Turner Lambert (Morecambe) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12263082 (England and Wales)

Turner Lambert (Morecambe) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

PM Lambert

AJ Turner

REGISTERED OFFICE:

C/o Cg Professional, St George's House

St George's Street

Chorley

Lancashire

PR7 2AA

REGISTERED NUMBER:

12263082 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

CURRENT ASSETS

Stocks

404,791

404,791

CREDITORS

Amounts falling due within one year

4

406,491

405,591

NET CURRENT LIABILITIES

(1,700

)

(800

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,700

)

(800

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(1,800

)

(900

)

SHAREHOLDERS' FUNDS

(1,700

)

(800

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by:

AJ Turner - Director

1.	STATUTORY INFORMATION

Turner Lambert (Morecambe) 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 (£).

The amounts in the financial statements have been rounded to the nearest £1.

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.

Going Concern

The financial statements have been prepared on the going concern basis as the directors have confirmed their continued financial support of the company.

Stocks

Stocks are held at the lower of cost and net realisable value and comprise completed and part-completed development properties held for resale. Cost comprises purchase or construction cost plus directly attributable overheads. Net realisable value is based on estimated selling price less all further costs to completion less selling and marketing costs.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

404,691

404,691

Other creditors

1,800

900

406,491

405,591

5.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Amounts owed to group company

404,691

404,791

Security for the group loan was provided by a fixed charge on the freehold property known as Christ Church United Reformed Church, Broadway, Morecambe, LA4 5BJ.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

7.	RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by the shareholders of the parent company, Turner Lambert Developments Limited.

Included in creditors is a loan from Turner Lambert Developments Limited of £404,691. Turner Lambert Developments Limited is the parent company of Turner Lambert (Morecambe) Limited.