Registered number
08891970
Lyons Distribution Limited
Filleted Accounts
31 May 2021
Lyons Distribution Limited
Registered number: 08891970
Balance Sheet
as at 31 May 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 4,000 5,000
Current assets
Debtors 4 1,758 -
Cash at bank and in hand 5,434 3,589
7,192 3,589
Creditors: amounts falling due within one year 5 (12,974) (11,295)
Net current liabilities (5,782) (7,706)
Total assets less current liabilities (1,782) (2,706)
Creditors: amounts falling due after more than one year 6 (7,020) -
Net liabilities (8,802) (2,706)
Capital and reserves
Called up share capital 1 1
Profit and loss account (8,803) (2,707)
Shareholder's funds (8,802) (2,706)
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 member has 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.
T Lyons
Director
Approved by the board on 19 August 2022
Lyons Distribution Limited
Notes to the Accounts
for the year ended 31 May 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Government Grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2020 10,000
At 31 May 2021 10,000
Amortisation
At 1 June 2020 5,000
Provided during the year 1,000
At 31 May 2021 6,000
Net book value
At 31 May 2021 4,000
At 31 May 2020 5,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Debtors 2021 2020
£ £
Other debtors 1,758 -
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 1,480 -
Trade creditors 1,374 1,903
Taxation and social security costs - 2,538
Other creditors 10,120 6,854
12,974 11,295
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 7,020 -
7 Controlling party
The company considers the director to be its controlling party.
8 Other information
Lyons Distribution Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cottage
2 Castlefield Road
Reigate
Surrey
RH2 0SH
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