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COMPANY REGISTRATION NUMBER: 02606189
Lenton Electrical Supplies Limited
Filleted Unaudited Financial Statements
31 August 2023
Lenton Electrical Supplies Limited
Financial Statements
Year ended 31 August 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Lenton Electrical Supplies Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
43,692
26,698
Current assets
Stocks
106,505
100,096
Debtors
6
558,451
267,015
Cash at bank and in hand
266,795
334,048
---------
---------
931,751
701,159
Creditors: amounts falling due within one year
7
669,521
440,911
---------
---------
Net current assets
262,230
260,248
---------
---------
Total assets less current liabilities
305,922
286,946
Provisions
Taxation including deferred tax
8,802
4,717
---------
---------
Net assets
297,120
282,229
---------
---------
Capital and reserves
Called up share capital
3
3
Profit and loss account
297,117
282,226
---------
---------
Shareholders funds
297,120
282,229
---------
---------
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.
For the year ending 31 August 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 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 .
Lenton Electrical Supplies Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr MJ Boothright
Director
Company registration number: 02606189
Lenton Electrical Supplies Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Lamorna Court, 43 Wollaton Road, Beeston, Nottingham, NG9 2NG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent 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:
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% reducing balance
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 stock to its present location and condition.
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Fixtures, fittings and equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2022
67,013
16,217
44,603
127,833
Additions
28,909
28,909
--------
--------
--------
---------
At 31 August 2023
67,013
45,126
44,603
156,742
--------
--------
--------
---------
Depreciation
At 1 September 2022
55,322
9,375
36,438
101,135
Charge for the year
1,753
8,938
1,224
11,915
--------
--------
--------
---------
At 31 August 2023
57,075
18,313
37,662
113,050
--------
--------
--------
---------
Carrying amount
At 31 August 2023
9,938
26,813
6,941
43,692
--------
--------
--------
---------
At 31 August 2022
11,691
6,842
8,165
26,698
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
555,543
263,223
Other debtors
2,908
3,792
---------
---------
558,451
267,015
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,200
Trade creditors
472,596
264,992
Social security and other taxes
51,736
37,531
Other creditors
145,189
127,188
---------
---------
669,521
440,911
---------
---------