| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| FOR |
| LIDDELL ESTATES LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| FOR |
| LIDDELL ESTATES LIMITED |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LIDDELL ESTATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| Statutory Auditor |
| 25 St Thomas Street |
| Winchester |
| Hampshire |
| SO23 9HJ |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| BALANCE SHEET |
| 31ST OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Liddell Estates Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 £. |
| The financial statements have been prepared under the historic cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below. |
| This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage from the following disclosure requirements: |
| - Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
| - Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures' |
| - Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
| The financial statements of the company are consolidated in the financial statements of Liddell Holdings (Wessex) Limited. These consolidated financial statements are available from its registered office, The Estate Office, Yokesford Hill Estate, Belbins, Romsey, Hampshire, SO51 0PF. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimate and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
| - Valuation of freehold property |
| - Depreciation policy |
| Valuation of freehold property |
| Land and buildings are revalued by the directors based on their estimate of the market value at the balance sheet date. |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for property rentals, and is shown net of VAT. Turnover is recognised on the property rental period. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are initially measured at cost and subsequently measures at cost or valuation net of depreciation and any impairment losses. |
| 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 changed to profit or loss. |
| Freehold properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being the fair value at the date of valuation less any subsequent depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value. In assessing the annual depreciation charge on those assets the directors have taken into consideration the estimated useful economic life of the assets and their estimated residual values. |
| Having also taken into account the level of maintenance at which the properties are maintained, based on all of these factors, the directors consider that a depreciation charge is not required. |
| Land and buildings are principally let to a group company for use in the group's trade. Part of the land is let to third parties. As land and buildings are held primarily for use in a trade they are treated as property plant and equipment within tangible fixed assets and are not accounted for as investment property. |
| Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company are deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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, and funding has been secured with the company's bankers as required. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
| Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate which reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the carrying amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impair losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increase carrying amount does not excess the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st November 2023 |
| Additions |
| At 31st October 2024 |
| DEPRECIATION |
| At 1st November 2023 |
| Charge for year |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| Cost or valuation at 31st October 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2008 | 993,316 | - | 993,316 |
| Valuation in 2018 | 593,346 | - | 593,346 |
| Valuation in 2020 | 1,400,000 | - | 1,400,000 |
| Valuation in 2022 | 2,500,000 | - | 2,500,000 |
| Cost | 3,413,338 | 106,604 | 3,519,942 |
| 8,900,000 | 106,604 | 9,006,604 |
| Land and buildings with a carrying amount of £8,900,000 were valued professionally on 25th August 2022. |
| Land and buildings are carried at valuation. if land and buildings were measured using the cost model, the carrying amounts would have been £3,413,338 (2023 - £3,413,338), being cost £3,413,338 (2023 - £3,413,338) and depreciation £nil (2023 - £nil). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Bank loans are secured by legal charge against the freehold property of the company. |
| Creditors falling due after 5 years are £nil (2022 - £nil) |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st November 2023 |
| and 31st October 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
| There is a cross party guarantee between the company and its fellow subsidiary, Aceliftaway Limited, relating to the bank borrowings within Aceliftaway Limited. Aceliftaway Limited had bank borrowings of £911,253 as at 31 October 2024 (2023: £984,624). |
| LIDDELL ESTATES LIMITED (REGISTERED NUMBER: 04297479) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31st October 2024 and 31st October 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 13. | RELATED PARTY DISCLOSURES |
| At the year end, the company was owed £2,014,771 (2023 - £2,014,331) from Liddell Farms Limited. Mr PJ & Mrs MJ Liddell are directors and shareholders of Liddell Farms Limited. |
| Liddell Estates Limited rents land to a fellow subsidiary, Ace Liftaway Limited. During the current year Liddell Estates Limited has given Ace Liftaway Limited a £300,000 rent reduction. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The parent and ultimate parent company is Liddell Holdings (Wessex) Limited, a company registered in England and Wales. |
| The ultimate controlling parties are Mr PJ and Mrs MJ Liddell by virtue of their 100% shareholding in the parent company. |
| The smallest and largest group that the company is consolidated in is that of the parent company, Liddell Holdings (Wessex) Limited. Financial statements can be obtained from The Estate Office, Yokesford Hill Estate, Belbins, Romsey, Hampshire, SO51 0PF. |