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Company registration number: 05467056
LBH Accountancy Services Limited
Unaudited filleted financial statements
31 May 2023
LBH Accountancy Services Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
LBH Accountancy Services Limited
Directors and other information
Directors R Hamer
A Hamer
Secretary A Hamer
Company number 05467056
Registered office Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Business address Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers National Westminster Bank Plc
Waterside House
Waterside Drive
Wigan
WN3 5AZ
LBH Accountancy Services Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 600,000 600,000
Tangible assets 7 13,888 18,447
_______ _______
613,888 618,447
Current assets
Debtors 8 278,638 247,552
Cash at bank and in hand 451,506 386,240
_______ _______
730,144 633,792
Creditors: amounts falling due
within one year 9 ( 306,811) ( 289,147)
_______ _______
Net current assets 423,333 344,645
_______ _______
Total assets less current liabilities 1,037,221 963,092
Creditors: amounts falling due
after more than one year 10 ( 197,840) ( 177,433)
Provisions for liabilities 11 ( 2,639) ( 3,476)
_______ _______
Net assets 836,742 782,183
_______ _______
Capital and reserves
Called up share capital 13 5,400 5,400
Capital redemption reserve 2,000 2,000
Profit and loss account 829,342 774,783
_______ _______
Shareholders funds 836,742 782,183
_______ _______
For the year ending 31 May 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 02 February 2024 , and are signed on behalf of the board by:
R Hamer
Director
Company registration number: 05467056
LBH Accountancy Services Limited
Notes to the financial statements
Year ended 31 May 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 Craven House, 32 Lee Lane, Horwich, Bolton, BL6 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of fees receivable from accountancy services provided and from commissions receivable during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid 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. Deferred tax is measured using the tax rates and laws that have been enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. The accounting policy departs from the requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is the amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £60,000 and the profit for the year reduced accordingly.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures, fittings and equipment - 20 % reducing balance
Motor vehicle - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, 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.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 23 ).
5. Tax on profit/loss
Major components of tax expense/income
2023 2022
£ £
Current tax:
UK current tax expense 12,662 -
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 837) ( 2,651)
_______ _______
Tax on profit/loss 11,825 ( 2,651)
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2022 and 31 May 2023 600,000 600,000
_______ _______
Amortisation
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 600,000 600,000
_______ _______
At 31 May 2022 600,000 600,000
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicle Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 13,060 32,969 46,029
_______ _______ _______
Depreciation
At 1 June 2022 11,999 15,583 27,582
Charge for the year 212 4,347 4,559
_______ _______ _______
At 31 May 2023 12,211 19,930 32,141
_______ _______ _______
Carrying amount
At 31 May 2023 849 13,039 13,888
_______ _______ _______
At 31 May 2022 1,061 17,386 18,447
_______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 271,483 236,461
Other debtors 7,155 11,091
_______ _______
278,638 247,552
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 60,825 63,135
Trade creditors 9,982 12,617
Corporation tax 12,662 -
Social security and other taxes 97,998 91,619
Other creditors 125,344 121,776
_______ _______
306,811 289,147
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 20,723 30,624
Other creditors 177,117 146,809
_______ _______
197,840 177,433
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 June 2022 3,476 3,476
Charges against provisions ( 837) ( 837)
_______ _______
At 31 May 2023 2,639 2,639
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 11) 2,639 3,476
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 2,639 4,889
Unused tax losses - ( 1,413)
_______ _______
2,639 3,476
_______ _______
13. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary A shares of £ 1.00 each 3,520 3,520 3,520 3,520
Ordinary B shares of £ 1.00 each 1,880 1,880 1,880 1,880
_______ _______ _______ _______
5,400 5,400 5,400 5,400
_______ _______ _______ _______
14. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,650 3,636
Later than 1 year and not later than 5 years 11,864 -
_______ _______
15,514 3,636
_______ _______