13 false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 11,235 4,753 2,247 7,000 4,235 6,482 13,706 13,706 xbrli:pure xbrli:shares iso4217:GBP 02253537 2022-10-01 2023-09-30 02253537 2023-09-30 02253537 2022-09-30 02253537 2021-10-01 2022-09-30 02253537 2022-09-30 02253537 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-01 2023-09-30 02253537 core:LandBuildings core:LongLeaseholdAssets 2022-10-01 2023-09-30 02253537 core:PlantMachinery 2022-10-01 2023-09-30 02253537 core:FurnitureFittings 2022-10-01 2023-09-30 02253537 core:MotorVehicles 2022-10-01 2023-09-30 02253537 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 02253537 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 02253537 bus:OrdinaryShareClass3 2022-10-01 2023-09-30 02253537 bus:Director1 2022-10-01 2023-09-30 02253537 bus:Director2 2022-10-01 2023-09-30 02253537 core:WithinOneYear 2023-09-30 02253537 core:WithinOneYear 2022-09-30 02253537 core:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 02253537 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 02253537 core:LandBuildings 2022-09-30 02253537 core:PlantMachinery 2022-09-30 02253537 core:FurnitureFittings 2022-09-30 02253537 core:MotorVehicles 2022-09-30 02253537 core:LandBuildings 2023-09-30 02253537 core:PlantMachinery 2023-09-30 02253537 core:FurnitureFittings 2023-09-30 02253537 core:MotorVehicles 2023-09-30 02253537 core:DeferredTaxation 2022-10-01 2023-09-30 02253537 core:LandBuildings 2022-10-01 2023-09-30 02253537 core:ShareCapital 2023-09-30 02253537 core:ShareCapital 2022-09-30 02253537 core:RetainedEarningsAccumulatedLosses 2023-09-30 02253537 core:RetainedEarningsAccumulatedLosses 2022-09-30 02253537 core:BetweenOneFiveYears 2023-09-30 02253537 core:BetweenOneFiveYears 2022-09-30 02253537 core:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 02253537 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02253537 core:LandBuildings 2022-09-30 02253537 core:PlantMachinery 2022-09-30 02253537 core:FurnitureFittings 2022-09-30 02253537 core:MotorVehicles 2022-09-30 02253537 core:DeferredTaxation 2023-09-30 02253537 bus:SmallEntities 2022-10-01 2023-09-30 02253537 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 02253537 bus:FullAccounts 2022-10-01 2023-09-30 02253537 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 02253537 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 02253537 bus:OrdinaryShareClass1 2023-09-30 02253537 bus:OrdinaryShareClass1 2022-09-30 02253537 bus:OrdinaryShareClass2 2023-09-30 02253537 bus:OrdinaryShareClass3 2023-09-30 02253537 bus:AllOrdinaryShares 2023-09-30 02253537 bus:AllOrdinaryShares 2022-09-30 02253537 core:ComputerEquipment 2022-10-01 2023-09-30 02253537 core:ComputerEquipment 2022-09-30 02253537 core:ComputerEquipment 2023-09-30 02253537 1 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: 02253537
LANCEREAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
LANCEREAL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 9
LANCEREAL LIMITED
BALANCE SHEET
30 September 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
4,235
6,482
Tangible assets
6
80,833
240,682
-------------
-------------
85,068
247,164
Current assets
Stocks
7
1,865,289
1,354,527
Debtors
8
1,257,262
2,188,928
Cash at bank and in hand
1,766,652
444,528
-------------
-------------
4,889,203
3,987,983
Creditors: amounts falling due within one year
9
( 1,110,774)
( 1,337,874)
-------------
-------------
Net current assets
3,778,429
2,650,109
-------------
-------------
Total assets less current liabilities
3,863,497
2,897,273
Provisions
Taxation including deferred tax
10
( 13,706)
-------------
-------------
Net assets
3,849,791
2,897,273
-------------
-------------
Capital and reserves
Called up share capital
12
1,112
1,000
Profit and loss account
3,848,679
2,896,273
-------------
-------------
Shareholders funds
3,849,791
2,897,273
-------------
-------------
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 profit and loss account has not been delivered.
