income of £40,000 making the total accrued income at the reporting date £2,135,998. Separately, at commencement of the period the company had debit intercompany balances with companies under common control of £118,807 and credit balances with other such companies of £1,991,562. There were various transactions between the companies in the year and at the reporting date the company at debit balances totalling £132,145 and credit balances totalling £2,123,209. All balances were interest free and repayable on demand.