REGISTERED NUMBER: 07305628 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Ladysmith Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J L Priestley

REGISTERED OFFICE:

Melbourne Park House

Royal Oak Business Park

East Road

Sleaford

Lincolnshire

NG34 7EQ

REGISTERED NUMBER:

07305628 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Sewell BA (Hons) FCA CTA

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

CURRENT ASSETS

Stocks

-

640,027

Debtors

4

-

6,811

Cash at bank

37,108

-

37,108

646,838

CREDITORS

Amounts falling due within one year

5

89,031

717,816

NET CURRENT LIABILITIES

(51,923

)

(70,978

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(51,923

)

(70,978

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(52,023

)

(71,078

)

SHAREHOLDERS' FUNDS

(51,923

)

(70,978

)

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 director and authorised for issue on 10 September 2025 and were signed by:

J L Priestley - Director

1.	STATUTORY INFORMATION

Ladysmith Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

In preparing the financial statements, the director has adopted a basis other than that of a going concern basis as explained in the directors' report.

The financial statements have been prepared on a basis other than that of a going concern basis which included, where appropriate, writing down the company's assets to net realisable value. No material adjustments arose as a result of ceasing to apply the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

-

6,811

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

712,252

Taxation and social security

86,511

-

Other creditors

2,520

5,564

89,031

717,816

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdraft

-

712,252

The company has entered into an inter-company guarantee to secure the bank borrowings of the Melbourne Holdings Limited Group.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

The full audit report includes an emphasis of matter paragraph. The auditor draws attention to the fact that the director has concluded that it is not appropriate to prepare the accounts on a going concern basis, which is disclosed in Note 2 to the financial statements. The auditor's opinion was not modified in respect of this matter.

9.	RELATED PARTY DISCLOSURES

The company has entered into an inter-company guarantee to secure the bank borrowings of the Melbourne Holdings Limited Group.

During the year the company entered into the following transactions with related parties:

Sales

2024

2023

£

£

Entities with control, joint control or significant influence over the company

305,461

-

Purchases

2024

2023

£

£

Entities with control, joint control or significant influence over the company

41,798

30,151

The following amounts were outstanding at the reporting date:

Amounts due to related parties

2024

2023

£

£

Entities with control, joint control or significant influence over the company

1,020

4,064

Amounts due from related parties

2024

2023

£

£

Entities with control, joint control or significant influence over the company

-

-

The immediate parent company is Melbourne Construction Limited. Melbourne Construction Limited's registered office is:

Melbourne Park House

Royal Oak Business Park

East Road

Sleaford

Lincolnshire

NG34 7EQ

The ultimate holding company is Melbourne Holdings Limited. Consolidated financial statements for the ultimate holding company are filed with the Registrar of Companies where copies may be obtained.

10.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Melbourne Construction Limited.

Melbourne Holdings Limited is ultimately controlled by J L Priestley.

11.	PARENT COMPANY

The immediate parent company is Melbourne Construction Limited.

The ultimate controlling party is Mr J L Priestley by the nature of his controlling interest in the company's ultimate parent company, Melbourne Holdings Limited.

Melbourne Holdings Limited's registered office is:

Melbourne Park House

Royal Oak Business Park

East Road

Sleaford

Lincolnshire

NG34 7EQ

Consolidated financial statements for the ultimate parent company are filed with the Registrar of Companies where copies may be obtained.