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COMPANY REGISTRATION NUMBER: 01130031
L. & C. Products Limited
Unaudited financial statements
31 March 2023
L. & C. Products Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,155,638
1,155,161
Current assets
Debtors
6
290,756
285,488
Cash at bank and in hand
94,234
83,994
---------
---------
384,990
369,482
Creditors: Amounts falling due within one year
7
( 72,383)
( 60,706)
---------
---------
Net current assets
312,607
308,776
-----------
-----------
Total assets less current liabilities
1,468,245
1,463,937
Creditors: Amounts falling due after more than one year
8
( 84,458)
( 105,330)
Provisions
Taxation including deferred tax
( 1,410)
( 981)
-----------
-----------
Net assets
1,382,377
1,357,626
-----------
-----------
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
428,369
428,369
Profit and loss account
854,008
829,257
-----------
-----------
Shareholders funds
1,382,377
1,357,626
-----------
-----------
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 .
L. & C. Products Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
L E J Brown
Director
Company registration number: 01130031
L. & C. Products 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 England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA and the trading address is Bullens Farm Barn, Eades Paddock, The Coppice, Great Barton, Suffolk, IP31 2TY.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Office Equipment
-
33% straight line
Investment property
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 3 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Office Equipment
Investment Properties
Total
£
£
£
£
Cost
At 1 April 2022
5,350
3,274
1,150,000
1,158,624
Additions
2,415
2,415
------
------
-----------
-----------
At 31 March 2023
5,350
5,689
1,150,000
1,161,039
------
------
-----------
-----------
Depreciation
At 1 April 2022
2,689
774
3,463
Charge for the year
399
1,539
1,938
------
------
-----------
-----------
At 31 March 2023
3,088
2,313
5,401
------
------
-----------
-----------
Carrying amount
At 31 March 2023
2,262
3,376
1,150,000
1,155,638
------
------
-----------
-----------
At 31 March 2022
2,661
2,500
1,150,000
1,155,161
------
------
-----------
-----------
The directors have revalued the investment properties to their fair value at the year end date based on their open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Properties
£
At 31 March 2023
Aggregate cost
738,293
Aggregate depreciation
---------
Carrying value
738,293
---------
At 31 March 2022
Aggregate cost
738,293
Aggregate depreciation
---------
Carrying value
738,293
---------
6. Debtors
2023
2022
£
£
Trade debtors
11,113
10,200
Other debtors
279,643
275,288
---------
---------
290,756
285,488
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,609
18,800
Trade creditors
12,410
134
Social security and other taxes
13,463
14,690
Other creditors
26,901
27,082
-------
-------
72,383
60,706
-------
-------
The bank loans are secured on a fixed and floating charge over the Investment properties.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
84,458
105,330
-------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £18,652) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are secured on a fixed and floating charge over the Investment properties.