1 August 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPNI0267642022-08-012023-07-31NI0267642023-07-31NI0267642022-07-31NI026764core:WithinOneYear2023-07-31NI026764core:WithinOneYear2022-07-31NI026764core:ShareCapital2023-07-31NI026764core:ShareCapital2022-07-31NI026764core:RetainedEarningsAccumulatedLosses2023-07-31NI026764core:RetainedEarningsAccumulatedLosses2022-07-31NI026764bus:Director12022-08-012023-07-31NI026764bus:RegisteredOffice2022-08-012023-07-31NI026764core:LandBuildings2022-08-012023-07-31NI026764core:PlantMachinery2022-08-012023-07-31NI026764core:FurnitureFittingsToolsEquipment2022-08-012023-07-31NI026764core:MotorVehicles2022-08-012023-07-31NI0267642021-08-012022-07-31NI026764core:LandBuildings2022-08-01NI026764core:PlantMachinery2022-08-01NI0267642022-08-01NI026764core:LandBuildings2023-07-31NI026764core:PlantMachinery2023-07-31NI026764core:PlantMachinery2022-07-31NI02676412022-08-012023-07-31NI026764countries:NorthernIreland2022-08-012023-07-31NI026764bus:AuditExempt-NoAccountantsReport2022-08-012023-07-31NI026764bus:PrivateLimitedCompanyLtd2022-08-012023-07-31NI026764bus:SmallEntities2022-08-012023-07-31NI026764bus:FullAccounts2022-08-012023-07-31
Company registration number:
NI026764
Lobill Water Conservation Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Lobill Water Conservation Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Lobill Water Conservation Limited
Year ended
31 July 2023
As described on the statement of financial position, the Board of Directors of
Lobill Water Conservation Limited
are responsible for the preparation of the
financial statements
for the year ended
31 July 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
MAP Chartered Accountants
137 Haypark Avenue
Belfast
BT7 3FG
United Kingdom
Lobill Water Conservation Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 5
40,464
 
29,299
 
Current assets    
Stocks
130,713
 
105,482
 
Debtors 6
277,317
 
289,034
 
Cash at bank and in hand
556,168
 
452,162
 
964,198
 
846,678
 
Creditors: amounts falling due within one year 7
(483,585
)
(361,027
)
Net current assets
480,613
 
485,651
 
Total assets less current liabilities 521,077   514,950  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
520,977
 
514,850
 
Shareholders funds
521,077
 
514,950
 
For the year ending
31 July 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
27 October 2023
, and are signed on behalf of the board by:
Mr Ashley Teague
Director
Company registration number:
NI026764
Lobill Water Conservation Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Unit 16 East Belfast Enterprise Park
,
308 Albertbridge Road
,
Belfast
,
BT5 4GX
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Straight line over 10 years
Plant and machinery
25% straight line
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% straight line

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
6
(2022:
6
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 August 2022
18,626
 
99,600
 
118,226
 
Additions -  
31,286
 
31,286
 
Disposals -  
(18,424
)
(18,424
)
At
31 July 2023
18,626
 
112,462
 
131,088
 
Depreciation      
At
1 August 2022
18,626
 
70,301
 
88,927
 
Charge -  
20,121
 
20,121
 
Disposals -  
(18,424
)
(18,424
)
At
31 July 2023
18,626
 
71,998
 
90,624
 
Carrying amount      
At
31 July 2023
-  
40,464
 
40,464
 
At 31 July 2022 -  
29,299
 
29,299
 

6 Debtors

20232022
££
Trade debtors
256,873
 
276,363
 
Other debtors
20,444
 
12,671
 
277,317
 
289,034
 

7 Creditors: amounts falling due within one year

20232022
££
Trade creditors
330,125
 
233,008
 
Taxation and social security
26,523
 
41,819
 
Other creditors
126,937
 
86,200
 
483,585
 
361,027