REGISTERED NUMBER: 03650531 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

FOR

LOCKFIELD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S E Johnston

D L Evans

SECRETARY:

Mrs S E Johnston

REGISTERED OFFICE:

11 Highfield Drive

Wembury

Plymouth

Devon

PL9 OEX

REGISTERED NUMBER:

03650531 (England and Wales)

ACCOUNTANTS:

Whitakers

Chartered Accountants

Bryndon House

5/7 Berry Road

Newquay

Cornwall

TR7 1AD

FIXED ASSETS

Investments

4

244,976

244,976

Investment property

5

1,725,000

1,725,000

1,969,976

1,969,976

CURRENT ASSETS

Debtors

6

29,965

-

Cash at bank

14,958

24,476

44,923

24,476

CREDITORS

Amounts falling due within one year

7

176,717

134,888

NET CURRENT LIABILITIES

(131,794

)

(110,412

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,838,182

1,859,564

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,838,082

1,859,464

SHAREHOLDERS' FUNDS

1,838,182

1,859,564

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2025 and were signed on its behalf by:

Mrs S E Johnston - Director

D L Evans - Director

1.	STATUTORY INFORMATION

Lockfield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the value, net of value added tax and discounts, of rents received from tenants.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Employee succession trust

In accordance with UITF abstract 32 "Employee Benefit Trusts and other intermediate payment arrangements" the Company does not include the assets and liabilities of the Trust on its balance sheet to the extent that it considers that it will not retain any economic benefit from the assets of the Trust and will not have control of the rights or other access to those present economic benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 6 April 2024

and 5 April 2025

244,976

NET BOOK VALUE

At 5 April 2025

244,976

At 5 April 2024

244,976

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2024

and 5 April 2025

1,725,000

NET BOOK VALUE

At 5 April 2025

1,725,000

At 5 April 2024

1,725,000

Fair value at 5 April 2025 is represented by:

£

Valuation in 2006

635,000

Valuation in 2011

(110,000

)

Valuation in 2024

870,000

Cost

330,000

1,725,000

Investment property was valued on an open market basis on 11 September 2024 by Gargan and Hart Estate Agents .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.25

5.4.24

£

£

Directors' current accounts

22,404

-

Tax

7,561

-

29,965

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5.4.25

5.4.24

£

£

Amounts owed to participating interests

161,000

125,239

Tax

14,744

7,426

Other creditors

973

973

Directors' current accounts

-

1,250

176,717

134,888

8.	RELATED PARTY DISCLOSURES

Included in other Creditors is an amount owed to Evans Estates (Torquay) Limited of £161,000 (2024: £125,239).

At 5 April 2025 Lockfield Limited owned 9999 Ordinary shares in Evans Estates (Torquay) Limited, which cost £244,976.

During the year a loan of £22,204 was advanced and remained outstanding to one of the directors, Mr D L Evans. Interest is being charged on the loan at 2.25% per annum.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by The Lockfield Ltd Employee Succession Trust by virtue of the fact that the trust owns more than 50% of the company's issued ordinary share capital.

10.	EMPLOYEE SUCCESSION TRUST

The Company has established an Employee Succession Trust, The Lockfield Ltd Employee Succession Trust.

At the balance sheet date, the total of Ordinary £1 shares held by the Trust was 99 (2023 - 99.)

Under the terms of the trust deed the shareholders of the Company are excluded beneficiaries of the Trust such that the Trustees may not apply the Trust property for their benefit.