File copy
Registration number:
LC Godalming Limited
for the Year Ended 31 May 2025
LC Godalming Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
LC Godalming Limited
Company Information
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Directors |
E G Buttleman H M Darlington |
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Registered office |
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Bankers |
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Auditors |
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LC Godalming Limited
Strategic Report for the Year Ended 31 May 2025
The directors present their strategic report for the year ended 31 May 2025.
Principal activity
The principal activity of the company is Property Development.
Fair review of the business
The property market has struggled to regain momentum following the increases in interest rates and inflation seen in the United Kingdom. As a result turnover reduced to £8,487,265 (2024 - £16,636,369). Margins, however, increased to 15.71% of the sales value allowing a profit before tax of £470,883 to be reported (2024 - Loss of £1,910,216). At the balance sheet date the net liabilities had reduced to £3,697,851 from £4,168,734 in the 2024 year.
As reported in earlier years the directors have considerable experience of the sector and have worked hard to maximise sales to allow liabilities to be repaid during this difficult period. Negotiations have been ongoing with third party lenders to bring the development towards a conclusion and this has continued into the following year.
The directors continue to monitor a number of key performance indicators in their management of the business which include:-
- enquiry numbers,
- market prices for apartments,
- sales numbers in terms of properties sold, and
- interest exposure.
Principal risks and uncertainties
The company requires a positive residential housing market to complete the development and the continued low activity has extended the projects duration and had an impact on its profitability. The directors have endeavoured to make sales whilst keeping costs to a minimum in an effort to conclude the development at a surplus.
Approved by the Board on
H M Darlington
Director
LC Godalming Limited
Directors' Report for the Year Ended 31 May 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial Instruments
Objectives and policies
The Company’s operations expose it to a variety of financial risks that include the effects of changes in liquidity risk, credit risk, interest rate risk and price risk.
Facilities were agreed with the Company’s lenders and partners to cover the cost of the development. These have been repaid from revenue generated from the sale of the apartments to reduce interest rate exposure.
Price risk, credit risk, liquidity risk and cash flow risk
Liquidity risk
The objective of the company is managing liquidity risk to ensure it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cashflows. In the event that the operating cash flows would not cover the financial obligations the company has credit facilities available.
Credit risk
The company has not offered credit terms to individuals purchasing apartments. Where commercial sales have been made staged payments have been agreed. The company is at risk to the extent that a purchaser may be unable to make payment. This risk is mitigated by the maintenance of a strong relationship between the parties and closely monitoring due payment dates.
Interest rate risk
The Company has interest bearing liabilities to fund the development. The interest charges are significant and are constantly reviewed by the directors in the light of current market conditions with regular dialogue taking place to protect the relationships.
Important non adjusting events after the financial period
As described in note 14, after the balance sheet date a lender and the company entered into a deed of release in respect of all charges and liabilities relating to amounts of £10,847,297.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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LC Godalming Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LC Godalming Limited
Independent Auditor's Report to the Members of LC Godalming Limited
Opinion
We have audited the financial statements of LC Godalming Limited (the 'company') for the year ended 31 May 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
LC Godalming Limited
Independent Auditor's Report to the Members of LC Godalming Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
LC Godalming Limited
Independent Auditor's Report to the Members of LC Godalming Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; and |
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enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
LC Godalming Limited
Independent Auditor's Report to the Members of LC Godalming Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
3 Warners Mill
Silks Way
Essex
CM7 3GB
LC Godalming Limited
Profit and Loss Account for the Year Ended 31 May 2025
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Note |
2025 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit/(loss) |
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( |
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Administrative expenses |
( |
( |
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
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( |
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Tax on profit/(loss) |
- |
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Profit/(loss) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
LC Godalming Limited
(Registration number: 11382035)
Balance Sheet as at 31 May 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
(3,697,853) |
(4,168,736) |
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Shareholders' deficit |
(3,697,851) |
(4,168,734) |
Approved and authorised by the
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LC Godalming Limited
Statement of Changes in Equity for the Year Ended 31 May 2025
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Share capital |
Retained earnings |
Total |
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At 1 June 2024 |
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( |
( |
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Prior period adjustment |
- |
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At 1 June 2024 (As restated) |
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( |
( |
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Profit for the year |
- |
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At 31 May 2025 |
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( |
( |
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Share capital |
Retained earnings |
Total |
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At 1 June 2023 |
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( |
( |
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Prior period adjustment |
- |
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At 1 June 2023 (As restated) |
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( |
( |
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Loss for the year |
- |
( |
( |
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At 31 May 2024 (As restated) |
2 |
(4,168,736) |
(4,168,734) |
LC Godalming Limited
Statement of Cash Flows for the Year Ended 31 May 2025
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Note |
2025 |
(As restated) |
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Cash flows from operating activities |
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Profit/(loss) for the year |
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( |
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Adjustments to cash flows from non-cash items |
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Finance costs |
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Income tax expense |
- |
( |
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( |
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Working capital adjustments |
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Decrease in stocks |
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(Increase)/decrease in debtors |
( |
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Decrease in creditors |
( |
( |
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Cash generated from operations |
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Income taxes paid |
- |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Acquisition of investment properties |
- |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
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Repayment of bank borrowing |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 June |
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Cash and cash equivalents at 31 May |
297,412 |
351,057 |
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LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principal place of business is:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Group accounts not prepared
The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements on the grounds that the subsidiary is dormant and immaterial to the group.
