Lilybank Trading Company Limited Filleted accounts for Companies House (small and micro)

LILYBANK TRADING COMPANY LIMITED - Company Information

2 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 532,724 532,724 532,724 100 100 100 xbrli:pure xbrli:shares iso4217:GBP SC183707 2022-04-01 2023-03-31 SC183707 2023-03-31 SC183707 2021-04-01 2022-03-31 SC183707 2022-03-31 SC183707 bus:Director1 2022-04-01 2023-03-31 SC183707 bus:Director2 2022-04-01 2023-03-31 SC183707 core:WithinOneYear 2023-03-31 SC183707 core:WithinOneYear 2022-03-31 SC183707 core:ShareCapital 2023-03-31 SC183707 core:ShareCapital 2022-03-31 SC183707 core:OtherReservesSubtotal 2023-03-31 SC183707 core:OtherReservesSubtotal 2022-03-31 SC183707 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC183707 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC183707 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 SC183707 core:Non-currentFinancialInstruments 2023-03-31 SC183707 core:Non-currentFinancialInstruments 2022-03-31 SC183707 core:LandBuildings 2023-03-31 SC183707 core:LandBuildings 2022-03-31 SC183707 bus:SmallEntities 2022-04-01 2023-03-31 SC183707 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC183707 bus:FullAccounts 2022-04-01 2023-03-31 SC183707 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC183707 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC183707 core:AllAssociates 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: SC183707

Lilybank Trading Company Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2023

Lilybank Trading Company Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Lilybank Trading Company Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5	532,724	532,724
Investments	6	100	100
		---------	---------
		532,824	532,824

Current assets

Debtors	7	8,966	715
Cash at bank and in hand		231,879	191,970
		---------	---------
		240,845	192,685

Creditors: amounts falling due within one year	8	30,669		18,724
		---------		---------
Net current assets			210,176	173,961
			---------	---------
Total assets less current liabilities			743,000	706,785

Provisions

Taxation including deferred tax	15,188	15,188
	---------	---------
Net assets	727,812	691,597
	---------	---------

Lilybank Trading Company Limited

Statement of Financial Position (continued)

31 March 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Other reserves	42,277	42,277
Profit and loss account	684,535	648,320
	---------	---------
Shareholders funds	727,812	691,597
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:

Mr A G Gilchrist	Mrs M J Gilchrist
Director	Director

Company registration number: SC183707

Lilybank Trading Company Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 22A Wellhall Road, Hamilton, Lanarkshire, ML3 9BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Depreciation is not provided on Investment Properties.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2022 and 31 March 2023	532,724
	---------
Depreciation
At 1 April 2022 and 31 March 2023	–
	---------
Carrying amount
At 31 March 2023	532,724
	---------
At 31 March 2022	532,724
	---------

Tangible assets held at valuation

Investment properties costing £463,404 have been revalued by the directors to £532,724 at 31 March 2022.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 and 31 March 2023	100
	----
Impairment
At 1 April 2022 and 31 March 2023	–
	----

Carrying amount
At 31 March 2023	100
	----
At 31 March 2022	100
	----

7. Debtors

	2023	2022
	£	£
Other debtors	8,966	715
	-------	----

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Corporation tax	14,647	15,727
Social security and other taxes	–	196
Other creditors	16,022	2,801
	--------	--------
	30,669	18,724
	--------	--------

9. Directors' advances, credits and guarantees

The directors loan was never in debit at any time in the year.

10. Related party transactions

The company owns 50% of the issued share capital of Clydeforth Engineers and Contractors Ltd. A G Gilchrist is a director of that company. The company received management fees from Clydeforth Engineers & Contractors Ltd in the year amounting to £84,000 (2022 - £84,000). The company was owed by Clydeforth Engineers and Contractors Ltd £8,064 at 31 March 2023 (2022 - £nil). Dividends of £39,000 (2022 - £39,000) were paid to the directors in the year.