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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Lucan Developments Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Lucan Developments Limited |
Lucan Developments Limited (Registered number: 03298363) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Lucan Developments Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3rd Floor Butt Dyke House |
33 Park Row |
Nottingham |
Nottinghamshire |
NG1 6EE |
Lucan Developments Limited (Registered number: 03298363) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Capital redemption reserve |
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Other reserves | ( |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Lucan Developments Limited (Registered number: 03298363) |
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Balance Sheet - continued |
31 March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Lucan Developments Limited (Registered number: 03298363) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Lucan Developments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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 income statement . |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Lucan Developments Limited (Registered number: 03298363) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2019 |
and 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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The company's investment properties are shown in the balance sheet at their open market value as at 31 March 2020. The valuation was carried out by Mr A Avison, a director of the Company, based on his knowledge of similar properties. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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Lucan Developments Limited (Registered number: 03298363) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Castle Design and Construction Ltd | 204,932 | 194,145 |
Tax |
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Other creditors |
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Directors' current accounts | 77,514 | 60,332 |
Accruals |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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The bank loans and overdrafts are secured by a charge over the company's freehold properties. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary shares | £1 | 63 | 63 |
Lucan Developments Limited (Registered number: 03298363) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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11. | RELATED PARTY DISCLOSURES |
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During the year, the company received loans from a company in which the director has an interest. The loan is interest free, unsecured and repayable on demand. |
Management services of Castle Design & Construction Ltd, were also provided to Lucan Developments Ltd. During the year the total value of these services was £12,000 (2019: £12,000). The balance due from Lucan Developments Ltd at the balance sheet date was £0 (2019: £0). |
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