Lundin Homes Ltd - Filleted accounts

Registered number

SC368990

Lundin Homes Ltd

Filleted Accounts

28 February 2025

Lundin Homes Ltd
Registered number:		SC368990
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		491,736			537,346
Investments	4		350,000			440,000
			841,736			977,346

Current assets
Stocks		627,917			672,526
Debtors	5	1,068,241			1,699,131
Cash at bank and in hand		217,329			1,900,033
		1,913,487			4,271,690

Creditors: amounts falling due within one year	6	(837,023)			(3,392,520)

Net current assets			1,076,464			879,170

Total assets less current liabilities			1,918,200			1,856,516

Creditors: amounts falling due after more than one year	7		-			(6,189)

Provisions for liabilities			(81,886)			(115,789)


Net assets			1,836,314			1,734,538

Capital and reserves
Called up share capital			30,000			30,000
Share premium			15,000			15,000
Revaluation reserve	8		49,393			79,942
Profit and loss account			1,741,921			1,609,596

Shareholders' funds			1,836,314			1,734,538

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




A J Spence
Director
Approved by the board on 22 September 2025

Lundin Homes Ltd
Notes to the Accounts
for the year ended 28 February 2025


1	Accounting policies

	Basis of preparation
	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).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	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 and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			no depreciation
	Plant and machinery			15-25% straight line

	Investments
	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.

	Stocks
	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.

	Debtors
	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.

	Creditors
	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.

	Taxation
	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.

	Provisions
	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance 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. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					14		15


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 March 2024	380,000		252,391		223,137		855,528
	Additions	-		12,582		-		12,582
	Deficit on revaluation	(30,000)		-		-		(30,000)
	At 28 February 2025	350,000		264,973		223,137		838,110

	Depreciation
	At 1 March 2024	-		247,862		70,320		318,182
	Charge for the year	-		4,852		23,340		28,192
	At 28 February 2025	-		252,714		93,660		346,374

	Net book value
	At 28 February 2025	350,000		12,259		129,477		491,736
	At 29 February 2024	380,000		4,529		152,817		537,346


	Freehold land and buildings:					2025		2024
£							£
	Historical cost					302,384		302,384
	Cumulative depreciation based on historical cost					18,242		18,242
						284,142		284,142
	Land and buildings comprise the company's freehold office and adjoining factory premises, which were valued by Falconer Property Consultants Ltd RICS in July 2025. The directors believe that this valuation was accurate at 28 February 2025.


4	Investments

Other
investments
£
	Cost
	At 1 March 2024							440,000
	Revaluation							(90,000)

	At 28 February 2025							350,000
	Other investments comprise an investment property which was valued by Falconer Property Consultants Ltd RICS in July 2025. The directors believe that this valuation was accurate at 28 February 2025.


5	Debtors					2025		2024
£							£

	Trade debtors					425,494		1,148,247
	Other debtors					642,747		550,884
						1,068,241		1,699,131


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Obligations under finance lease and hire purchase contracts					6,189		29,113
	Trade creditors					141,042		649,165
	Taxation and social security costs					146,784		420,637
	Other creditors					543,008		2,293,605
						837,023		3,392,520


7	Creditors: amounts falling due after one year					2025		2024
£							£

	Obligations under finance lease and hire purchase contracts					-		6,189


8	Revaluation reserve					2025		2024
£							£

	At 1 March 2024					79,942		79,942
	Loss on revaluation of land and buildings					(30,000)		-
	Deferred taxation arising on the revaluation of land and buildings					(549)		-

	At 28 February 2025					49,393		79,942


9	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	Thomas Duncan Spence
	Loan (to)/from company	(39,107)		73,464		(99,900)		(65,543)

	Alan James Spence
	Loan (to)/from company	(9,524)		54,274		(49,950)		(5,200)

		(48,631)		127,738		(149,850)		(70,743)


10	Other information

	Lundin Homes Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
	6 Bankhead Avenue
	Glenrothes
	Fife
	KY7 6JG