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Registered number: 04308308
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Lordstones Developments Limited
Financial statements
Information for filing with the registrar
31 December 2021
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Lordstones Developments Limited
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Balance sheet
At 31 December 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Non distributable reserves
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Distributable profit and loss reserves
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1
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Lordstones Developments Limited
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Balance sheet (continued)
At 31 December 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2022.
Company registered number: 04308308
The notes on pages 3 to 6 form part of these financial statements.
2
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Lordstones Developments Limited
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Notes to the financial statements
Year ended 31 December 2021
Lordstones Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Ellerbeck Court, Stokesley, Middlesbrough, England, TS9 5PT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Rental income from operating leases are recognised on a straight line basis over the lease term.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3
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Lordstones Developments Limited
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Notes to the financial statements
Year ended 31 December 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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The company has no employees other than the directors, who did not receive any remuneration.
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Freehold investment property
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The 2021 valuations were made by the directors, on an open market and existing use basis.
4
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Lordstones Developments Limited
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Notes to the financial statements
Year ended 31 December 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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50 (2020 - 50) Ordinary shares of $0.010 each
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500 (2020 - 500) Preference shares of $0.001 each
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5
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Lordstones Developments Limited
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Notes to the financial statements
Year ended 31 December 2021
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Directors' benefits; advances, credits and guarantees
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Included within other creditors at 31 December 2021 is £64,623 owed to the directors (2020 - £66,414). This loan is interest free, unsecured and repayable on demand.
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The parent entity is Wainstones Investments Limited by virtue of it holding 100% of share capital.
The ultimate controlling entity is Carlton Energy Limited.
The registered office of Carlton Energy Limited is 26 Ellerbeck Court, Stokesley, Middlesbrough, England, TS9 5PT.
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