REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23 March 2022 to 30 June 2023 |
for |
Lebanon Cedar Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23 March 2022 to 30 June 2023 |
for |
Lebanon Cedar Ltd |
Lebanon Cedar Ltd (Registered number: 13996569) |
Contents of the Financial Statements |
for the Period 23 March 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Lebanon Cedar Ltd |
Company Information |
for the Period 23 March 2022 to 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
173 Cleveland Street |
London |
W1T 6QR |
Lebanon Cedar Ltd (Registered number: 13996569) |
Balance Sheet |
30 June 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
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 |
Lebanon Cedar Ltd (Registered number: 13996569) |
Notes to the Financial Statements |
for the Period 23 March 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Lebanon Cedar Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the period 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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 period end and that are expected to apply to the reversal of the timing difference. |
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. |
Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. |
Going concern |
The company has net liabilities of £199,802 as at 30 June 2023. The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of their assessment of the company's financial position and the financial position of the trading subsidiary, the directors have reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Lebanon Cedar Ltd (Registered number: 13996569) |
Notes to the Financial Statements - continued |
for the Period 23 March 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial instrument |
Other debtors and creditors |
Other debtors are recognised initially at transaction price plus attributable transaction costs. Other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors. |
If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
Interest-bearing borrowings classified as basic financial instruments |
Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
The company acquired 100% of the issued share capital of Sierraville Limited, a company providing hotel and restaurant service, in July 2022. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Amounts owed to participating interests | 23,400 |
Other creditors |
Lebanon Cedar Ltd (Registered number: 13996569) |
Notes to the Financial Statements - continued |
for the Period 23 March 2022 to 30 June 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
Other creditors |
The bank loan is available for 15 years and the interest is fixed at commercial variable base rate plus margin. It is secured by first legal charge over the freehold property owned by the subsidiary undertaking, unlimited cross guarantee from the subsidiary undertaking, debenture over the assets of the company and its subsidiary undertaking and the personal guarantee from the shareholders.. |
The company also received a loan of £1.6m from a related company. The loan is available for 10 years and bears the interest at a variable rate equal to the rate in accordance with HMRC's beneficial loan arrangements official rate. |
8. | RELATED PARTY DISCLOSURES |
The company received an interest free loan of £23,400 from a company under a common ownership at the Balance Sheet date. The loan is repayable on demand. |
The company has taken advantage of the exemption contained in FRS 102.33 and has therefore not disclosed transactions on balances with the subsidiary undertaking. |