Registration number:
Lucking Developments Limited
for the Year Ended 31 March 2017
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ
Lucking Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Lucking Developments Limited
Company Information
Directors |
D A Lucking E J Lucking K R Lucking P J Lucking R A Lucking S Lucking |
Company secretary |
D A Lucking |
Registered office |
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Accountants |
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Page 1 |
Lucking Developments Limited
(Registration number: 01992204)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 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.
The profit and loss account and directors’ report have not been delivered to the Registrar of Companies in accordance with section 444 of the Companies Act 2006.
Page 2 |
Lucking Developments Limited
(Registration number: 01992204)
Balance Sheet as at 31 March 2017
Approved and authorised by the
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D A Lucking
Company secretary and director
Page 3 |
Lucking Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Summary of disclosure exemptions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group headed by Lucking Group Limited.
Rental income
Rental income is recognised on an accruals basis.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 4 |
Lucking Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Asset class |
Depreciation method and rate |
Freehold property |
2% on valuation of freehold property |
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Summary of significant judgements and key accounting estimates
There are no significant judgements or sources of key accounting estimates that have been applied in the preparation of these financial statements.
Page 5 |
Lucking Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included in the valuation of freehold property is freehold land of £693,977 (2016: £693,977) which is not depreciated.
Cost or valuation at 31 March 2017 is represented by:
Freehold property |
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Original cost |
326,173 |
Valuation in 2003 |
269,229 |
Valuation in 2013 |
449,598 |
Value C/fwd |
1,045,000 |
If freehold properties had not been revalued they would have been included at the following historical cost:
2017 |
2016 |
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Cost |
326,173 |
326,173 |
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Aggregate depreciation |
63,528 |
63,528 |
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Carrying amount |
262,645 |
262,645 |
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Value of land in freehold property |
60,000 |
60,000 |
Freehold land and buildings were valued on an open market basis on 31 March 2013 by Crickmay Chartered Surveyors.
Page 6 |
Lucking Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Director's loan account |
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Accruals |
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Corporation tax |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2,500 |
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2,500 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 7 |
Lucking Developments Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loan is secured by way of a First Legal Charge over the freehold property at Golden Square, Petworth, West Sussex and its associated assets. The Company and its fellow subsidiary; Lucking Brothers Limited, have also provided the bank with an Unlimited Guarantee.
Financial commitments, guarantees and contingencies |
Contingent liabilities
The company has in place an unlimited Cross Guarantee with its fellow subsidiary undertaking, Lucking Brothers Limited.
Parent and ultimate parent undertaking |
The ultimate parent is
Transition to FRS 102 |
Page 8 |