Lapfordwood Limited - Period Ending 2021-01-31

Lapfordwood Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Lapfordwood Limited

Company Information

Director

Mrs R M Crichton

Company secretary

Mr A J D Crichton

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Lapfordwood Limited

Balance Sheet

31 January 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	307,870	307,945
Current assets
Debtors	5	607	607
Cash at bank and in hand		9,896	10,208
		10,503	10,815
Creditors: Amounts falling due within one year	6	(208,881)	(208,882)
Net current liabilities		(198,378)	(198,067)
Net assets		109,492	109,878
Capital and reserves
Called up share capital	8	130,000	130,000
Profit and loss account		(20,508)	(20,122)
Shareholders' funds		109,492	109,878

Lapfordwood Limited

Balance Sheet

31 January 2021

For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 March 2021
 

......................................... Mrs R M Crichton Director

Company Registration Number: 03255839

Lapfordwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2021

1	General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Lapfordwood House
Lapford
Credition
EX17 6QU

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

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

Covid-19

The director of Lapfordwood Limited has considered the impact of COVID-19.

In the opinion of the director, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable in respect of the sale of goods and rental of the company assets.

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Lapfordwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2021

The current corporation 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Lapfordwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2021

Depreciation

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

Asset class	Depreciation method and rate
Freehold land	Nil
Plant and machinery	25% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2020 - 0).

Lapfordwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2021

4	Tangible assets

	Freehold land £	Plant and machinery  £	Total £
Cost or valuation
At 1 February 2020	307,645	16,998	324,643
At 31 January 2021	307,645	16,998	324,643
Depreciation
At 1 February 2020	-	16,698	16,698
Charge for the year	-	75	75
At 31 January 2021	-	16,773	16,773
Carrying amount
At 31 January 2021	307,645	225	307,870
At 31 January 2020	307,645	300	307,945

5

Debtors

	2021  £	2020  £
Prepayments	607	607
	607	607

6

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	7	187,420	187,420
Taxation and social security		776	777
Accruals and deferred income		685	685
Other creditors		20,000	20,000
		208,881	208,882

Lapfordwood Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2021

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Redeemable preference shares	187,420	187,420

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	130,000	130,000	130,000	130,000
Redeemable preference shares of £1 each	187,420	187,420	187,420	187,420
	317,420	317,420	317,420	317,420

Redeemable preference shares

The redeemable preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry the right to receive notice of, attend and speak at general meetings. The redeemable preference shares also entitle the holder to vote and to preferential capital on winding up.