For the year ending 30 September 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 .
LANCEREAL LIMITED
BALANCE SHEET (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 8 January 2024 , and are signed on behalf of the board by:
N Hampson
D M Hampson
Director
Director
Company registration number: 02253537
LANCEREAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 02253537 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The company's principal trading address is Springfield Mills, Penistone Road, Kirkburton, Huddersfield, HD8 0PE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of goods sold and services provided, net of discounts and of value added tax.
Taxation
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.
Foreign currencies
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Any differences are taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicle
-
25% straight line
Computer equipment
-
20% straight line
Impairment of fixed assets
In the year of acquisition tangible fixed assets are depreciated from 1 October.
Stocks
Stocks are stated at the lower of cost and net realisable value.
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 balance sheet 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 October 2022 and 30 September 2023
11,235
-------------
Amortisation
At 1 October 2022
4,753
Charge for the year
2,247
-------------
At 30 September 2023
7,000
-------------
Carrying amount
At 30 September 2023
4,235
-------------
At 30 September 2022
6,482
-------------
6. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicle
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
321,440
149,049
54,729
20,600
54,019
599,837
Additions
8,289
3,042
3,006
14,337
Disposals
( 221,051)
( 221,051)
-------------
-------------
-------------
-------------
-------------
-------------
At 30 Sep 2023
100,389
157,338
57,771
20,600
57,025
393,123
-------------
-------------
-------------
-------------
-------------
-------------
Depreciation
At 1 Oct 2022
164,979
109,138
39,880
2,146
43,012
359,155
Charge for the year
5,444
12,850
5,073
5,150
4,672
33,189
Disposals
( 80,054)
( 80,054)
-------------
-------------
-------------
-------------
-------------
-------------
At 30 Sep 2023
90,369
121,988
44,953
7,296
47,684
312,290
-------------
-------------
-------------
-------------
-------------
-------------
Carrying amount
At 30 Sep 2023
10,020
35,350
12,818
13,304
9,341
80,833
-------------
-------------
-------------
-------------
-------------
-------------
At 30 Sep 2022
156,461
39,911
14,849
18,454
11,007
240,682
-------------
-------------
-------------
-------------
-------------
-------------
7. Stocks
2023
2022
£
£
Goods for resale and consumables
1,654,242
1,063,340
Work in progress
211,047
291,187
-------------
-------------
1,865,289
1,354,527
-------------
-------------
8. Debtors
2023
2022
£
£
Trade debtors
1,123,993
1,875,941
Prepayments and accrued income
73,334
33,351
Directors loan account
132,299
Other debtors
59,935
147,337
-------------
-------------
1,257,262
2,188,928
-------------
-------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
693,140
1,130,125
Accruals and deferred income
68,773
69,454
Corporation tax
288,208
126,594
Social security and other taxes
60,653
11,701
-------------
-------------
1,110,774
1,337,874
-------------
-------------
10. Provisions
Deferred tax (note 11)
£
At 1 October 2022
Additions
13,706
-------------
At 30 September 2023
13,706
-------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 10)
13,706
-------------
-------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
13,706
-------------
-------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
A Ordinary shares of £ 1 each
56
56
B Ordinary shares of £ 1 each
56
56
-------------
-------------
-------------
-------------
1,112
1,112
1,000
1,000
-------------
-------------
-------------
-------------
On 23 February 2023 56 A Ordinary and 56 B Ordinary shares were issued at par for cash.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
18,786
32,611
-------------
-------------
14. Directors' advances, credits and guarantees
The directors' loan account included in debtors £nil (2022: £132,299) was unsecured and and beared interest at 2% per annum.
15. Related party transactions
The company is renting premises owned by pension schemes of which N Hampson and D M Hampson are the beneficiaries. The rent charge for the year was £62,680 (2022: £45,501).
16. Controlling party
The company is controlled by N Hampson and D Hampson.