Company registration number 00420843 (England and Wales)
LUND BROS (HOLDINGS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LUND BROS (HOLDINGS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LUND BROS (HOLDINGS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,365,199
1,581,901
Current assets
Trade and other receivables
4
167
50,000
Cash and cash equivalents
704
5,899
871
55,899
Current liabilities
5
(413,612)
(677,597)
Net current liabilities
(412,741)
(621,698)
Total assets less current liabilities
952,458
960,203
Provisions for liabilities
(84,200)
(134,500)
Net assets
868,258
825,703
Equity
Called up share capital
6
84,627
84,627
Revaluation reserve
573,719
573,719
Retained earnings
209,912
167,357
Total equity
868,258
825,703
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr S Stephens
Director
Company registration number 00420843 (England and Wales)
LUND BROS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Lund Bros (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brookside Avenue, Rustington, West Sussex, BN16 3LF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Revenue
Revenue represents the hire of assets provided to fellow group entities, excluding value added tax, recognised on a time apportioned basis in the period to which they relate.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
50 years straight line buildings element only
Plant and machinery
10% diminishing balance per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .
Properties are maintained to such a standard that any depreciation charge on the freehold buildings would not be material to the financial statements.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
LUND BROS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including other payables, and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2023 - 2).
3
Property, plant and equipment
Land and buildings freehold
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 October 2023
1,365,199
534,512
1,899,711
Disposals
(534,512)
(534,512)
At 30 September 2024
1,365,199
1,365,199
Depreciation and impairment
At 1 October 2023
317,810
317,810
Eliminated in respect of disposals
(317,810)
(317,810)
At 30 September 2024
Carrying amount
At 30 September 2024
1,365,199
1,365,199
At 30 September 2023
1,365,199
216,702
1,581,901
LUND BROS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Property, plant and equipment
(Continued)
- 4 -
There is a charge held over the freehold land and buildings dated 17 May 2013.
Freehold land and buildings were valued using the deemed cost model on the date of transition to the Triennial Review 2017 of FRS 102, being 1 October 2017. The basis of this deemed cost was two valuations conforming to International Valuation Standards under the International Valuation Standards Council, made in 2013 and 2015 by independent valuers using market based evidence for similar properties sold in the local area.
Historical cost analysis of the land and buildings valued using the deemed cost mode:
2024
2023
£
£
Cost
700,780
700,780
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
50,000
Other receivables
167
167
50,000
5
Current liabilities
2024
2023
£
£
Amounts due to group undertakings
407,972
670,674
Other taxation and social security
2,093
Other payables
5,640
4,830
413,612
677,597
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
84,627
84,627
84,627
84,627
LUND BROS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Statutory Auditor:
Sumer Audit
Date of audit report:
17 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
8
Financial commitments, guarantees and contingent liabilities
Banking facilities are secured by a cross guarantee dated 2 May 2013 between the company, Chatsworth Forge Group Limited, Lund Bros & Co Limited and Wastadel Limited. Chatsworth Forge & Engineering Limited also became party to the cross guarantee on 17 November 2022. The extent of the potential liability at the year end amounted to £610,471 (2023 - £672,173).
9
Parent company
The ultimate parent company is Chatsworth Forge Group Limited. Their registered office is Lunds, Brookside Avenue, Rustington, West Sussex, BN16 3LF.
Chatsworth Forge Group Limited prepares group financial statements and copies can be obtained from Companies House.