Company Registration No. 04792286 (England and Wales)
THE LIMO PEOPLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
THE LIMO PEOPLE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
THE LIMO PEOPLE LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr R Parker
Secretary
Mr R Parker
Company number
04792286
Registered office
50a Symondscliffe Way
Severn Bridge Industrial Estate
Caldicot
Gwent
NP26 5PW
Accountants
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
THE LIMO PEOPLE LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,073
12,783
Current assets
Debtors
4
16,588
16,148
Cash at bank and in hand
1,796
7,718
18,384
23,866
Creditors: amounts falling due within one year
5
(50,457)
(79,999)
Net current liabilities
(32,073)
(56,133)
Total assets less current liabilities
(22,000)
(43,350)
Provisions for liabilities
(1,914)
Net liabilities
(23,914)
(43,350)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(23,916)
(43,352)
Total equity
(23,914)
(43,350)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE LIMO PEOPLE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 March 2024
Mr R Parker
Director
Company Registration No. 04792286
The notes on pages 5 to 8 form part of these financial statements
THE LIMO PEOPLE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
2
(20,229)
(20,227)
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
(23,123)
(23,123)
Balance at 30 June 2022
2
(43,352)
(43,350)
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
19,436
19,436
Balance at 30 June 2023
2
(23,916)
(23,914)
The notes on pages 5 to 8 form part of these financial statements
THE LIMO PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information
The Limo People Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50a Symondscliffe Way, Severn Bridge Industrial Estate, Caldicot, Gwent, NP26 5PW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE LIMO PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE LIMO PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
THE LIMO PEOPLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
147,853
Additions
648
Disposals
(15,475)
At 30 June 2023
133,026
Depreciation and impairment
At 1 July 2022
135,070
Depreciation charged in the year
3,358
Eliminated in respect of disposals
(15,475)
At 30 June 2023
122,953
Carrying amount
At 30 June 2023
10,073
At 30 June 2022
12,783
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
16,588
16,148
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
45,348
76,638
Corporation tax
1,237
Other taxation and social security
1,533
1,000
Other creditors
2,339
2,361
50,457
79,999