Philip Laing Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04439416 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Philip Laing Ltd

T/A

Laing Developments

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Laing

Mrs S E Laing

REGISTERED OFFICE:

Unit 11

The Office Village

North Road

Loughborough

Leicestershire

LE11 1QJ

REGISTERED NUMBER:

04439416 (England and Wales)

ACCOUNTANTS:

Brockhurst Davies Limited

11 The Office Village

North Road

Loughborough

Leicestershire

LE11 1QJ

FIXED ASSETS

Tangible assets

4

2,435

2,220

Investment property

5

1,325,000

1,045,000

1,327,435

1,047,220

CURRENT ASSETS

Debtors

6

10,625

9,347

Cash at bank

9,404

15,142

20,029

24,489

CREDITORS

Amounts falling due within one year

7

360,249

326,786

NET CURRENT LIABILITIES

(340,220

)

(302,297

)

TOTAL ASSETS LESS CURRENT LIABILITIES

987,215

744,923

CREDITORS

Amounts falling due after more than one year

8

(452,608

)

(469,015

)

PROVISIONS FOR LIABILITIES

(87,416

)

(34,175

)

NET ASSETS

447,191

241,733

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation Reserve

11

436,354

209,554

Retained earnings

10,737

32,079

447,191

241,733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2022 and were signed on its behalf by:

P A Laing - Director

1.	STATUTORY INFORMATION

Philip Laing Ltd 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

16,719

129

6,032

22,880

Additions

99

-

791

890

At 31 March 2022

16,818

129

6,823

23,770

DEPRECIATION

At 1 April 2021

15,737

81

4,842

20,660

Charge for year

270

12

393

675

At 31 March 2022

16,007

93

5,235

21,335

NET BOOK VALUE

At 31 March 2022

811

36

1,588

2,435

At 31 March 2021

982

48

1,190

2,220

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

1,045,000

Additions

280,000

At 31 March 2022

1,325,000

NET BOOK VALUE

At 31 March 2022

1,325,000

At 31 March 2021

1,045,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

243,307

Cost

1,081,693

1,325,000

Investment properties were revalued by the director as at 31 March 2016. The director also considers this valuation correct as at 31 March 2022.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

7,848

8,811

Amounts owed by associates

2,464

204

Other debtors

313

332

10,625

9,347

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

393

624

Corporation tax

7,150

968

VAT

3,229

10,561

Other creditors

13,267

16,740

Directors' loan accounts

282,122

245,522

Accruals and deferred income

54,088

52,371

360,249

326,786

Interest is to apply at 8% per annum on the director loan account balances owing to Philip and Sue Laing.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 9)

252,608

269,015

Other creditors

200,000

200,000

452,608

469,015

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

170,573

-

The loans to Oliver and Rudi Laing are non interest bearing.

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

32,814

269,015

Amounts falling due between two and five years:

Bank loans - 2-5 years

49,221

-

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

170,573

-

10.	SECURED DEBTS

The bank loan is secured via debentures and charges against Newlin Business Park, Exchange Road, North Hykeham, Lincoln LN6 2RT.

11.

RESERVES

Revaluation

Reserve

£

At 1 April 2021

209,554

Movement in year

226,800

At 31 March 2022

436,354