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REGISTERED NUMBER: 04014500 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

LAMBERTS TOOL & WELDING SUPPLIES LIMITED

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAMBERTS TOOL & WELDING SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







DIRECTORS: Mr S Lambert
Mrs M P Lambert





SECRETARY: Mrs S Lambert





REGISTERED OFFICE: Design House
Stanhope Industrial Estate
Wharf Road
Stanford-Le-Hope
Essex
SS17 0EH





REGISTERED NUMBER: 04014500 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
12 High Street
Stanford le Hope
Essex
SS17 0EY

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

BALANCE SHEET
30 JUNE 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 215,159 118,612

CURRENT ASSETS
Stocks 350,000 350,000
Debtors 5 1,100,238 952,714
Cash at bank and in hand 56,577 14,436
1,506,815 1,317,150
CREDITORS
Amounts falling due within one year 6 1,056,404 858,586
NET CURRENT ASSETS 450,411 458,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,570

577,176

CREDITORS
Amounts falling due after more than one
year

7

(114,965

)

(70,981

)

PROVISIONS FOR LIABILITIES 10 (47,311 ) (19,532 )
NET ASSETS 503,294 486,663

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 503,234 486,603
SHAREHOLDERS' FUNDS 503,294 486,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

BALANCE SHEET - continued
30 JUNE 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2022 and were signed on its behalf by:





Mr S Lambert - Director


LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

1. STATUTORY INFORMATION

Lamberts Tool & Welding Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Capital expenditure on landlord's property - 15% on reducing balance
Furniture & fittings - 25% on reducing balance
Plant - 25% on reducing balance
Office equipment - 3 and 5 years straight line basis
Motor vehicles - 25% on reducing balance
Premises security - 25% on reducing balance

Government grants
The "accrual model" is used to measure grants received.

Revenue based grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Basic financial instruments are initially recognized at transaction price and then subsequently at amortized cost with the exception of equity investments that are initially measured at fair value (being the transaction price excluding any transaction costs) with subsequent measurements at fair value, with changes recognized in profit and loss.


LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Employee benefits and pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognized at the undiscounted amount expected to be paid for that service.

The company operates two defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2021 - 16 ) .

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

4. TANGIBLE FIXED ASSETS
Capital
expenditure
on
landlord's Furniture
property & fittings Plant
£    £    £   
COST
At 1 July 2021 52,085 36,792 10,275
Additions 3,165 - -
Disposals - - -
At 30 June 2022 55,250 36,792 10,275
DEPRECIATION
At 1 July 2021 31,862 33,957 9,549
Charge for year 3,389 701 182
Eliminated on disposal - - -
At 30 June 2022 35,251 34,658 9,731
NET BOOK VALUE
At 30 June 2022 19,999 2,134 544
At 30 June 2021 20,223 2,835 726

Office Motor Premises
equipment vehicles security Totals
£    £    £    £   
COST
At 1 July 2021 30,014 187,413 8,905 325,484
Additions - 252,345 900 256,410
Disposals - (198,840 ) - (198,840 )
At 30 June 2022 30,014 240,918 9,805 383,054
DEPRECIATION
At 1 July 2021 28,931 96,877 5,696 206,872
Charge for year 527 45,107 858 50,764
Eliminated on disposal - (89,741 ) - (89,741 )
At 30 June 2022 29,458 52,243 6,554 167,895
NET BOOK VALUE
At 30 June 2022 556 188,675 3,251 215,159
At 30 June 2021 1,083 90,536 3,209 118,612

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2021 94,649
Additions 252,345
Disposals (106,076 )
At 30 June 2022 240,918
DEPRECIATION
At 1 July 2021 24,289
Charge for year 43,353
Eliminated on disposal (15,399 )
At 30 June 2022 52,243
NET BOOK VALUE
At 30 June 2022 188,675
At 30 June 2021 70,360

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,093,420 822,617
Other debtors 6,818 130,097
1,100,238 952,714

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loan and overdraft 150,687 150,444
Hire purchase contracts (see note 8) 61,898 21,105
Trade creditors 663,181 508,457
Corporation tax 25,701 49,615
Social security and other taxes 76,985 51,115
Other creditors 77,578 75,340
Directors' current accounts 374 2,510
1,056,404 858,586

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loan - 1-2 years 14,207 13,665
Bank loan - 2-5 years 1,228 15,416
Hire purchase contracts (see note 8) 99,530 41,900
114,965 70,981

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 61,898 21,105
Between one and five years 99,530 41,900
161,428 63,005

Non-cancellable operating leases
2022 2021
£    £   
Within one year 74,977 53,477
Between one and five years 102,472 24,739
177,449 78,216

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 137,022 137,288
Bank loans 29,100 42,237
Hire purchase contracts 161,428 63,005
Credit cards 67,267 71,677
394,817 314,207

The above debts are secured on the assets of the company.

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 47,311 19,532

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2021 19,532
Charge to Income Statement during year 27,779
Balance at 30 June 2022 47,311

The provision for deferred taxation is made up of accelerated capital allowances.

11. PENSION COMMITMENTS

The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date there were £1,188 unpaid contributions (2021: £1,320).

12. RELATED PARTY DISCLOSURES

Included within debtors was a loan to a company in which a director has an interest. The amount outstanding on this loan at the year end is £Nil (2021: £117,196). The loan was interest free and repayable on demand.