Registered number
03196731
Lomaxhall Limited
Filleted Accounts
31 December 2021
Lomaxhall Limited
Registered number: 03196731
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 10,903 13,827
Current assets
Debtors 4 899 350
Cash at bank and in hand 228,963 339,462
229,862 339,812
Creditors: amounts falling due within one year 5 (112,849) (127,233)
Net current assets 117,013 212,579
Total assets less current liabilities 127,916 226,406
Creditors: amounts falling due after more than one year 6 (45,763) (50,000)
Provisions for liabilities (4,073) (4,073)
Net assets 78,080 172,333
Capital and reserves
Called up share capital 300 300
Profit and loss account 77,780 172,033
Shareholders' funds 78,080 172,333
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. Grinling
Director
Approved by the board on 12 April 2022
Lomaxhall Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. . Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 113,627 8,975 122,602
At 31 December 2021 113,627 8,975 122,602
Depreciation
At 1 January 2021 101,022 7,753 108,775
Charge for the year 2,521 403 2,924
At 31 December 2021 103,543 8,156 111,699
Net book value
At 31 December 2021 10,084 819 10,903
At 31 December 2020 12,605 1,222 13,827
4 Debtors 2021 2020
£ £
Other debtors 899 350
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 58,130 52,765
Taxation and social security costs 54,656 74,405
Other creditors 63 63
112,849 127,233
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 45,763 50,000
7 Loans 2021 2020
£ £
Creditors include:
Secured bank loans 45,563 50,000
The company's bankers hold a fixed and floating charge over the undertaking of the company.
8 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
J. Grinling
Amount due to the director at the balance sheet date 63 - - 63
63 - - 63
9 Related party transactions
Dividends amounting to £128,830 were payable to the director.
10 Controlling party
The company is controlled by the director Mr. J. Grinling who is the majority shareholder.
11 Other information
Lomaxhall Limited is a private company limited by shares and incorporated in England. Its registered office is:
118 Kensington Church Street
London
W8 4BH
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