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REGISTERED NUMBER: 07599696 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

LUBET ENGINEERING LIMITED

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LUBET ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr A J Ainsworth
Mr J A Missin
Mr L C Ferrari





REGISTERED OFFICE: 4 Office Village
Forder Way , Cygnet Park
Hampton
Peterborough
PE7 8GX





REGISTERED NUMBER: 07599696 (England and Wales)





ACCOUNTANTS: TC Group
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 63,279 21,030

CURRENT ASSETS
Stocks 6 10,000 10,000
Debtors 7 478,331 219,089
Prepayments and accrued income 3,380 3,551
Cash at bank 29,506 75,794
521,217 308,434
CREDITORS
Amounts falling due within one year 8 309,945 120,644
NET CURRENT ASSETS 211,272 187,790
TOTAL ASSETS LESS CURRENT LIABILITIES 274,551 208,820

CREDITORS
Amounts falling due after more than
one year

9

16,408

-

PROVISIONS FOR LIABILITIES 14,370 2,894

ACCRUALS AND DEFERRED INCOME 3,593 2,575

CAPITAL AND RESERVES
Called up share capital 47 47
Capital redemption reserve (99,933 ) (99,933 )
Retained earnings 340,066 303,237
SHAREHOLDERS' FUNDS 240,180 203,351
274,551 208,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


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 24 October 2023 and were signed on its behalf by:




Mr L C Ferrari - Director Mr A J Ainsworth - Director




Mr J A Missin - Director


LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Lubet Engineering 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

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

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
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.

Debtors
Short term debtors are measured at transaction price less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 5,800 21,291 490 37,059 64,640
Additions - 57,285 454 - 57,739
Disposals - (5,401 ) - - (5,401 )
At 31 May 2023 5,800 73,175 944 37,059 116,978
DEPRECIATION
At 1 June 2022 - 16,584 150 26,876 43,610
Charge for year - 12,302 160 2,547 15,009
Eliminated on disposal - (4,920 ) - - (4,920 )
At 31 May 2023 - 23,966 310 29,423 53,699
NET BOOK VALUE
At 31 May 2023 5,800 49,209 634 7,636 63,279
At 31 May 2022 5,800 4,707 340 10,183 21,030

6. STOCKS
2023 2022
£    £   
Stocks 10,000 10,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 126,635 219,089
Other debtors 351,696 -
478,331 219,089

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,501 -
Trade creditors 198,200 51,725
Taxation and social security 91,699 66,473
Other creditors 14,545 2,446
309,945 120,644

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 16,408 -

LUBET ENGINEERING LIMITED (REGISTERED NUMBER: 07599696)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were loans of £13,151 owing to the directors at the reporting date.

The above loans are unsecured, interest free and repayable on demand.