Sean Lawson Land Limited 04342519 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true 04342519 2023-10-01 2024-09-30 04342519 2024-09-30 04342519 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-09-30 04342519 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2024-09-30 04342519 core:RetainedEarningsAccumulatedLosses 2024-09-30 04342519 core:RevaluationReserve 2024-09-30 04342519 core:ShareCapital 2024-09-30 04342519 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 04342519 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 04342519 core:CurrentFinancialInstruments 2024-09-30 04342519 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 04342519 core:Non-currentFinancialInstruments 2024-09-30 04342519 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 04342519 core:Goodwill 2024-09-30 04342519 core:MoreThanFiveYears 2 2024-09-30 04342519 core:FurnitureFittingsToolsEquipment 2024-09-30 04342519 core:LandBuildings 2024-09-30 04342519 core:MotorVehicles 2024-09-30 04342519 core:OtherRelatedParties 2024-09-30 04342519 bus:SmallEntities 2023-10-01 2024-09-30 04342519 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04342519 bus:FilletedAccounts 2023-10-01 2024-09-30 04342519 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04342519 bus:RegisteredOffice 2023-10-01 2024-09-30 04342519 bus:Director1 2023-10-01 2024-09-30 04342519 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-10-01 2024-09-30 04342519 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-10-01 2024-09-30 04342519 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04342519 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2023-10-01 2024-09-30 04342519 core:RevaluationReserve core:LandBuildings 2023-10-01 2024-09-30 04342519 core:Goodwill 2023-10-01 2024-09-30 04342519 core:FurnitureFittings 2023-10-01 2024-09-30 04342519 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 04342519 core:LandBuildings 2023-10-01 2024-09-30 04342519 core:MotorVehicles 2023-10-01 2024-09-30 04342519 core:OtherRelatedParties 2023-10-01 2024-09-30 04342519 countries:UnitedKingdom 2023-10-01 2024-09-30 04342519 2023-09-30 04342519 core:Goodwill 2023-09-30 04342519 core:FurnitureFittingsToolsEquipment 2023-09-30 04342519 core:LandBuildings 2023-09-30 04342519 core:MotorVehicles 2023-09-30 04342519 core:OtherRelatedParties 2023-09-30 04342519 2022-10-01 2023-09-30 04342519 2023-09-30 04342519 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-30 04342519 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-09-30 04342519 core:RetainedEarningsAccumulatedLosses 2023-09-30 04342519 core:RevaluationReserve 2023-09-30 04342519 core:ShareCapital 2023-09-30 04342519 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 04342519 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 04342519 core:CurrentFinancialInstruments 2023-09-30 04342519 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 04342519 core:Non-currentFinancialInstruments 2023-09-30 04342519 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 04342519 core:Goodwill 2023-09-30 04342519 core:MoreThanFiveYears 2 2023-09-30 04342519 core:FurnitureFittingsToolsEquipment 2023-09-30 04342519 core:LandBuildings 2023-09-30 04342519 core:MotorVehicles 2023-09-30 04342519 core:OtherRelatedParties 2023-09-30 04342519 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2022-10-01 2023-09-30 04342519 core:RevaluationReserve core:LandBuildings 2022-10-01 2023-09-30 04342519 core:OtherRelatedParties 2022-10-01 2023-09-30 04342519 2022-09-30 04342519 core:OtherRelatedParties 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04342519

Sean Lawson Land Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Sean Lawson Land Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Sean Lawson Land Limited

(Registration number: 04342519)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,667

7,667

Tangible assets

5

470,373

868,925

Investment property

6

6,400,000

6,325,000

 

6,876,040

7,201,592

Current assets

 

Stocks

7

111,700

362,127

Debtors

8

612,815

698,758

Cash at bank and in hand

 

279,306

335,013

 

1,003,821

1,395,898

Creditors: Amounts falling due within one year

9

(647,546)

(1,306,231)

Net current assets

 

356,275

89,667

Total assets less current liabilities

 

7,232,315

7,291,259

Creditors: Amounts falling due after more than one year

9

(2,788,017)

(2,825,590)

Provisions for liabilities

(357,648)

(366,153)

Net assets

 

4,086,650

4,099,516

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

1,577,059

1,569,506

Retained earnings

2,509,491

2,529,910

Shareholders' funds

 

4,086,650

4,099,516

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

 

Sean Lawson Land Limited

(Registration number: 04342519)
Balance Sheet as at 30 September 2024

.........................................
S Lawson
Director

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Springview
Watery Lane
Little Cawthorpe
Louth
LN11 8LZ

The principal place of business is:
Springview
Watery Lane
Little Cawthorpe
Louth
LN11 8LZ

These financial statements were authorised for issue by the Board on 16 June 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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 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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Considered in the overall valuation of freehold property.

