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Lazenbys Financial Services Limited

Registered Number
08241393
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Lazenbys Financial Services Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

A Lazenby
D Lazenby

Registered Address

First Floor, Stable Mews Beechwood Estate
Roundhay
Leeds
LS8 2LQ

Registered Number

08241393 (England and Wales)
Lazenbys Financial Services Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets7-334
Tangible assets88,0625,909
Investments917,81756,350
25,87962,593
Current assets
Stocks118,250-
Debtors1222,2535,190
Cash at bank and on hand21,8654,131
52,3689,321
Creditors amounts falling due within one year13(45,087)(33,288)
Net current assets (liabilities)7,281(23,967)
Total assets less current liabilities33,16038,626
Creditors amounts falling due after one year14(10,500)(16,500)
Provisions for liabilities15(1,730)(1,186)
Net assets20,93020,940
Capital and reserves
Called up share capital10,00010,000
Profit and loss account10,93010,940
Shareholders' funds20,93020,940
The financial statements were approved and authorised for issue by the Board of Directors on 15 November 2023, and are signed on its behalf by:
A Lazenby
Director
Registered Company No. 08241393
Lazenbys Financial Services Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is financial services.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings4
Office Equipment4
Intangible assets policy
Intangible assets include website costs which are amortised over 3 years.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Deferred tax policy
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.
Government grants and other government assistance policy
Grants relating to revenue are recognised in the profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Investments policy
Fixed asset investments and listed investments are measured at fair value where the difference between cost and fair value is material. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year44
7.Intangible assets
Intangible assets include website costs which are amortised over 3 years.

Other

Total

££
Cost or valuation
At 01 November 223,0003,000
At 31 October 233,0003,000
Amortisation and impairment
At 01 November 222,6662,666
Charge for year334334
At 31 October 233,0003,000
Net book value
At 31 October 23--
At 31 October 22334334
8.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 November 2210,4836,67717,160
Additions5,414-5,414
At 31 October 2315,8976,67722,574
Depreciation and impairment
At 01 November 225,4345,81711,251
Charge for year2,4338283,261
At 31 October 237,8676,64514,512
Net book value
At 31 October 238,030328,062
At 31 October 225,0498605,909
9.Fixed asset investments
Other investments as detailed below comprise UK gold coins and a listed general investment account (GIA).

Other investments1

Total

££
Cost or valuation
At 01 November 2256,35056,350
Revaluations367367
Disposals(38,900)(38,900)
At 31 October 2317,81717,817
Net book value
At 31 October 2317,81717,817
At 31 October 2256,35056,350

Notes

1Other investments other than loans
10.Description of financial commitments other than capital commitments
The total amount of financial commitments not included in the balance sheet is £62,700 (2022 - £9,500). This commitment represents total office rental payments over the remaining 5 year lease term.
11.Stocks

2023

2022

££
Work in progress8,250-
Total8,250-
12.Debtors

2023

2022

££
Trade debtors / trade receivables15,000-
Prepayments and accrued income7,2535,190
Total22,2535,190
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
13.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts6,0006,000
Amounts owed to related parties94
Taxation and social security24,94426,076
Payments received on account12,886-
Other creditors400364
Accrued liabilities and deferred income848844
Total45,08733,288
Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £6,000 (2022 £6,000) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in July 2026. The overall carrying value of the loan as at the year-end is £16,500 (2022 £22,500).
14.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts10,50016,500
Total10,50016,500
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. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £10,500 (2022 £16,500) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in July 2026. The overall carrying value of the loan as at the year-end is £16,500 (2022 £22,500).
15.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)1,7301,186
Total1,7301,186