Registered number
11579946
LANARK RESOURCES LTD
Filleted Accounts
30 September 2023
LANARK RESOURCES LTD
Registered number: 11579946
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 252 157
Tangible assets 4 - 39
252 196
Current assets
Stocks 331,581 354,302
Debtors 5 394,742 413,901
Cash at bank and in hand 31,939 113,559
758,262 881,762
Creditors: amounts falling due within one year 6 (117,439) (242,426)
Net Current Assets 640,823 639,336
Total assets less current liabilities 641,075 639,532
Creditors: amounts falling due after more than one year 7 (621,135) (613,469)
Net Assets 19,940 26,063
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,939 26,062
Shareholder's funds 19,940 26,063
-
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered 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.
M Okay
Director
Approved by the board on 17 November 2023
LANARK RESOURCES LTD
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
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).
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:
Office equipment over 3 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks 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 (which is usually the invoice 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 (which is usually the invoice 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Trademarks
Cost
At 1 October 2022 175
Additions 125
At 30 September 2023 300
Amortisation
At 1 October 2022 18
Provided during the year 30
At 30 September 2023 48
Net book value
At 30 September 2023 252
At 30 September 2022 107
Trademark costs are being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 123
At 30 September 2023 123
Depreciation
At 1 October 2022 84
Charge for the year 39
At 30 September 2023 123
Net book value
At 30 September 2023 -
At 30 September 2022 39
5 Debtors 2023 2022
£ £
Trade debtors - 10,967
Other debtors 394,742 402,934
394,742 413,901
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,492 27,605
Taxation and social security costs 5,861 25,697
Other creditors 93,086 189,124
117,439 242,426
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 621,135 613,469
8 Related party transactions
At the balance sheet date, an amount of £58,890 (2022: £116.379) was due to the director. No interest is charged on this loan.
9 Controlling party
The ultimate controlling party is M Okay, the director.
10 Other information
LANARK RESOURCES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Building 3, North London Business Park
Oakleigh Road South
New Southgate
London
N11 1GN
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