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Registration number: 10115078

Lotas Removals Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Lotas Removals Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lotas Removals Ltd

Company Information

Directors

Mrs A Eyre

Mr S Eyre

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Lotas Removals Ltd

(Registration number: 10115078)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,952

7,811

Current assets

 

Debtors

5

12,486

12,145

Cash at bank and in hand

 

17,184

34,153

 

29,670

46,298

Creditors: Amounts falling due within one year

6

(20,681)

(20,003)

Net current assets

 

8,989

26,295

Total assets less current liabilities

 

33,941

34,106

Creditors: Amounts falling due after more than one year

6

(10,913)

(14,729)

Provisions for liabilities

(4,713)

(1,750)

Net assets

 

18,315

17,627

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

18,215

17,527

Shareholders' funds

 

18,315

17,627

For the financial year ending 30 April 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 24 October 2023 and signed on its behalf by:
 

.........................................
Mr S Eyre
Director

 

Lotas Removals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Lotas Removals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Plant & machinery etc

- 25% on Reducing balance

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Lotas Removals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,037

2,359

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

5,772

9,742

-

15,514

Additions

145

-

23,268

23,413

Disposals

-

(2,242)

-

(2,242)

At 30 April 2023

5,917

7,500

23,268

36,685

Depreciation

At 1 May 2022

2,741

4,962

-

7,703

Charge for the year

758

886

3,393

5,037

Eliminated on disposal

-

(1,007)

-

(1,007)

At 30 April 2023

3,499

4,841

3,393

11,733

Carrying amount

At 30 April 2023

2,418

2,659

19,875

24,952

At 30 April 2022

3,031

4,780

-

7,811

5

Debtors

Current

2023
£

2022
£

Trade debtors

12,235

11,929

Prepayments

251

216

 

12,486

12,145

 

Lotas Removals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

4,259

4,259

Trade creditors

 

1,023

149

Taxation and social security

 

7,874

6,837

Accruals and deferred income

 

805

805

Other creditors

 

6,720

7,953

 

20,681

20,003

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

10,913

14,729

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,913

14,729

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,259

4,259

 

Lotas Removals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr S Eyre

No interest is charged on the loan and there is no fixed date of repayment.

1,191

260

1,451

       
     

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr S Eyre

No interest is charged on the loan and there is no fixed date of repayment.

335

(105)

961

1,191