Lennoxwoods Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC153642 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Lennoxwoods Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

Mr T T Aaltio

Mr J H S Aaltio

SECRETARY:

Turcan Connell Company Secretaries Limited

REGISTERED OFFICE:

Princes Exchange

1 Earl Grey Street

Edinburgh

EH3 9EE

REGISTERED NUMBER:

SC153642 (Scotland)

ACCOUNTANTS:

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

FIXED ASSETS

Tangible assets

4

4,975,876

459,045

CURRENT ASSETS

Debtors

5

11,165

8,588

Cash at bank

277,277

335,014

288,442

343,602

CREDITORS

Amounts falling due within one year

6

4,708

20,500

NET CURRENT ASSETS

283,734

323,102

TOTAL ASSETS LESS CURRENT LIABILITIES

5,259,610

782,147

PROVISIONS FOR LIABILITIES

7

1,110,692

-

NET ASSETS

4,148,918

782,147

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

3,332,075

-

Retained earnings

816,743

782,047

SHAREHOLDERS' FUNDS

4,148,918

782,147

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 15 May 2023 and were signed on its behalf by:

Mr T T Aaltio - Director

1.	STATUTORY INFORMATION

Lennoxwoods Limited is a private company, limited by shares , registered in Scotland. 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at fair value of the consideration received or receivable and represents the amount receivable for goods supplied to customers in the normal course of business, excluding value added tax. The policy is to recognise a sale when the company obtains the right to consideration.

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.

Forestry profits are not subject to corporation tax.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible fixed assets

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

Plant and machinery etc - 33% on cost and 25% on reducing balance

Land and buildings have been measured using the revaluation model, with the asset carried at the revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the reporting date. Any gains or losses will be recognised in other comprehensive income and accumulated in the revaluation reserve.

At the balance sheet date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2022

458,032

1,503

1,064

2,681

463,280

Additions

-

-

-

516

516

Revaluations

4,516,968

-

-

-

4,516,968

At 31 December 2022

4,975,000

1,503

1,064

3,197

4,980,764

DEPRECIATION

At 1 January 2022

-

792

1,064

2,379

4,235

Charge for year

-

178

-

475

653

At 31 December 2022

-

970

1,064

2,854

4,888

NET BOOK VALUE

At 31 December 2022

4,975,000

533

-

343

4,975,876

At 31 December 2021

458,032

711

-

302

459,045

Cost or valuation at 31 December 2022 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2022

4,516,968

-

-

-

4,516,968

Cost

458,032

1,503

1,064

3,197

463,796

4,975,000

1,503

1,064

3,197

4,980,764

There have been no indicators of impairment in the period under review.

Freehold land and buildings were subject to independent, professional valuation at 14 October 2022. The valuation was undertaken by GOLDCREST Land & Forestry Group LLP, an independent, professional valuer that has recent experience in the location and class of property being revalued.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

8,623

6,823

Other debtors

2,542

1,765

11,165

8,588

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Taxation and social security

769

12,646

Other creditors

3,939

7,854

4,708

20,500

7.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

1,110,692

-

Deferred

tax

£

Provided during year

1,110,692

Balance at 31 December 2022

1,110,692

8.

RESERVES

Revaluation

reserve

£

Transfer to revaluation reserve

3,332,075

At 31 December 2022

3,332,075

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lennoxwoods Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us

As a practising member of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements which are detailed at: https://www.cpaa.co.uk/about-cpaa/how-we-regulate/

This report is made solely to the director of Lennoxwoods Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lennoxwoods Limited and state those matters that we have agreed to state to the director of Lennoxwoods Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lennoxwoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lennoxwoods Limited. You consider that Lennoxwoods Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lennoxwoods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cowan & Partners Limited

60 Constitution Street

Edinburgh

EH6 6RR

15 May 2023