Registered number
08052853
LB Ducting Services Limited
Filleted Accounts
31 May 2023
LB Ducting Services Limited
Registered number: 08052853
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 44,616 45,380
Current assets
Debtors 4 144,284 114,830
Cash at bank and in hand 54,246 44,942
198,530 159,772
Creditors: amounts falling due within one year 5 (104,994) (81,482)
Net current assets 93,536 78,290
Total assets less current liabilities 138,152 123,670
Creditors: amounts falling due after more than one year 6 (20,838) (26,201)
Net assets 117,314 97,469
Capital and reserves
Called up share capital 300 300
Share premium 39,900 39,900
Profit and loss account 77,114 57,269
Shareholders' funds 117,314 97,469
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr Lee Bailey
Director
Approved by the board on 14 January 2024
LB Ducting Services Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
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:
Plant and machinery 25% reducing balance
Motor vehicles 20% reducing balance
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 7,841 57,394 65,235
Additions - 9,394 9,394
At 31 May 2023 7,841 66,788 74,629
Depreciation
At 1 June 2022 6,588 13,267 19,855
Charge for the year 550 9,608 10,158
At 31 May 2023 7,138 22,875 30,013
Net book value
At 31 May 2023 703 43,913 44,616
At 31 May 2022 1,253 44,127 45,380
4 Debtors 2023 2022
£ £
Trade debtors 144,284 114,830
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 12,859 8,612
Taxation and social security costs 62,295 36,152
Other creditors 29,840 36,718
104,994 81,482
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 20,838 26,201
7 Other information
LB Ducting Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Chestnut Avenue
Swindon
Wiltshire
SN2 1SN
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