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No description of principal activities is disclosed
2022-04-01
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Company registration number:
SC442199
Lamberts (Fife) Limited
Unaudited filleted financial statements
31 March 2023
Lamberts (Fife) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Lamberts (Fife) Limited
Directors and other information
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Directors |
Alan Lambert |
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Niall Lambert |
(Appointed 13 July 2022) |
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Company number |
SC442199 |
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Registered office |
58 Unicorn Way, Kingdom Centre |
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Glenrothes |
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Fife |
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KY7 5NU |
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Accountants |
Paterson Boyd & Co |
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Chartered Certified Accountants |
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18 North Street |
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Glenrothes |
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Fife |
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KY7 5NA |
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Bankers |
Clydesdale Bank |
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2 Falkland Gate |
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Glenrothes |
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Fife |
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KY7 5NS |
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Lamberts (Fife) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Lamberts (Fife) Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lamberts (Fife) Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Lamberts (Fife) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lamberts (Fife) Limited and state those matters that we have agreed to state to the board of directors of Lamberts (Fife) Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lamberts (Fife) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lamberts (Fife) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lamberts (Fife) Limited. You consider that Lamberts (Fife) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lamberts (Fife) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Certified Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
18 October 2023
Lamberts (Fife) Limited
Statement of financial position
31 March 2023
|
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2023 |
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2022 |
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
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|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
15,000 |
|
|
Tangible assets |
|
6 |
69,952 |
|
|
|
75,821 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
69,952 |
|
|
|
90,821 |
|
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|
|
|
|
|
|
|
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Current assets |
|
|
|
|
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Stocks |
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4,000 |
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|
3,800 |
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Debtors |
|
7 |
2,435 |
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|
|
3,025 |
|
|
Cash at bank and in hand |
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|
117,751 |
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|
151,584 |
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|
|
|
|
_______ |
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|
_______ |
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124,186 |
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|
|
158,409 |
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Creditors: amounts falling due |
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|
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|
within one year |
|
8 |
(
20,004) |
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|
|
(
49,263) |
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|
|
|
|
_______ |
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|
|
_______ |
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Net current assets |
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|
104,182 |
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|
109,146 |
|
|
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|
_______ |
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|
_______ |
Total assets less current liabilities |
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174,134 |
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199,967 |
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Provisions for liabilities |
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|
(
13,016) |
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(
13,283) |
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|
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|
_______ |
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_______ |
Net assets |
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161,118 |
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186,684 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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|
161,117 |
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186,683 |
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|
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_______ |
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_______ |
Shareholder funds |
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161,118 |
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186,684 |
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_______ |
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_______ |
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2023
, and are signed on behalf of the board by:
Alan Lambert
Director
Company registration number:
SC442199
Lamberts (Fife) Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 58 Unicorn Way, Kingdom Centre, Glenrothes, Fife, KY7 5NU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Goodwill |
- |
10 % |
straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt 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:
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Long leasehold property |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Computer equipment |
- |
33.33 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Impairment
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 are 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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
25
(2022:
25
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
150,000 |
150,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2022 |
135,000 |
135,000 |
|
|
|
|
|
Charge for the year |
15,000 |
15,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
150,000 |
150,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 |
15,000 |
15,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Fixtures, fittings and equipment |
Computer Equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
31,116 |
187,234 |
504 |
218,854 |
|
|
|
|
Additions |
- |
15,394 |
449 |
15,843 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
31,116 |
202,628 |
953 |
234,697 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
26,967 |
115,562 |
504 |
143,033 |
|
|
|
|
Charge for the year |
4,149 |
17,413 |
150 |
21,712 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
31,116 |
132,975 |
654 |
164,745 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
- |
69,653 |
299 |
69,952 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
4,149 |
71,672 |
- |
75,821 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
2,435 |
3,025 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
294 |
345 |
|
Corporation tax |
|
1,793 |
23,483 |
|
Social security and other taxes |
|
13,237 |
12,812 |
|
Other creditors |
|
4,680 |
12,623 |
|
|
|
_______ |
_______ |
|
|
|
20,004 |
49,263 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
47,500 |
47,500 |
Later than 1 year and not later than 5 years |
148,438 |
190,000 |
Later than 5 years |
- |
59,375 |
|
_______ |
_______ |
|
195,938 |
296,875 |
|
_______ |
_______ |
|
|
|
10.
Related party transactions
Included in Other Creditors is an amount of £43 (2022: £9,323) due to the director from the company. This loan is interest free and has no fixed terms of repayment.