Company No: 02582783 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	18,630		21,330
Tangible assets	4	235,088		252,865
Investment property	5	15,570,000		15,570,000
Investments	6	1,000		1,000
		15,824,718		15,845,195
Current assets
Debtors	7	400,985		187,640
Cash at bank and in hand		238,731		378,859
		639,716		566,499
Creditors: amounts falling due within one year	8	( 583,900)		( 534,979)
Net current assets		55,816		31,520
Total assets less current liabilities		15,880,534		15,876,715
Creditors: amounts falling due after more than one year	9	( 7,326,974)		( 7,389,302)
Provision for liabilities	10	( 1,285,544)		( 1,290,600)
Net assets		7,268,016		7,196,813
Capital and reserves
Called-up share capital	11	2,425		2,425
Revaluation reserve		3,091,902		3,091,902
Profit and loss account		4,173,689		4,102,486
Total shareholders' funds		7,268,016		7,196,813

For the financial year ending 30 June 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 members have 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 Statement of Comprehensive Income has not been delivered.

The financial statements of F C R Ludlam Limited (registered number: 02582783) were approved and authorised for issue by the Director. They were signed on its behalf by:

F Ludlam Director

17 March 2024

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

F C R Ludlam 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 51 Collegiate Crescent, Sheffield, S10 2BR, England, United Kingdom.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Revenue is recognised by the company in respect of rental income over the period to which it relates.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software

10 years straight line

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 straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	4 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Comprehensive Income. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	9		6

3. Intangible assets

	Computer software		Total
	£		£
Cost
At 01 July 2022	27,000		27,000
At 30 June 2023	27,000		27,000
Accumulated amortisation
At 01 July 2022	5,670		5,670
Charge for the financial year	2,700		2,700
At 30 June 2023	8,370		8,370
Net book value
At 30 June 2023	18,630		18,630
At 30 June 2022	21,330		21,330

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 July 2022	269,783		52,351		14,945		278,230		615,309
Additions	0		1,659		0		0		1,659
At 30 June 2023	269,783		54,010		14,945		278,230		616,968
Accumulated depreciation
At 01 July 2022	54,279		23,250		7,860		277,055		362,444
Charge for the financial year	5,395		9,990		2,989		1,062		19,436
At 30 June 2023	59,674		33,240		10,849		278,117		381,880
Net book value
At 30 June 2023	210,109		20,770		4,096		113		235,088
At 30 June 2022	215,504		29,101		7,085		1,175		252,865

5. Investment property

	Investment property
	£
Valuation
As at 01 July 2022	15,570,000
As at 30 June 2023	15,570,000

Valuation

The 2023 valuations were made by the director of the company, at open market value on an existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2023		2022
	£		£
Historic cost	11,712,939		11,712,939

6. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 July 2022	1,000
At 30 June 2023	1,000
Carrying value at 30 June 2023	1,000
Carrying value at 30 June 2022	1,000

7. Debtors

	2023		2022
	£		£
Trade debtors	14,069		19,990
Prepayments	2,732		2,537
Other debtors	384,184		165,113
	400,985		187,640

8. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	62,125		61,863
Trade creditors	68,358		30,780
Accruals and deferred income	238,448		234,417
Taxation and social security	82,722		85,587
Other creditors	132,247		122,332
	583,900		534,979

Bank loans of £62,125 (2022: £61,863) included within bank loans represent the current position of bank loans due within one year and are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	7,326,974		7,389,302

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2023		2022
	£		£
Bank loans	3,822,988		3,822,988

Bank loans of £7,326,974 (2022: £7,389,302) included within bank loans represent the current position of bank loans due after more than one year and are secured against the assets to which they relate.

10. Deferred tax

	2023		2022
	£		£
At the beginning of financial year	( 1,290,600)		( 1,296,000)
Credited to the Profit and Loss Account	5,056		5,400
At the end of financial year	( 1,285,544)		( 1,290,600)

The deferred taxation balance is made up as follows:

	2023		2022
	£		£
Accelerated capital allowances	( 5,885)		( 10,600)
Revaluation of investment property	( 1,279,659)		( 1,280,000)
	( 1,285,544)		( 1,290,600)

11. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
1,749 Ordinary A shares of £ 1.00 each	1,749		1,749
86 Ordinary B shares of £ 1.00 each	86		86
590 Ordinary C shares of £ 1.00 each	590		590
	2,425		2,425

12. Related party transactions

Other related party transactions

	2023		2022
	£		£
Included in other creditors is a balance due to a trust which holds a participating interest in the company of which the company’s director is one of the trustees but is not a beneficiary. This amount is unsecured and interest free with no repayment terms.	104,190		95,020
Included in other creditors is a balance owed to a subsidiary company. This amount is unsecured and interest free with no repayment terms.	1,000		1,000
	0		0

13. Director's advances, credits and guarantees

Included within other debtors is a balance of £384,184 (2022: £132,845) owed by the director. This balance is unsecured and interest is charged at HMRC's approved rate with no fixed repayment terms. This balance was cleared after the year end by way of a dividend.