25
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false
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false
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No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
2,614
2,614
xbrli:pure
xbrli:shares
iso4217:GBP
04473417
2022-08-01
2023-07-31
04473417
2023-07-31
04473417
2022-07-31
04473417
2021-08-01
2022-07-31
04473417
2022-07-31
04473417
core:LandBuildings
core:LongLeaseholdAssets
2022-08-01
2023-07-31
04473417
core:FurnitureFittings
2022-08-01
2023-07-31
04473417
bus:Director2
2022-08-01
2023-07-31
04473417
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-07-31
04473417
core:LandBuildings
2022-07-31
04473417
core:FurnitureFittings
2022-07-31
04473417
core:LandBuildings
2023-07-31
04473417
core:FurnitureFittings
2023-07-31
04473417
core:WithinOneYear
2023-07-31
04473417
core:WithinOneYear
2022-07-31
04473417
core:AfterOneYear
2023-07-31
04473417
core:AfterOneYear
2022-07-31
04473417
core:ShareCapital
2023-07-31
04473417
core:ShareCapital
2022-07-31
04473417
core:RetainedEarningsAccumulatedLosses
2023-07-31
04473417
core:RetainedEarningsAccumulatedLosses
2022-07-31
04473417
core:FurnitureFittings
2022-07-31
04473417
bus:SmallEntities
2022-08-01
2023-07-31
04473417
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
04473417
bus:FullAccounts
2022-08-01
2023-07-31
04473417
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
04473417
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
04473417
core:PlantMachinery
2022-08-01
2023-07-31
04473417
core:PlantMachinery
2023-07-31
04473417
core:PlantMachinery
2022-07-31
COMPANY REGISTRATION NUMBER:
04473417
LS ELECTRONICS GROUP LIMITED |
|
Filleted Unaudited Financial Statements |
|
LS ELECTRONICS GROUP LIMITED |
|
Statement of Financial Position |
|
31 July 2023
Fixed assets
Tangible assets |
6 |
|
63,868 |
75,139 |
|
|
|
|
|
Current assets
Stocks |
287,380 |
|
217,475 |
Debtors |
7 |
380,730 |
|
451,750 |
Cash at bank and in hand |
25,157 |
|
42,933 |
|
--------- |
|
--------- |
|
693,267 |
|
712,158 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
334,870 |
|
486,585 |
|
--------- |
|
--------- |
Net current assets |
|
358,397 |
225,573 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
422,265 |
300,712 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
133,333 |
183,333 |
|
|
--------- |
--------- |
Net assets |
|
288,932 |
117,379 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
2 |
2 |
Profit and loss account |
|
288,930 |
117,377 |
|
|
--------- |
--------- |
Shareholders funds |
|
288,932 |
117,379 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings has not been delivered.
For the period ending 31st July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
LS ELECTRONICS GROUP LIMITED |
|
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
4 October 2023
, and are signed on behalf of the board by:
Company registration number:
04473417
LS ELECTRONICS GROUP LIMITED |
|
Notes to the Financial Statements |
|
Period ended 31st July 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 Meadowbank Court, Eastwood, NOTTINGHAM, NG16 3SL.
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.
The company has taken advantage of exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 248 of the Companies Act 1985 not to produce group accounts.
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
|
Leasehold property |
- |
33% straight line |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Equipment |
- |
15% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
25
(2022:
25
).
5.
Intangible assets
|
Development costs |
|
£ |
Cost |
|
At 1st August 2022 and 31st July 2023 |
2,614 |
|
------- |
Amortisation |
|
At 1st August 2022 and 31st July 2023 |
2,614 |
|
------- |
Carrying amount |
|
At 31st July 2023 |
– |
|
------- |
At 31st July 2022 |
– |
|
------- |
|
|
6.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1st August 2022 and 31st July 2023 |
14,940 |
54,154 |
128,208 |
197,302 |
|
-------- |
-------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1st August 2022 |
14,940 |
43,081 |
64,142 |
122,163 |
Charge for the period |
– |
1,661 |
9,610 |
11,271 |
|
-------- |
-------- |
--------- |
--------- |
At 31st July 2023 |
14,940 |
44,742 |
73,752 |
133,434 |
|
-------- |
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 31st July 2023 |
– |
9,412 |
54,456 |
63,868 |
|
-------- |
-------- |
--------- |
--------- |
At 31st July 2022 |
– |
11,073 |
64,066 |
75,139 |
|
-------- |
-------- |
--------- |
--------- |
|
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
365,635 |
399,581 |
Other debtors |
15,095 |
52,169 |
|
--------- |
--------- |
|
380,730 |
451,750 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
50,000 |
50,000 |
Trade creditors |
137,784 |
195,187 |
Corporation tax |
77,946 |
29,495 |
Social security and other taxes |
64,666 |
59,053 |
Other creditors |
4,474 |
152,850 |
|
--------- |
--------- |
|
334,870 |
486,585 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
133,333 |
183,333 |
|
--------- |
--------- |
|
|
|
10.
Charges on assets
Included in trade creditors due within one year are secured liabilities of £183,333 (2022: £379,745).
11.
Director's advances, credits and guarantees
During the year the Director, used a current account to record amounts due to him and drawn by him. The amount owed by the company at the end of the year was £4,674 (2022: £37,074 owed to the company).