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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of L & R Saddles Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02756473
L & R SADDLES LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2023
L & R SADDLES LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF L & R SADDLES LIMITED
YEAR ENDED 31 AUGUST 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of L & R Saddles Limited for the year ended 31 August 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
26 September 2023
L & R SADDLES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
19,356
22,949
Current assets
Stocks
57,631
58,532
Debtors
104,006
90,185
Cash at bank and in hand
51,774
18,153
------------
------------
213,411
166,870
Creditors: amounts falling due within one year
45,879
31,548
------------
------------
Net current assets
167,532
135,322
------------
------------
Total assets less current liabilities
186,888
158,271
------------
------------
Net assets
186,888
158,271
------------
------------
Capital and reserves
Called up share capital
21,000
21,000
Profit and loss account
165,888
137,271
------------
------------
Shareholders funds
186,888
158,271
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 abridged 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 abridged financial statements .
L & R SADDLES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
S A Lovatt
Director
Company registration number: 02756473
L & R SADDLES LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 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 Clifford House, 10-14 Butts Road, Walsall, WS4 2AR.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Fixed assets
All fixed 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.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 8 ).
5. Tangible Assets
£
Cost
At 1 September 2022
123,743
Additions
520
------------
At 31 August 2023
124,263
------------
Depreciation
At 1 September 2022
100,794
Charge for the year
4,113
------------
At 31 August 2023
104,907
------------
Carrying amount
At 31 August 2023
19,356
------------
At 31 August 2022
22,949
------------
6. Directors' Advances, Credits and Guarantees
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £6,098 (2022: £474).