Company No: 01379762 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated
Fixed assets
Tangible assets	3	6,723		8,403
Investment property	4	6,295,000		6,295,000
		6,301,723		6,303,403
Current assets
Debtors	5	21,174		44,857
Cash at bank and in hand		99,843		36,410
		121,017		81,267
Creditors: amounts falling due within one year	6	( 462,323)		( 571,354)
Net current liabilities		(341,306)		(490,087)
Total assets less current liabilities		5,960,417		5,813,316
Provision for liabilities	7	( 1,065,392)		( 1,064,082)
Net assets		4,895,025		4,749,234
Capital and reserves
Called-up share capital		3,002		3,002
Share premium account		4,500		4,500
Revaluation reserve		3,192,246		3,192,246
Profit and loss account		1,695,277		1,549,486
Total shareholders' funds		4,895,025		4,749,234

For the financial year ending 31 March 2026 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 financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Lomax Homes Limited (registered number: 01379762) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr R S Lomax Director

02 October 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lomax Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen, 1st Floor, Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The Company's previous financial statements were prepared in accordance with FRS 105 'The financial reporting standard applicable to the Micro-entities Regime'. The date of transition to FRS 102 Section 1A was the 1 April 2024.

On transition to FRS 102 Section 1A, the Company's Investment property was measured at fair value. The company has also recognised the deferred tax liability arising in respect of the investment property. The comparative figures have been restated to reflect these adjustments.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rental income and is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards of the service have been transferred to the customer. This includes accrued income for amounts earned but not yet invoiced, and deferred income for amounts invoiced in advance where the related services have not yet been provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is 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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Fixtures and fittings	20 % reducing balance

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in the revaluation reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors, creditors and loans from related parties.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2025	25,000		802		25,802
At 31 March 2026	25,000		802		25,802
Accumulated depreciation
At 01 April 2025	16,808		591		17,399
Charge for the financial year	1,638		42		1,680
At 31 March 2026	18,446		633		19,079
Net book value
At 31 March 2026	6,554		169		6,723
At 31 March 2025	8,192		211		8,403

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	6,295,000
As at 31 March 2026	6,295,000

The 2026 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	2,038,672		2,038,672

5. Debtors

	2026		2025
	£		£
Trade debtors	11,632		15,606
Prepayments and accrued income	9,542		26,736
Corporation tax	0		2,515
	21,174		44,857

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	66		0
Amounts owed to directors	396,849		491,490
Accruals and deferred income	18,461		32,111
Taxation and social security	46,947		47,753
	462,323		571,354

7. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 1,064,082)		0
Capital gains provision	0		( 1,064,082)
Accelerated capital allowances	( 1,310)		0
At the end of financial year	( 1,065,392)		( 1,064,082)

8. Related party transactions

The directors have loan accounts with the company. Interest is chargeable on these loans at the discretion of the directors. The directors has agreed that there will be no interest charged on the loans during the year.

At the year end the company owed the directors £396,849 (2025 : £491,490).