REGISTERED NUMBER: 02125038 (England and Wales)

LACEGROVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

M J Evans

Miss B Williams

A J Williams

SECRETARY:

Ms L E Evans

REGISTERED OFFICE:

Suite 4A

13 Cathedral Road

Cardiff

CF11 9HA

REGISTERED NUMBER:

02125038 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

5,760,929

5,760,929

5,760,929

5,760,929

CURRENT ASSETS

Debtors

6

136,266

78,115

Cash at bank

140,230

226,995

276,496

305,110

CREDITORS

Amounts falling due within one year

7

197,788

196,744

NET CURRENT ASSETS

78,708

108,366

TOTAL ASSETS LESS CURRENT LIABILITIES

5,839,637

5,869,295

PROVISIONS FOR LIABILITIES

57,645

55,025

NET ASSETS

5,781,992

5,814,270

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

8

609,214

609,214

Retained earnings

5,172,678

5,204,956

SHAREHOLDERS' FUNDS

5,781,992

5,814,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 29 September 2025 and were signed on its behalf by:

M J Evans - Director

1.	STATUTORY INFORMATION

Lacegrove 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 as modified by the revaluation of certain assets.

Going Concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover represents the total invoice value of rents, service charges and insurance due from tenants during the year, excluding value added tax. Turnover is recognised in the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost

Investment properties and investments

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

1,059

DEPRECIATION

At 1 January 2024

and 31 December 2024

1,059

NET BOOK VALUE

At 31 December 2024

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

5,760,929

NET BOOK VALUE

At 31 December 2024

5,760,929

At 31 December 2023

5,760,929

In the opinion of the directors of the company, the fair value of the investment property is not materially different from its current market value.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2006

814,394

Valuation in 2007

(40,728

)

Valuation in 2010

(454,505

)

Valuation in 2012

(136,767

)

Valuation in 2015

317,000

Valuation in 2016

109,820

Cost

5,151,715

5,760,929

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

18,921

21,534

Other debtors

117,345

56,581

136,266

78,115

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

4,388

3,099

Taxation and social security

82,160

83,219

Other creditors

111,240

110,426

197,788

196,744

8.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

609,214

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

A J Williams

Balance outstanding at start of year

(758

)

383,295

Amounts advanced

256,711

185,947

Amounts repaid

(256,000

)

(570,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(47

)

(758

)

The maximum outstanding in the year was £215,953. All amounts were unsecured, interest free and repayable within nine months.

10.	RELATED PARTY DISCLOSURES

Included in debtors is an amount of £76,726 (2023: £32,579) owed from a Self Administered Pension Scheme of which one of the directors is a member. This amount is unsecured, interest free and is repayble on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lacegrove Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lacegrove Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lacegrove Limited and state those matters that we have agreed to state to the Board of Directors of Lacegrove Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lacegrove Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lacegrove Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lacegrove Limited. You consider that Lacegrove Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lacegrove Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

29 September 2025