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COMPANY REGISTRATION NUMBER: 13753712
L C Edwards Limited
Filleted Unaudited Financial Statements
31 March 2023
L C Edwards Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
41,139
29,360
Current assets
Debtors
6
79,026
60,934
Cash at bank and in hand
11,066
53,321
--------
---------
90,092
114,255
Creditors: amounts falling due within one year
7
25,866
20,427
--------
---------
Net current assets
64,226
93,828
---------
---------
Total assets less current liabilities
105,365
123,188
Creditors: amounts falling due after more than one year
8
52,677
71,628
Provisions
35,526
36,160
---------
---------
Net assets
17,162
15,400
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
14,735
14,735
Profit and loss account
2,327
565
--------
--------
Shareholders funds
17,162
15,400
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
L C Edwards Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr L C Edwards
Director
Company registration number: 13753712
L C Edwards Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Vale Street, Denbigh, Denbighshire, LL16 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
5,878
1,760
23,983
409
32,030
Additions
226
25,000
266
25,492
-------
-------
--------
----
--------
At 31 March 2023
6,104
1,760
48,983
675
57,522
-------
-------
--------
----
--------
Depreciation
At 1 April 2022
490
147
1,999
34
2,670
Charge for the year
1,404
403
11,746
160
13,713
-------
-------
--------
----
--------
At 31 March 2023
1,894
550
13,745
194
16,383
-------
-------
--------
----
--------
Carrying amount
At 31 March 2023
4,210
1,210
35,238
481
41,139
-------
-------
--------
----
--------
At 31 March 2022
5,388
1,613
21,984
375
29,360
-------
-------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
49,557
50,051
Other debtors
29,469
10,883
--------
--------
79,026
60,934
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,541
1,817
Trade creditors
16,583
7,895
Corporation tax
5,686
4,269
Social security and other taxes
556
4,171
Other creditors
1,500
2,275
--------
--------
25,866
20,427
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,389
42,094
Other creditors
20,288
29,534
--------
--------
52,677
71,628
--------
--------
9. Directors' advances, credits and guarantees
No advances, credits or warranties were given to the Directors during the current financial period.