L4 Teamwear Ltd
Registered number: 12440856
Statement of Financial Position
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 4,000 6,000
Tangible assets 4 69,084 17,088
73,084 23,088
Current assets
Stocks 20,000 15,000
Debtors 5 93,438 124,178
Cash at bank and in hand 72,378 33,720
185,816 172,898
Creditors: amounts falling due within one year 6 (167,552) (131,170)
Net current assets 18,264 41,728
Total assets less current liabilities 91,348 64,816
Creditors: amounts falling due after more than one year 7 (21,051) -
Provisions for liabilities (13,126) (3,247)
Net assets 57,171 61,569
Capital and reserves
Called up share capital 100 100
Profit and loss account 57,071 61,469
Shareholders' funds 57,171 61,569
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Lamont
Director
Approved by the board on 17 November 2023
L4 Teamwear Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 5 year straight line
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 8 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 10,000
At 28 February 2023 10,000
Amortisation
At 1 March 2022 4,000
Provided during the year 2,000
At 28 February 2023 6,000
Net book value
At 28 February 2023 4,000
At 28 February 2022 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 23,342
Additions 66,080
Disposals (5,800)
At 28 February 2023 83,622
Depreciation
At 1 March 2022 6,254
Charge for the year 9,444
On disposals (1,160)
At 28 February 2023 14,538
Net book value
At 28 February 2023 69,084
At 28 February 2022 17,088
5 Debtors 2023 2022
£ £
Trade debtors 81,397 104,845
Prepayments 1,887 1,833
Other debtors 10,154 17,500
93,438 124,178
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 19,122 -
Trade creditors 107,193 72,597
Accruals 1,180 1,125
Corporation tax - 17,531
Other taxes and social security costs - 8,152
Other creditors 40,057 31,765
167,552 131,170
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 21,051 -
8 Other information
L4 Teamwear Ltd is a private company limited by shares and incorporated in England. Its registered office is:
84 Wakefords Park
Church Crookham
Hampshire
GU52 8EZ
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