| Lone Star Land Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Change in accounting policy, early adoption of FRS102 (March 2024) |
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In the current year, the company has early adopted the amendments introduced by the March 2024 edition of FRS 102. The key changes impacting the company relate to revenue recognition and operating leases. The revenue recognition changes have been applied retrospectively, and comparative information for the year ended 31 March 2024 has been restated accordingly. The operating lease accounting changes have been applied in the curent year and these leases are now recognised on the balance sheet as right of use assets with a corresponding lease liability. The effect of these changes to comparative figures have been shown in note 13. |
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Going concern |
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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 forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
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Turnover is measured at the fair value of the Revenue received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue which is derived from the the sale of land is recognised for the sale of any particular site on the earlier of unconditional exchange or completion. The level of turnover will be the total value of the commission value of the sale and lost recovery. This has the potential to lead to large fluctuations in turnover from one accounting period to the next, but reflects the substance of the underlying transactions. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 3-10 years |
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Right of use assets |
over the term of the lease |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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The rights of use and obligations under finance and operating leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
9 |
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9 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
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Right of use assets |
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Total |
| £ |
£ |
£ |
|
Cost |
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At 1 April 2024 |
22,925 |
|
- |
|
22,925 |
|
Additions |
- |
|
121,919 |
|
121,919 |
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Disposals |
(9,036) |
|
- |
|
(9,036) |
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At 31 March 2025 |
13,889 |
|
121,919 |
|
135,808 |
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Depreciation |
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At 1 April 2024 |
20,982 |
|
- |
|
20,982 |
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Charge for the year |
865 |
|
36,943 |
|
37,808 |
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On disposals |
(9,036) |
|
- |
|
(9,036) |
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At 31 March 2025 |
12,811 |
|
36,943 |
|
49,754 |
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Net book value |
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At 31 March 2025 |
1,078 |
|
84,976 |
|
86,054 |
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At 31 March 2024 |
1,943 |
|
- |
|
1,943 |
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Right of use assets: split of net book value |
2025 |
|
2024 |
| £ |
£ |
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Land and property |
25,120 |
|
- |
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Motor vehicles |
59,856 |
|
- |
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|
84,976 |
|
- |
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In the current year, the company has early adopted the amendments introduced by the March 2024 edition of FRS 102. Operating leases are now recognised on the balance sheet as right of use assets with a corresponding lease liability. |
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| 4 |
Investments |
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| Other |
| investments |
| £ |
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Cost |
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At 1 April 2024 |
102 |
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Additions |
68 |
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At 31 March 2025 |
170 |
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| Re-stated |
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
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Trade debtors |
13,043 |
|
223,597 |
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Deferred tax asset |
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|
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|
124,907 |
|
- |
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Other debtors |
203,558 |
|
273,284 |
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|
341,508 |
|
496,881 |
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| Re-stated |
| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans and overdrafts |
213,380 |
|
130,169 |
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Obligations under leases |
40,164 |
|
- |
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Trade creditors |
371,036 |
|
284,011 |
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Taxation and social security costs |
234,060 |
|
180,633 |
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Other creditors |
832,104 |
|
160,837 |
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|
1,690,744 |
|
755,650 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans |
93,346 |
|
227,682 |
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Obligations under leases |
45,209 |
|
- |
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|
138,555 |
|
227,682 |
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| 8 |
Loans |
2025 |
|
2024 |
| £ |
£ |
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Creditors include: |
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Secured bank loans |
223,515 |
|
357,851 |
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The bank loans are secured by a fixed and floating charge over all assets of the company dated 16 September 2020. |
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| 9 |
Other financial commitments |
2025 |
|
2024 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
|
- |
|
69,732 |
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In the current year, the company has early adopted the amendments introduced by the March 2024 edition of FRS 102. Operating leases are now recognised on the balance sheet as right of use assets with a corresponding lease liability. |
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| 10 |
Related party transactions |
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The company owed Lone Star Two Limited £94,785 (2024: £124,150) at the year end. Lone Star One Limited owed the company £10,312 (2024: £6,812) at the year end. The company made purchases with Lone Star One Limited of £nil (2024: £17,500) in the year. Lone Star One Limited and Lone Star Two Limited are under the control of either AD Wilkins or AD and RC Wilkins. |
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Lone Star Land Limited are one of the controlling parties of KSW Brize Norton Limited. At the year end KSW Brize Norton Limited owed the company £109,583 (2024: £79,950). |
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Lone Star Land Limited are one of the controlling parties of KSW (Evesham) Limited. At the year end KSW (Evesham) Limited owed the company £17,158 (2024: £6,000). |
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The company owed Castor Praxis Consulting Limited £102,849 (2024: £nil) at the year end. Interest of 10% pa is being charged on this loan. Castor Praxis Consulting Limited is owned by JK Retallack and his wife G Retallack. Castor Praxis Consulting Limited and G Retallack own the B shares in Lone Star Land Limited. |
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The company owed The Trustees of the Loan Star Land Pension scheme £259,110 (2024: £nil) at the year end. Interest of 7% pa is being charged on this loan. |
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At the start of the year AD and RC Wilkins owed the company loans of £130,586. These loans were repaid in full on 4 May 2024. At the end of the year AD and RC Wilkins had made loans to the company of £193,784. The loan is interest free and repayable on demand. |
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| 11 |
Controlling party |
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AD Wilkins and RC Wilkins are the controlling parties. |
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| 12 |
Other information |
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Lone Star Land Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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50 High Street |
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Henley-In-Arden |
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Warwickshire |
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B95 5AN |
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| 13 |
Prior Year Adjustment |
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In the current year, the company has early adopted the amendments introduced by the March 2024 edition of FRS 102. The key changes impacting the comparative figures relate to revenue recognition only. The effect of these changes on the previously reported results for the year ended 31st March 2024 are: |
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2024 |
| £ |
|
Increase in revenue |
429,643 |
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Increase in profit for the year |
355,907 |
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Decrease in opening reserves at 1st April 2023 |
(634,029) |
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Decrease in net assets at 31st March 2024 |
(278,122) |