Motor vehicles

15% reducing balance

Freehold land and buildings

Not depreciated

Investment property and freehold land and buildings

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of the frehold land and buildings and they are revalued when necessary. The surplus or deficit on revaluation is transferred to the fair value reserve unless a deficit below original cost, or it's reversal on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. The valuation of fixtures and fittings included within the freehold property is included within the overall valuation of the property.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Luck of Louth Goodwill

Straight line over 10 years

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2023 - 8).

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

20,000

20,000

At 30 September 2024

20,000

20,000

Amortisation

At 1 October 2023

12,333

12,333

Amortisation charge

2,000

2,000

At 30 September 2024

14,333

14,333

Carrying amount

At 30 September 2024

5,667

5,667

At 30 September 2023

7,667

7,667

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

648,100

137,410

166,050

951,560

Revaluations

(62,988)

-

-

(62,988)

Additions

-

21,289

-

21,289

Disposals

(270,000)

-

(107,050)

(377,050)

At 30 September 2024

315,112

158,699

59,000

532,811

Depreciation

At 1 October 2023

-

42,709

39,926

82,635

Charge for the year

-

-

13,091

13,091

Eliminated on disposal

-

-

(33,288)

(33,288)

At 30 September 2024

-

42,709

19,729

62,438

Carrying amount

At 30 September 2024

315,112

115,990

39,271

470,373

At 30 September 2023

648,100

94,701

126,124

868,925

Included within the net book value of land and buildings above is £315,112 (2023 - £648,100) in respect of freehold land and buildings.
 

Revaluation

The fair value of the Company's Land and buildings was revalued on 30 September 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £315,112 (2023 - £585,112).

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Investment properties

2024
£

At 1 October

6,325,000

Fair value adjustments

75,000

At 30 September

6,400,000

The fair value has been determined by the directors by reference to recent market prices of similar properties in the area.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Work in progress

-

297,127

Other inventories

111,700

65,000

111,700

362,127

8

Debtors

2024
£

2023
£

Trade debtors

64,142

67,621

Prepayments

16,500

-

Other debtors

532,173

631,137

 

612,815

698,758

Less non-current portion

(28,646)

-

584,169

698,758

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

12

40,960

139,510

Trade creditors

 

32,382

5,014

Taxation and social security

 

11,616

13,677

Accruals and deferred income

 

98,412

96,178

Other creditors

 

464,176

1,051,852

 

647,546

1,306,231

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £40,960 (2023 - £139,510). Bank borrowings are secured against the investment property. Hire purchase borrowings are secured on the asset to which they relate.

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

2,788,017

2,825,590

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

1,847,475

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,788,017 (2023 - £2,825,590). Bank borrowings are secured against the investment property. Hire purchase borrowings are secured on the asset to which they relate.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

81

81

81

81

Ordinary B of £1 each

19

19

19

19

100

100

100

100

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

7,553

(7,553)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(71,697)

71,697

 

Sean Lawson Land Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,751,225

2,736,750

Hire purchase contracts

36,792

88,840

2,788,017

2,825,590

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

68,000

Bank overdrafts

33,645

52,295

Hire purchase contracts

7,315

19,215

40,960

139,510

13

Related party transactions

Summary of transactions with other related parties

D & W Property Investment Limited. Sean Lawson was a director and controlling shareholder of D & W Property Investment Limited throughout the year.
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

631,137

631,137

Advanced

232,566

232,566

Repaid

(386,528)

(386,528)

At end of period

477,175

477,175

2023

Other related parties
£

Total
£

At start of period

551,126

551,126

Advanced

357,491

357,491

Repaid

(277,480)

(277,480)

At end of period

631,137

631,137

Terms of loans to related parties

The loan is repayable on demand. The loan to D & W Property Investment Limited is interest free.