L51 Developments Limited - Period Ending 2022-06-30
L51 Developments Limited - Period Ending 2022-06-30
Registration number:
L51 Developments Limited
for the Year Ended 30 June 2022
L51 Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
L51 Developments Limited
Company Information
Directors |
Mr R J B Duce Mr E Kilbane Mr P Nolan |
Registered office |
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Accountants |
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L51 Developments Limited
(Registration number: 12654261)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,065,550 |
1,000,000 |
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Share premium reserve |
634,453 |
- |
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Retained earnings |
(189,634) |
(38,426) |
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Shareholders' funds |
1,510,369 |
961,574 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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L51 Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The presentational currency of these financial statements is pound sterling and have been rounded to the nearest whole number.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
L51 Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Depreciation
Depreciation will be charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives. At the period end the assets were not available for their intended use and therefore no depreciation has been charged.
Asset class |
Depreciation method and rate |
Land and buildings |
0 |
Assets under construction |
0 |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
L51 Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Properties under construction |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
- |
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At 30 June 2022 |
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Depreciation |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Included within the net book value of land and buildings above is £439,521 (2021 - £439,521) in respect of freehold land and buildings and £879,042 (2021 - £879,042) in respect of long leasehold land and buildings.
Debtors |
Current |
2022 |
2021 |
Other debtors |
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L51 Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
The Directors have provided working capital loans to the company and paid extensive invoices on the company's behalf.
Transactions with directors |
2022 |
At 1 July 2021 |
Advances to director |
Repayments by director |
At 30 June 2022 |
Mr P Nolan |
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Working capital loan |
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( |
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Mr E Kilbane |
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Working capital loan |
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- |
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2021 |
At 8 June 2020 |
Advances to director |
Repayments by director |
At 30 June 2021 |
Mr P Nolan |
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Working capital loan |
- |
( |
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Mr E Kilbane |
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Working capital loan |
- |
- |
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