Company registration number 07737605 (England and Wales)
LYDS6 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
LYDS6 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LYDS6 LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,039
770
Current assets
Debtors
4
337,168
337,068
Cash at bank and in hand
7,499
22,745
344,667
359,813
Creditors: amounts falling due within one year
5
(6,752)
(17,918)
Net current assets
337,915
341,895
Total assets less current liabilities
338,954
342,665
Provisions for liabilities
(260)
(193)
Net assets
338,694
342,472
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
338,691
342,469
Total equity
338,694
342,472
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 August 2023
Mr D J Lydiate
Director
Company Registration No. 07737605
LYDS6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Lyds6 Limited is a private company limited by shares incorporated in England and Wales. The registered office is UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for promotional services provided. Turnover represents the value of goods and services provided in the normal course of business excluding VAT.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Sports equipment
25% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LYDS6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Sports equipment
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2022
3,944
454
1,126
5,524
Additions
788
788
At 31 August 2023
3,944
454
1,914
6,312
Depreciation and impairment
At 1 September 2022
3,600
425
729
4,754
Depreciation charged in the year
90
29
400
519
At 31 August 2023
3,690
454
1,129
5,273
Carrying amount
At 31 August 2023
254
785
1,039
At 31 August 2022
344
29
397
770
LYDS6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
337,168
337,068
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,674
Corporation tax
4,302
Other creditors
6,752
11,942
6,752
17,918
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
Ordinary B of £1 each
1
1
1
1
3
3
3
3
7
Related party transactions
The company has loaned money to Lyds6 Properties Limited. At the year end the amount owed by Lyds6 Properties Limited was £156,263 (2022: £156,263), this amount being included in debtors; amounts falling due within one year. Mr D J Lydiate is a director of both Lyds6 Limited and Lyds6 Properties Limited.
The company has loaned money to No6 Egg Company Limited. At the year end the amount owed by No6 Egg Company Limited was £180,180 (2022: £180,180), this amount being included in debtors; amounts falling due within one year. Mr D J Lydiate is a director of both Lyds6 Limited and No6 Egg Company Limited.
8
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £5,527 (2022 - £10,622), this amount being included in creditors amounts falling due within one year.