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Filleted
Registration number: 07791984

LHP Accountants Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

LHP Accountants Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

LHP Accountants Ltd

Company Information

Directors

Mr D E Humphreys

Mrs J Collins

Mr D A Rees

Miss R L Ball

Mr O R Jones

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

Accountants

LHP Carmarthen
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

LHP Accountants Ltd

(Registration number: 07791984)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,237,172

1,048,220

Tangible assets

5

1,023,957

1,120,957

 

2,261,129

2,169,177

Current assets

 

Stocks

6

18,000

18,000

Debtors

7

1,288,990

891,119

Cash at bank and in hand

 

534,615

748,559

 

1,841,605

1,657,678

Creditors: Amounts falling due within one year

8

(986,850)

(823,004)

Net current assets

 

854,755

834,674

Total assets less current liabilities

 

3,115,884

3,003,851

Creditors: Amounts falling due after more than one year

8

(1,083,095)

(1,068,004)

Net assets

 

2,032,789

1,935,847

Capital and reserves

 

Called up share capital

9

1,004

122

Retained earnings

2,031,785

1,935,725

Shareholders' funds

 

2,032,789

1,935,847

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

 

LHP Accountants Ltd

(Registration number: 07791984)
Balance Sheet as at 31 January 2023

.........................................
Mr D E Humphreys
Director

.........................................
Mr O R Jones
Director

.........................................
Mrs J Collins
Director

.........................................
Mr D A Rees
Director

     
 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures and fittings

20% reducing balance

Motor Vehicles

10% straight line

Goodwill

Goodwill acquired through third party purchases is written off over a 40 year period on a straight line basis.

Goodwill acquired on incorporation of the practice, is amortised over 40 years as it's useful life is believed reasonably to be over that period.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 40 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 86 (2022 - 78).

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

2,240,118

2,240,118

Additions acquired separately

220,674

220,674

At 31 January 2023

2,460,792

2,460,792

Amortisation

At 1 February 2022

1,191,898

1,191,898

Amortisation charge

31,722

31,722

At 31 January 2023

1,223,620

1,223,620

Carrying amount

At 31 January 2023

1,237,172

1,237,172

At 31 January 2022

1,048,220

1,048,220

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Cost or valuation

At 1 February 2022

782,290

172,194

206,994

151,447

Additions

-

-

13,235

5,959

Disposals

-

-

-

-

At 31 January 2023

782,290

172,194

220,229

157,406

Depreciation

At 1 February 2022

57,270

-

107,163

91,039

Charge for the year

19,090

-

20,566

13,034

Eliminated on disposal

-

-

-

-

At 31 January 2023

76,360

-

127,729

104,073

Carrying amount

At 31 January 2023

705,930

172,194

92,500

53,333

At 31 January 2022

725,020

172,194

99,831

60,408

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

79,380

1,392,305

Additions

-

19,194

Disposals

(79,380)

(79,380)

At 31 January 2023

-

1,332,119

Depreciation

At 1 February 2022

15,876

271,348

Charge for the year

-

52,690

Eliminated on disposal

(15,876)

(15,876)

At 31 January 2023

-

308,162

Carrying amount

At 31 January 2023

-

1,023,957

At 31 January 2022

63,504

1,120,957

Included within the net book value of land and buildings above is £705,930 (2022 - £725,020) in respect of freehold land and buildings and £172,194 (2022 - £172,194) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

18,000

18,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,240,055

859,058

Prepayments

40,321

31,022

Other debtors

8,614

1,039

 

1,288,990

891,119

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

66,001

123,860

Trade creditors

 

150,190

130,429

Taxation and social security

 

352,953

305,211

Outstanding defined contribution pension costs

 

11,814

10,536

Other creditors

 

287,043

85,258

Corporation tax liability

 

118,849

167,710

 

986,850

823,004

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £66,001 (2022 - £123,860).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

980,695

856,373

Deferred income

 

102,400

108,800

Other non-current financial liabilities

 

-

102,831

 

1,083,095

1,068,004

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £980,695 (2022 - £856.373).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

800

800

96

96

A Shares of £1 each

2

2

2

2

B Shares of £1 each

200

200

24

24

C Shares of £1 (2022 - £0) each

1

1

-

-

D Shares of £1 (2022 - £0) each

1

1

-

-

 

1,004

1,004

122

122

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

504,621

541,869

Other borrowings

476,074

314,504

980,695

856,373

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

10.1

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £570,621 (2022 - £609,373). The loans on the balance sheet are currently covered by a charge against the assets on the balance sheet and also personal guarantees given by the the directors.

10.2

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr M J Williams

Interest free loan with no fixed repayment date

(44,373)

44,373

-

-

         
       

Mr D E Humphreys

Interest free loan with no fixed repayment date

(40,131)

-

(36,261)

(76,392)

         
       

Mrs J Collins

Interest free loan with no fixed repayment date

(115,000)

-

(9,911)

(124,911)

         
       

Mr D A Rees

Interest free loan with no fixed repayment date

(115,000)

-

(12,781)

(127,781)

         
       

Mr O R Jones

Interest free loan with no fixed repayment date

-

-

(10,000)

(10,000)

         
       

 

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr M J Williams

Interest free loan with no fixed repayment date

(271,125)

226,752

-

(44,373)

         
       

Mr D E Humphreys

Interest free loan with no fixed repayment date

(275,861)

235,730

-

(40,131)

         
       

Mrs J Collins

Interest free loan with no fixed repayment date

-

-

(115,000)

(115,000)

         
       

Mr D A Rees

Interest free loan with no fixed repayment date

-

-

(115,000)

(115,000)