Registered number
10017214
LDI Decorating Limited
Filleted Accounts
28 February 2023
LDI Decorating Limited
Registered number: 10017214
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,127 7,658
Current assets
Stocks 5,775 5,920
Debtors 4 13,036 15,387
Cash at bank and in hand 21,763 24,211
40,574 45,518
Creditors: amounts falling due within one year 5 (35,266) (32,599)
Net current assets 5,308 12,919
Total assets less current liabilities 11,435 20,577
Creditors: amounts falling due after more than one year 6 (9,987) (20,394)
Net assets 1,448 183
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,447 182
Shareholder's funds 1,448 183
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.
L Illman
Director
Approved by the board on 26 June 2023
LDI Decorating Limited
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, 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 54 20,492 20,546
At 28 February 2023 54 20,492 20,546
Depreciation
At 1 March 2022 54 12,834 12,888
Charge for the year - 1,531 1,531
At 28 February 2023 54 14,365 14,419
Net book value
At 28 February 2023 - 6,127 6,127
At 28 February 2022 - 7,658 7,658
4 Debtors 2023 2022
£ £
Trade debtors 7,700 8,112
Other debtors 5,336 7,275
13,036 15,387
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,412 5,640
Obligations under finance lease and hire purchase contracts 3,100 3,904
Trade creditors 1,963 1,902
Taxation and social security costs 17,717 19,901
Other creditors 5,074 1,252
35,266 32,599
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,987 18,098
Obligations under finance lease and hire purchase contracts - 2,296
9,987 20,394
7 Controlling party
The company considers the director to be its controlling party.
8 Other information
LDI Decorating Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cottage
2 Castlefield Road
Reigate
Surrey
RH2 0SH
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