Registration number: 08727235

Lockhart Developments Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Lockhart Developments Limited

Company Information

Directors

Mr S W Whiteford Mrs H Whiteford

Registered office

28 Alexandra Terrace Exmouth Devon EX8 1BD

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Lockhart Developments Limited

(Registration number: 08727235)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	171,576	120,569
Current assets
Debtors	5	596,348	464,028
Cash at bank and in hand		184,692	148,311
		781,040	612,339
Creditors: Amounts falling due within one year	6	(176,733)	(121,644)
Net current assets		604,307	490,695
Total assets less current liabilities		775,883	611,264
Creditors: Amounts falling due after more than one year	6	(62,651)	(75,111)
Provisions for liabilities		(21,493)	(19,305)
Net assets		691,739	516,848
Capital and reserves
Called up share capital		2	2
Retained earnings		691,737	516,846
Shareholders' funds		691,739	516,848

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Lockhart Developments Limited

(Registration number: 08727235)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 July 2025 and signed on its behalf by:
 

......................................... Mr S W Whiteford Director

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line basis
Motor Vehicle	20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	21,072	1,991	115,605	138,668
Additions	74,045	684	-	74,729
At 31 December 2024	95,117	2,675	115,605	213,397
Depreciation
At 1 January 2024	-	758	17,341	18,099
Charge for the year	-	601	23,121	23,722
At 31 December 2024	-	1,359	40,462	41,821
Carrying amount
At 31 December 2024	95,117	1,316	75,143	171,576
At 31 December 2023	21,072	1,233	98,264	120,569

Included within the net book value of land and buildings above is £95,117 (2023 - £21,072) in respect of short leasehold land and buildings.
 

5

Debtors

	2024 £	2023 £
Trade debtors	8,888	21,279
Other debtors	587,460	442,749
Total current trade and other debtors	596,348	464,028

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	7	21,149	21,149
Taxation and social security		145,884	91,423
Accrued expenses		9,700	9,072
		176,733	121,644

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	7	62,651	75,111

7	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Other borrowings	21,149	21,149

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	62,651	75,111

Lockhart Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Interest on loan	349,722	240,826	(111,918)	478,630

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Interest on loan	285,059	147,826	(83,164)	349,722