Laggan Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI030085

Laggan Properties Limited

Filleted Abridged Financial Statements

30 September 2024

Laggan Properties Limited

Abridged Statement of Financial Position

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	10,212,291	15,199
Investment properties	5	–	10,152,417
		-------------	-------------
		10,212,291	10,167,616

Current assets

Stocks	24,058	30,508
Debtors	62,862	71,008
Cash at bank and in hand	90,060	564,662
	---------	---------
	176,980	666,178

Creditors: amounts falling due within one year	( 4,059,419)	( 4,291,643)
	------------	------------
Net current liabilities	( 3,882,439)	( 3,625,465)
	-------------	-------------
Total assets less current liabilities	6,329,852	6,542,151

Provisions

Deferred tax	( 1,252,193)	( 1,305,156)
	------------	------------
Net assets	5,077,659	5,236,995
	------------	------------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	4,106,025	–
Profit and loss account	971,632	5,236,993
	------------	------------
Shareholders' funds	5,077,659	5,236,995
	------------	------------

These abridged 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 comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.

All of the members have consented to the preparation of abridged financial statements for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

Laggan Properties Limited

Abridged Statement of Financial Position (continued)

30 September 2024

These abridged financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:

T J Jennings CBE
Director

Company registration number: NI030085

Laggan Properties Limited

Accounting Policies

Year ended 30 September 2024

Basis of preparation

The abridged financial statements have been prepared on the going concern basis under the historical cost convention. The abridged financial statements are prepared in sterling, which is the functional currency of the company.

Cash flow

The company is a wholly owned subsidiary company of a group headed by Ducales Capital Limited, and is included in the consolidated financial statements of that company, which are publicly available. Consequently, the company has taken advantage of the exemption within FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' from preparing a cash flow statement.

Revenue recognition

Turnover represents the value of services provided during the year, exclusive of value added tax. Turnover is recognised at the point at which the services are provided.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Deferred tax assets are regarded as recoverable to the extent that, on the basis of all available evidence, it can be be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities recognised have not been discounted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Where investment properties have been reclassified as tangible fixed assets, cumulative fair value gains have been transferred from retained profits to revaluation reserve.

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:

Freehold property	-	2% straight line
Plant & machinery	-	20% straight line
Motor vehicles	-	14% and 25% straight line
Equipment	-	25 % straight line

Freehold land is not depreciated.

Investment properties

Investment properties are initially recorded at cost, and subsequently stated at their fair value with changes in fair value being recognised in profit or loss. Deferred taxation is provided on gains or losses arising at the rate expected to apply on disposal of the properties.

Impairment of fixed assets

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Laggan Properties Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Talbot Street, Saint Anne's Square, Belfast, BT1 2NF.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3. Employee information

The average number of persons employed by the company during the year in addition to the directors was 5 (2023: 4).

4. Tangible assets

	£
Cost
At 1 October 2023	235,263
Additions	13,995
Disposals	( 12,245)
Transfer from investment properties	10,196,879
	-------------
At 30 September 2024	10,433,892
	-------------
Depreciation
At 1 October 2023	220,064
Charge for the year	13,782
Disposals	( 12,245)
	-------------
At 30 September 2024	221,601
	-------------
Carrying amount
At 30 September 2024	10,212,291
	-------------
At 30 September 2023	15,199
	-------------

5. Investment properties

	£
Cost
At 1 October 2023	10,152,417
Additions	44,462
Transfer to tangible fixed assets	( 10,196,879)
	-------------
At 30 September 2024	–
	-------------
Impairment
At 1 October 2023 and 30 September 2024	–
	-------------
Carrying amount
At 30 September 2023	10,152,417
	-------------

6. Summary audit opinion

The auditor's report dated 13 December 2024 was unqualified .

The senior statutory auditor was Michael Flannigan , for and on behalf of FEB Chartered Accountants .

7. Related party transactions

Advantage has been taken of the exemption not to disclose any transactions with entities that are part of the group, provided that any subsidiary involved is wholly owned.

8. Controlling party

The company's immediate and ultimate holding company is Ducales Capital Limited, a company incorporated in Northern Ireland. Group financial statements for this company are available to the public from Companies House, Second Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG. The ultimate controlling parties are the shareholders of Ducales Capital Limited.