Going concern
The financial statements have been prepared on a going concern basis.
At the balance sheet date the company’s liabilities exceeded its assets by £3,697,851 (2024: £4,168,734). The directors have given confirmation of their support for at least twelve months from the date of approval of these financial statements.
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Prior period amendments
Work in progress
During the year a revaluation of work in progress was undertaken and deemed understated due to costs incurred on common areas previously expensed to the profit and loss account. Upon investigation this expenditure has been capitalised as part of work in progress. This produces a revision to the previously stated work in progress values as at 31 May 2024 and the opening work in progress at 1 June 2023 which have the following effect:
Profit and loss
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2025 |
2024 |
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Increase/(Decrease) Opening stock |
2,628,420 |
6,685,550 |
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(Increase)/Decrease Closing stock |
- |
(2,628,420) |
Balance sheet
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2025 |
2024 |
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Increase/(Decrease) Work in progress |
- |
2,628,420 |
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(Increase)/Decrease Profit and loss reserves brought forward |
(2,628,420) |
(6,685,550) |
Accrual and Cost of Sales
During the year it was identified that cost of sales processed in this year end related to construction costs actioned from previous years which had not been accrued. This produces a revision to the previously stated costs of sales and accrual values as at 31 May 2024 and prior years. These restatements have amended the cost of sales and profit and loss reserves as stated below.
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2025 |
2024 |
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(Increase)/Decrease Cost of sales |
- |
69,043 |
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(Increase)/Decrease Accruals |
(365,382) |
(365,382) |
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(Increase)/Decrease Profit and loss reserves brought forward |
365,382 |
296,339 |
Investment property
During the year it was identified that expenditure relating to an investment property had not been capitalised and recognised incorrectly as an expense to profit and loss. The recognition of the investment property expenditure has been corrected and these restatements have amended the investment property and the profit and loss reserves as stated below.
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2025 |
2024 |
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Increase/(Decrease) Cost of sales |
- |
(42,523) |
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Increase/(Decrease) Investment property |
166,659 |
166,659 |
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(Increase)/Decrease Profit and loss reserves brought forward |
(166,659) |
(124,136) |
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Corporation tax impact
The above restatements have had an impact on the corporation tax due to the recalculations of land remediation tax credits which have been applied to the accounts. This produces a revision to the previously stated corporation tax debtor as stated below.
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2025 |
2024 |
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Increase/(Decrease) Corporation tax (profit and loss) |
- |
(41,019) |
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Increase/(Decrease) Corporation tax debtor (balance sheet) |
91,504 |
91,504 |
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(Increase)/Decrease Profit and loss reserves brought forward |
(91,504) |
(50,485) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of residential properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for residential properties sold in the ordinary course of business.
Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value. Cost represents all materials, labour and other direct costs relating to the development of the apartments for sale to date less those costs attributable to apartments sold in the year.
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of apartments |
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Other income |
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- |
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Management charge receivables |
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The analysis of the company's Turnover for the year by market is as follows:
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2025 |
2024 |
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United Kingdom |
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LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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Other interest receivable and similar income |
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2025 |
2024 |
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Other interest received |
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- |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on loan borrowings |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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3,812 |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Construction management |
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
(As restated) |
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Current taxation |
||
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UK corporation tax |
- |
( |
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UK corporation tax adjustment to prior periods |
- |
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- |
(33,326) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
(As restated) |
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Profit/(loss) before tax |
|
( |
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Corporation tax at standard rate |
|
( |
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Increase in UK and foreign current tax from adjustment for prior periods |
- |
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Effect of revenues exempt from taxation |
( |
- |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Effect of tax losses |
( |
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Decrease from effect of tax incentives |
- |
( |
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Total tax credit |
- |
( |
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Investment properties |
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2025 |
|
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At 1 June 2024 (restated) |
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At 31 May 2025 |
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The 2025 valuations were made by the directors, on an open market basis.
