Lantern Gates and Barriers Ltd 12432970 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is that of gates & barrier manufacture & installation Digita Accounts Production Advanced 6.30.9574.0 true 12432970 2022-02-01 2023-01-31 12432970 2023-01-31 12432970 bus:Director1 1 2023-01-31 12432970 bus:Director2 1 2023-01-31 12432970 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-31 12432970 bus:Original 2023-01-31 12432970 core:CurrentFinancialInstruments 2023-01-31 12432970 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12432970 core:FurnitureFittingsToolsEquipment 2023-01-31 12432970 core:MotorVehicles 2023-01-31 12432970 core:OtherPropertyPlantEquipment 2023-01-31 12432970 bus:SmallEntities 2022-02-01 2023-01-31 12432970 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 12432970 bus:FullAccounts 2022-02-01 2023-01-31 12432970 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 12432970 bus:Director1 2022-02-01 2023-01-31 12432970 bus:Director1 1 2022-02-01 2023-01-31 12432970 bus:Director2 2022-02-01 2023-01-31 12432970 bus:Director2 1 2022-02-01 2023-01-31 12432970 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-02-01 2023-01-31 12432970 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12432970 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 12432970 core:MotorVehicles 2022-02-01 2023-01-31 12432970 core:OfficeEquipment 2022-02-01 2023-01-31 12432970 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 12432970 core:PlantMachinery 2022-02-01 2023-01-31 12432970 countries:EnglandWales 2022-02-01 2023-01-31 12432970 2022-01-31 12432970 bus:Director1 1 2022-01-31 12432970 bus:Director2 1 2022-01-31 12432970 core:FurnitureFittingsToolsEquipment 2022-01-31 12432970 core:MotorVehicles 2022-01-31 12432970 core:OtherPropertyPlantEquipment 2022-01-31 12432970 2021-02-01 2022-01-31 12432970 2022-01-31 12432970 bus:Director1 1 2022-01-31 12432970 bus:Director2 1 2022-01-31 12432970 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-01-31 12432970 core:CurrentFinancialInstruments 2022-01-31 12432970 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 12432970 core:FurnitureFittingsToolsEquipment 2022-01-31 12432970 core:MotorVehicles 2022-01-31 12432970 core:OtherPropertyPlantEquipment 2022-01-31 12432970 bus:Director1 1 2021-02-01 2022-01-31 12432970 bus:Director2 1 2021-02-01 2022-01-31 12432970 bus:Director1 1 2021-01-31 12432970 bus:Director2 1 2021-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12432970

Lantern Gates and Barriers Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2023

 

Lantern Gates and Barriers Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 8

 

Lantern Gates and Barriers Ltd

(Registration number: 12432970)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

45,226

42,590

Current assets

 

Stocks

4

141,764

155,000

Debtors

5

92,956

94,488

Cash at bank and in hand

 

3,000

1,148

 

237,720

250,636

Prepayments and accrued income

 

14,448

2,752

Creditors: Amounts falling due within one year

(295,331)

(293,351)

Net current liabilities

 

(43,163)

(39,963)

Total assets less current liabilities

 

2,063

2,627

Provisions for liabilities

(2,044)

2,019

Accruals and deferred income

 

(760)

(717)

Net (liabilities)/assets

 

(741)

3,929

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

(743)

3,927

Shareholders' (deficit)/funds

 

(741)

3,929

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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Lantern Gates and Barriers Ltd

(Registration number: 12432970)
Abridged Balance Sheet as at 31 January 2023

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 director on 1 November 2023
 

.........................................
Mr Christopher Michael Cowley
Director

 

Lantern Gates and Barriers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 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 abridged 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 abridged 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.

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 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.

 

Lantern Gates and Barriers Ltd

Notes to the Unaudited Abridged 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

Plant and machinery

20% Reducing balance method

Motor vehicles

25% Reducing balance method

Office and computer equipment

33% Straight line basis

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.

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.

 

Lantern Gates and Barriers Ltd

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

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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 7).

 

Lantern Gates and Barriers Ltd

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

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

417

55,984

9,075

65,476

Additions

882

10,687

5,612

17,181

At 31 January 2023

1,299

66,671

14,687

82,657

Depreciation

At 1 February 2022

275

19,415

3,196

22,886

Charge for the year

433

11,814

2,298

14,545

At 31 January 2023

708

31,229

5,494

37,431

Carrying amount

At 31 January 2023

591

35,442

9,193

45,226

At 31 January 2022

142

36,569

5,879

42,590

4

Stocks

2023
£

2022
£

Work in progress

126,764

120,000

Other inventories

15,000

35,000

141,764

155,000

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         
 

Lantern Gates and Barriers Ltd

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

7

Related party transactions

 

Lantern Gates and Barriers Ltd

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

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 January 2023
£

Mr Christopher Michael Cowley

Directors loan

1

-

-

1

         
       

Mr Adam James Boulton

Directors loan

(6,856)

6,011

(37,448)

(38,293)

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 January 2022
£

Mr Christopher Michael Cowley

Directors loan

1

-

-

1

         
       

Mr Adam James Boulton

Directors loan

1

380

(7,237)

(6,856)