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Registration number: 12448451

A Lucre Musket Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

A Lucre Musket Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

A Lucre Musket Ltd

Company Information

Directors

S P Tucker

V G Tucker

Registered office

Unit A 1-4
Anglo Trading Estate
Shepton Mallet
Somerset
BA4 5BY

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

A Lucre Musket Ltd

(Registration number: 12448451)
Balance Sheet
28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,127

12,644

Current assets

 

Stocks

5

53,681

108,723

Debtors

6

42,921

63,870

Cash at bank and in hand

 

224,022

282,087

 

320,624

454,680

Creditors: Amounts falling due within one year

7

(33,779)

(80,140)

Net current assets

 

286,845

374,540

Net assets

 

306,972

387,184

Capital and reserves

 

Called up share capital

100

100

Retained earnings

306,872

387,084

Shareholders' funds

 

306,972

387,184

 

A Lucre Musket Ltd

(Registration number: 12448451)
Balance Sheet
28 February 2023

For the financial year ending 28 February 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
S P Tucker
Director

.........................................
V G Tucker
Director

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A 1-4
Anglo Trading Estate
Shepton Mallet
Somerset
BA4 5BY

These financial statements were authorised for issue by the Board on 15 November 2023.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities and is shown value added tax,

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.

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 corporation 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.

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

Office Equipment

10% per annum straight line

Computer Equipment

25% per annum straight line

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.

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

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. 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.

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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 4).

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

11,844

6,457

18,301

Additions

4,628

8,045

12,673

At 28 February 2023

16,472

14,502

30,974

Depreciation

At 1 March 2022

4,682

975

5,657

Charge for the year

4,120

1,070

5,190

At 28 February 2023

8,802

2,045

10,847

Carrying amount

At 28 February 2023

7,670

12,457

20,127

At 28 February 2022

7,162

5,482

12,644

5

Stocks

2023
£

2022
£

Other inventories

53,681

108,723

6

Debtors

2023
£

2022
£

Trade debtors

40,095

39,923

Other debtors

2,826

23,947

42,921

63,870

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

18,761

35,410

Taxation and social security

10,919

41,221

Other creditors

4,099

3,509

33,779

80,140