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Registration number: 11869618

LD Renovate Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

LD Renovate Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

LD Renovate Limited

Company Information

Directors

Mr D A Payne

Mr L D Spiller

Registered office

c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

LD Renovate Limited

(Registration number: 11869618)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

9,600

12,800

Tangible assets

5

44,014

45,751

 

53,614

58,551

Current assets

 

Stocks

6

32,900

8,700

Cash at bank and in hand

 

13,481

44,987

 

46,381

53,687

Prepayments and accrued income

 

344

-

Creditors: Amounts falling due within one year

(46,029)

(49,516)

Net current assets

 

696

4,171

Total assets less current liabilities

 

54,310

62,722

Creditors: Amounts falling due after more than one year

(52,781)

(62,571)

Net assets

 

1,529

151

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,429

51

Shareholders' funds

 

1,529

151

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

LD Renovate Limited

(Registration number: 11869618)
Abridged Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 31 August 2022 and signed on its behalf by:
 

.........................................
Mr D A Payne
Director

.........................................
Mr L D Spiller
Director

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Easterbrook Eaton Ltd
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

These financial statements were authorised for issue by the Board on 31 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tools and Equipment

25% p.a. reducing balance basis

Motor Vehicles

20% p.a. reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 2).

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2021

16,000

At 31 March 2022

16,000

Amortisation

At 1 April 2021

3,200

Amortisation charge

3,200

At 31 March 2022

6,400

Carrying amount

At 31 March 2022

9,600

At 31 March 2021

12,800

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

4,188

59,373

63,561

Additions

-

52,202

52,202

Disposals

-

(59,373)

(59,373)

At 31 March 2022

4,188

52,202

56,390

Depreciation

At 1 April 2021

1,185

16,625

17,810

Charge for the year

751

10,440

11,191

Eliminated on disposal

-

(16,625)

(16,625)

At 31 March 2022

1,936

10,440

12,376

Carrying amount

At 31 March 2022

2,252

41,762

44,014

At 31 March 2021

3,003

42,748

45,751

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

6

Stocks

2022
£

2021
£

Work in progress

30,700

6,200

Other inventories

2,200

2,500

32,900

8,700

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £Nil (2021 - £350.00) per each Ordinary

 

41,300

 

35,000

         

9

Related party transactions

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr L D Spiller

(10,366)

41,941

(33,180)

(1,605)

         
       

Mr D A Payne

(13,882)

40,002

(34,380)

(8,260)

         
       

 

2021

At 1 April 2020
£

Advances to director
£

Repayments by director
£

At 31 March 2021
£

Mr L D Spiller

(7,482)

27,516

(30,400)

(10,366)

         
       

Mr D A Payne

(10,482)

28,600

(32,000)

(13,882)

         
       

 

 

LD Renovate Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

19,136

17,189