Lamont Property Lets Limited SC492758 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true SC492758 2024-01-01 2024-12-31 SC492758 2024-12-31 SC492758 bus:OrdinaryShareClass1 2024-12-31 SC492758 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC492758 core:CurrentFinancialInstruments 2024-12-31 SC492758 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC492758 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC492758 core:CostValuation 2024-12-31 SC492758 core:DisposalsRepaymentsInvestments 2024-12-31 SC492758 core:LandBuildings 2024-12-31 SC492758 core:OtherPropertyPlantEquipment 2024-12-31 SC492758 core:OtherRelatedParties 2024-12-31 SC492758 bus:SmallEntities 2024-01-01 2024-12-31 SC492758 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC492758 bus:FullAccounts 2024-01-01 2024-12-31 SC492758 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC492758 bus:RegisteredOffice 2024-01-01 2024-12-31 SC492758 bus:Director1 2024-01-01 2024-12-31 SC492758 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC492758 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC492758 bus:Agent1 2024-01-01 2024-12-31 SC492758 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC492758 core:LandBuildings 2024-01-01 2024-12-31 SC492758 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC492758 core:PlantMachinery 2024-01-01 2024-12-31 SC492758 core:OtherRelatedParties 2024-01-01 2024-12-31 SC492758 countries:AllCountries 2024-01-01 2024-12-31 SC492758 2023-12-31 SC492758 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC492758 core:CostValuation 2023-12-31 SC492758 core:LandBuildings 2023-12-31 SC492758 core:OtherPropertyPlantEquipment 2023-12-31 SC492758 core:OtherRelatedParties 2023-12-31 SC492758 2023-01-01 2023-12-31 SC492758 2023-12-31 SC492758 bus:OrdinaryShareClass1 2023-12-31 SC492758 core:CurrentFinancialInstruments 2023-12-31 SC492758 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC492758 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC492758 core:LandBuildings 2023-12-31 SC492758 core:OtherPropertyPlantEquipment 2023-12-31 SC492758 core:OtherRelatedParties 2023-12-31 SC492758 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC492758 core:ShareCapital 2023-01-01 2023-12-31 SC492758 core:OtherRelatedParties 2023-01-01 2023-12-31 SC492758 2022-12-31 SC492758 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC492758 core:ShareCapital 2022-12-31 SC492758 core:OtherRelatedParties 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC492758

Lamont Property Lets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Lamont Property Lets Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

Lamont Property Lets Limited

Company Information

Director

Mr Douglas Ian Lamont

Registered office

Duncraig House
Salen
Acharacle
Argyll
Argyll
PH36 4JN

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

Lamont Property Lets Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr Douglas Ian Lamont

Principal activity

The principal activity of the company is property letting

Small companies provision statement

This report has 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.

Approved and authorised by the director on 14 February 2025
 

.........................................
Mr Douglas Ian Lamont
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lamont Property Lets Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lamont Property Lets Limited for the year ended 31 December 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lamont Property Lets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lamont Property Lets Limited and state those matters that we have agreed to state to the Board of Directors of Lamont Property Lets Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lamont Property Lets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lamont Property Lets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lamont Property Lets Limited. You consider that Lamont Property Lets Limited 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 accounts of Lamont Property Lets Limited. 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 accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

14 February 2025

 

Lamont Property Lets Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

 

68,637

60,160

Gross profit

 

68,637

60,160

Administrative expenses

 

(1,095,151)

(36,490)

Operating (loss)/profit

 

(1,026,514)

23,670

Income from participating interests

 

50,000

175,000

(Loss)/profit before tax

3

(976,514)

198,670

Tax on (loss)/profit

 

(10,014)

(3,375)

(Loss)/profit for the financial year

 

(986,528)

195,295

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lamont Property Lets Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

(Loss)/profit for the year

(986,528)

195,295

Total comprehensive income for the year

(986,528)

195,295

 

Lamont Property Lets Limited

(Registration number: SC492758)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,533,225

1,441,475

Investments

5

-

1,070,872

 

1,533,225

2,512,347

Current assets

 

Debtors

6

2,940

2,102

Cash at bank and in hand

 

244,438

335,663

 

247,378

337,765

Creditors: Amounts falling due within one year

7

(9,985)

(3,340)

Net current assets

 

237,393

334,425

Total assets less current liabilities

 

1,770,618

2,846,772

Creditors: Amounts falling due after more than one year

7

(654,751)

(744,376)

Net assets

 

1,115,867

2,102,396

Capital and reserves

 

Called up share capital

8

-

1

Retained earnings

1,115,867

2,102,395

Shareholders' funds

 

1,115,867

2,102,396

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 14 February 2025
 

 

Lamont Property Lets Limited

(Registration number: SC492758)
Balance Sheet as at 31 December 2024

.........................................
Mr Douglas Ian Lamont
Director

 

Lamont Property Lets Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Retained earnings
£

Total
£

At 1 January 2024

2,103,395

2,103,395

Loss for the year

(986,528)

(986,528)

Dividends

(1,000)

(1,000)

At 31 December 2024

1,115,867

1,115,867

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

1,908,100

1,908,101

Profit for the year

-

195,295

195,295

Dividends

-

(1,000)

(1,000)

At 31 December 2023

1

2,102,395

2,102,396

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

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.

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 current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant & machinery

20% reducing balance

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Land & buildings

in accordance with the property

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 if the adjustment is probable and can be measured reliably.

Investments

Investments are stated at cost less any permanent diminution in value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

182

228

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

1,440,562

5,192

1,445,754

Additions

91,932

-

91,932

At 31 December 2024

1,532,494

5,192

1,537,686

Depreciation

At 1 January 2024

-

4,279

4,279

Charge for the year

-

182

182

At 31 December 2024

-

4,461

4,461

Carrying amount

At 31 December 2024

1,532,494

731

1,533,225

At 31 December 2023

1,440,562

913

1,441,475

Included within the net book value of land and buildings above is £1,532,494 (2023 - £1,440,562) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in associates

-

1,070,872

Associates

£

Cost

At 1 January 2024

1,070,872

Disposals

(1,070,872)

At 31 December 2024

-

Provision

Carrying amount

At 31 December 2024

-

At 31 December 2023

1,070,872

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

2,940

2,102

 

2,940

2,102

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

9,985

3,340

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

654,751

744,376

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Dividends

2024

2023

£

£

Interim dividend of £1,000.00 (2023 - £1,000.00) per ordinary share

1,000

1,000

 

 

10

Related party transactions

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

744,376

744,376

Repaid

(89,625)

(89,625)

At end of period

654,751

654,751

 

Lamont Property Lets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2023

Other related parties
£

Total
£

At start of period

1,113,376

1,113,376

Advanced

1,000

1,000

Repaid

(370,000)

(370,000)

At end of period

744,376

744,376

Terms of loans from related parties

Director's loan account