Company Registration No. 03716903 (England and Wales)
LFC DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
LFC DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
LFC DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
128,345
221,379
Current assets
Debtors
4
600,964
1,045,946
Cash at bank and in hand
711,547
781,394
1,312,511
1,827,340
Creditors: amounts falling due within one year
5
(327,917)
(311,660)
Net current assets
984,594
1,515,680
Total assets less current liabilities
1,112,939
1,737,059
Creditors: amounts falling due after more than one year
6
(16,626)
(88,494)
Provisions for liabilities
(1,196)
(10,821)
Net assets
1,095,117
1,637,744
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
1,095,115
1,637,742
Total equity
1,095,117
1,637,744
LFC DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 October 2025 and are signed on its behalf by:
Mrs L V McDonald Murphy
Director
Company registration number 03716903 (England and Wales)
LFC DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2023
2
1,526,239
1,526,241
Year ended 31 January 2024:
Profit and total comprehensive income
-
231,603
231,603
Dividends
-
(120,100)
(120,100)
Balance at 31 January 2024
2
1,637,742
1,637,744
Year ended 31 January 2025:
Profit and total comprehensive income
-
113,973
113,973
Dividends
-
(656,600)
(656,600)
Balance at 31 January 2025
2
1,095,115
1,095,117
LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
1
Accounting policies
Company information

LFC Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cow Shed, Off Packwood Lane, Lapworth, West Midlands, B94 6AU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% - Straight Line
Plant and equipment
15% - Reducing Balance
Fixtures and fittings
15% - Reducing Balance
Motor vehicles
25% - Reducing Balance
LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 6 -
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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 7 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
7
LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2024
226,265
261,227
487,492
Additions
-
0
17,039
17,039
Disposals
-
0
(203,151)
(203,151)
At 31 January 2025
226,265
75,115
301,380
Depreciation and impairment
At 1 February 2024
136,843
129,270
266,113
Depreciation charged in the year
16,499
15,159
31,658
Eliminated in respect of disposals
-
0
(124,736)
(124,736)
At 31 January 2025
153,342
19,693
173,035
Carrying amount
At 31 January 2025
72,923
55,422
128,345
At 31 January 2024
89,422
131,957
221,379
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
37,359
29,612
Amounts owed by group undertakings
536,421
848,421
Other debtors
27,184
167,913
600,964
1,045,946
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
38,278
34,625
Trade creditors
31,286
32,094
Corporation tax
105,022
79,656
Other taxation and social security
43,093
47,340
Other creditors
110,238
117,945
327,917
311,660
LFC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
16,626
55,185
Other creditors
-
0
33,309
16,626
88,494
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
2 shares of £1 each
2
2
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Other related parties
98
98

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
557,048
964,490
9
Directors' transactions

Included within other creditors are amounts owed to the directors by the company of £13,929 (2024: £20,279).

Included within other debtors are amounts owed by the directors to the company of £0 (2024: £8,589).

10
Parent company

The company's controlling party is Laptab Holdings Limited, whose registered office is The Cow Shed Packwood Lane, Lapworth, Solihull, United Kingdom, B94 6AU.

11
Contingent Liability

During the year a vehicle leased by the company was stolen and legal proceedings are ongoing. In the event the company is held liable for the remainder of the lease, the current estimate of the liability is £30,621.

2025-01-31 2024-02-01 false false false 24 October 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity Mrs L V McDonald Murphy Mr J Murphy Miss C Murphy 03716903 2024-02-01 2025-01-31 03716903 2025-01-31 03716903 2024-01-31 03716903 core:LandBuildings 2025-01-31 03716903 core:OtherPropertyPlantEquipment 2025-01-31 03716903 core:LandBuildings 2024-01-31 03716903 core:OtherPropertyPlantEquipment 2024-01-31 03716903 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 03716903 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 03716903 core:ShareCapital 2025-01-31 03716903 core:ShareCapital 2024-01-31 03716903 core:RetainedEarningsAccumulatedLosses 2025-01-31 03716903 core:RetainedEarningsAccumulatedLosses 2024-01-31 03716903 core:ShareCapital 2023-01-31 03716903 core:RetainedEarningsAccumulatedLosses 2023-01-31 03716903 core:ShareCapitalOrdinaryShareClass1 2025-01-31 03716903 core:ShareCapitalOrdinaryShareClass1 2024-01-31 03716903 bus:Director1 2024-02-01 2025-01-31 03716903 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 03716903 2023-02-01 2024-01-31 03716903 core:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 03716903 core:LandBuildings core:LongLeaseholdAssets 2024-02-01 2025-01-31 03716903 core:PlantMachinery 2024-02-01 2025-01-31 03716903 core:FurnitureFittings 2024-02-01 2025-01-31 03716903 core:MotorVehicles 2024-02-01 2025-01-31 03716903 core:LandBuildings 2024-01-31 03716903 core:OtherPropertyPlantEquipment 2024-01-31 03716903 2024-01-31 03716903 core:LandBuildings 2024-02-01 2025-01-31 03716903 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 03716903 core:CurrentFinancialInstruments 2025-01-31 03716903 core:CurrentFinancialInstruments 2024-01-31 03716903 core:WithinOneYear 2025-01-31 03716903 core:WithinOneYear 2024-01-31 03716903 core:Non-currentFinancialInstruments 2025-01-31 03716903 core:Non-currentFinancialInstruments 2024-01-31 03716903 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 03716903 bus:FRS102 2024-02-01 2025-01-31 03716903 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 03716903 bus:Director2 2024-02-01 2025-01-31 03716903 bus:CompanySecretary1 2024-02-01 2025-01-31 03716903 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 03716903 bus:FullAccounts 2024-02-01 2025-01-31 xbrli:pure xbrli:shares iso4217:GBP