Lightmoor Homes Limited Filleted accounts for Companies House (small and micro)

Lightmoor Homes Limited Filleted accounts for Companies House (small and micro)

LIGHTMOOR HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03235304
Lightmoor Homes Limited
Filleted Unaudited Abridged Financial Statements
31 August 2022
Lightmoor Homes Limited
Abridged Financial Statements
Year ended 31 August 2022
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Lightmoor Homes Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lightmoor Homes Limited
Year ended 31 August 2022
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 August 2022, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
3 July 2023
Lightmoor Homes Limited
Abridged Statement of Financial Position
31 August 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
201,750
225,303
Current assets
Stocks
7,407,730
6,938,398
Debtors
( 97,235)
( 1,917)
Cash at bank and in hand
52
105
------------
------------
7,310,547
6,936,586
Creditors: amounts falling due within one year
4,409,227
4,090,164
------------
------------
Net current assets
2,901,320
2,846,422
------------
------------
Total assets less current liabilities
3,103,070
3,071,725
Creditors: amounts falling due after more than one year
4,173,775
4,124,045
------------
------------
Net liabilities
( 1,070,705)
( 1,052,320)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,070,805)
( 1,052,420)
------------
------------
Shareholders deficit
( 1,070,705)
( 1,052,320)
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2022 in accordance with Section 444(2A) of the Companies Act 2006.
Lightmoor Homes Limited
Abridged Statement of Financial Position (continued)
31 August 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 3 July 2023 , and are signed on behalf of the board by:
Mr K M Jones
Director
Company registration number: 03235304
Lightmoor Homes Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Cheltenham, GL51 6TQ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
£
Cost
At 1 September 2021 and 31 August 2022
380,550
---------
Depreciation
At 1 September 2021
155,247
Charge for the year
23,553
---------
At 31 August 2022
178,800
---------
Carrying amount
At 31 August 2022
201,750
---------
At 31 August 2021
225,303
---------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K M Jones
( 3,188,505)
80,349
( 3,108,156)
Mr S M Jones
( 10,249)
( 35,182)
( 45,431)
------------
--------
------------
( 3,198,754)
45,167
( 3,153,587)
------------
--------
------------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K M Jones
( 3,250,919)
62,414
( 3,188,505)
Mr S M Jones
( 10,249)
–
( 10,249)
------------
--------
------------
( 3,261,168)
62,414
( 3,198,754)
------------
--------
------------