Company No: 03255839 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

R M Crichton

SECRETARY

A J D Crichton

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

COMPANY NUMBER

03255839 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Centenary House
	Peninsula Park
	Rydon Lane
	Exeter
	Devon EX2 7XE

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	307,771		307,813
		307,771		307,813
Current assets
Debtors	4	841		635
Cash at bank and in hand		23,059		12,059
		23,900		12,694
Creditors: amounts falling due within one year	5	( 209,668)		( 208,880)
Net current liabilities		(185,768)		(196,186)
Total assets less current liabilities		122,003		111,627
Net assets		122,003		111,627
Capital and reserves
Called-up share capital	6	130,000		130,000
Profit and loss account		( 7,997 )		( 18,373 )
Total shareholder's funds		122,003		111,627

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Profit and Loss Account has not been delivered.

The financial statements of Lapfordwood Limited (registered number: 03255839) were approved and authorised for issue by the Director on 27 February 2023. They were signed on its behalf by:

R M Crichton Director

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

Lapfordwood 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 Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The principal place of business is Lapfordwood House, Lapford, Crediton, EX17 6QU.

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

Turnover

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

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 Balance Sheet date.

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 reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Plant and machinery	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	0		0

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 February 2022	307,645		16,998		324,643
At 31 January 2023	307,645		16,998		324,643
Accumulated depreciation
At 01 February 2022	0		16,830		16,830
Charge for the financial year	0		42		42
At 31 January 2023	0		16,872		16,872
Net book value
At 31 January 2023	307,645		126		307,771
At 31 January 2022	307,645		168		307,813

4. Debtors

	2023		2022
	£		£
Other debtors	841		635

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Amounts owed to director	20,000		20,000
Accruals	750		685
Corporation tax	1,498		775
Other creditors	187,420		187,420
	209,668		208,880

6. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
130,000 Ordinary shares of £ 1.00 each	130,000		130,000
187,420 Preference redeemable shares of £ 1.00 each	187,420		187,420
	317,420		317,420

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.