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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Investments |
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2025 |
2024 |
|
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
|
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At 1 June 2024 |
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Carrying amount |
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At 31 May 2025 |
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At 31 May 2024 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, England, CM3 1HZ |
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The activities of the subsidiary undertaking were that of a dormant company.
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Stocks |
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2025 |
(As restated) |
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Work in progress |
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Work in progress and stock properties have been pledged as security on bank and other loans. Details of the security given can be found on the Companies House website page for the company.
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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Debtors |
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Current |
2025 |
(As restated) |
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Trade debtors |
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Other debtors |
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Accrued income |
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- |
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Cash and cash equivalents |
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2025 |
2024 |
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Cash at bank |
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Creditors |
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Note |
2025 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Due after one year |
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Loans and borrowings |
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LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Securities
Included within loans and borrowing in creditors falling due within one year is a bank loan of £503,356 (2024: £5,606,110). The bank loan has been secured against the freehold property included within work in progress and an assignment over any rental income and sale proceeds and by way of a fixed and floating charge over the assets in the company.
Included within loans and borrowings in creditors falling due within one year is a loan of £10,847,297 (2024: £11,166,214 due after one year). The loan has been secured against the freehold property included within work in progress and by way of a fixed and floating charge over the assets in the company. After the balance sheet date, the lender and company entered into a deed of release in respect of all charges and liabilities relating to this amount.
Details of the securities can be found on the Companies House website page for the company.
The directors have also provided personal guarantees in relation to the loans. More detail can be found in note 19.
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Rights, preferences and restrictions
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Ordinary £1 shares have the following rights, preferences and restrictions: |
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Loans and borrowings |
Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Other borrowings |
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LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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Analysis of changes in net debt |
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At 1 June 2024 |
Arising from cash flows |
Other non-cash changes |
At 31 May 2025 |
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Cash and cash equivalents |
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Cash |
351,057 |
(53,645) |
- |
297,412 |
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Borrowings |
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Long term borrowings |
(11,166,214) |
318,918 |
5,409,659 |
(5,437,637) |
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Short term borrowings |
(11,249,681) |
5,308,687 |
(5,409,659) |
(11,350,653) |
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(22,415,895) |
5,627,605 |
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(16,788,290) |
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( |
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- |
( |
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Related party transactions |
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Directors' guarantees |
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The directors provided personal guarantees of £11,350,653 in relation to the bank loan and to the value of other secured loan described in note 14. |
LC Godalming Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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Related party transactions |
During the year the Company received interest free loans of £741,413 from Companies in which the directors hold directorships and a controlling interest. Repayments were made of £999,103 were made during the year leaving an outstanding balance of £337,001 (2024: £594,691) included within creditors. During the year sales of £668,491 were made to these companies.
During the year the Company received interest free loans of £685 from a Company in which a director holds a directorship and a controlling interest. Repayments of £100,798 were made in the year leaving an outstanding balance of £2,440,722 (2024: £2,540,835) included within creditors. An amount of £336,000 is also due from this company included in debtors.
During the year the Company received interest free loans of £150,000 from an entity under common control of a director. Repayments of £74 were made during the year leaving an outstanding balance of £1,717,960 (2024: £1,568,034) included in creditors.
During the year the Company received interest free loans of £2,191 from Companies in which the directors hold directorships and a minority share interest. Repayments of £219 were made during the year leaving an outstanding balance of NIL (2024 £1,972 receivable).
During the year the Company paid interest free loans of £43,888 to companies in which a director holds directorships and a controlling interest. Repayments of £NIL were made during the year leaving an outstanding balance of £43,888 receivable (2024: £NIL) included in debtors. During the year the Company sold properties totalling £2,777,742 to these companies.
During the year the Company incurred management charges of £300,000, which is included in accruals and administrative expenses, from a company in which a director holds directorship and a controlling interest.
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Ultimate Controlling Party |
The directors do not consider there to be an ultimate controlling party.
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Non adjusting events after the financial period |
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