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Registration number: 06614692

LTF Design & Marketing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

LTF Design & Marketing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

LTF Design & Marketing Ltd

Company Information

Directors

Mr RL O'Neill

Ms S Small

Registered office

The Innovation Centre
Silverstone Park
Silverstone Circuit
Towcester
Northants
NN12 8GX

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

LTF Design & Marketing Ltd

(Registration number: 06614692)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

53,016

37,620

Other financial assets

6

10,000

10,000

 

63,016

47,620

Current assets

 

Debtors

7

179,984

492,282

Cash at bank and in hand

 

461,999

260,055

 

641,983

752,337

Creditors: Amounts falling due within one year

8

(359,841)

(603,999)

Net current assets

 

282,142

148,338

Total assets less current liabilities

 

345,158

195,958

Creditors: Amounts falling due after more than one year

8

(36,893)

(41,893)

Net assets

 

308,265

154,065

Capital and reserves

 

Called up share capital

20

20

Retained earnings

308,245

154,045

Shareholders' funds

 

308,265

154,065

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr RL O'Neill
Director

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Innovation Centre
Silverstone Park
Silverstone Circuit
Towcester
Northants
NN12 8GX

These financial statements were authorised for issue by the Board on 28 March 2024.

The company registration number is 06614692

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademark

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

25,000

25,000

At 30 June 2023

25,000

25,000

Amortisation

At 1 July 2022

25,000

25,000

At 30 June 2023

25,000

25,000

Carrying amount

At 30 June 2023

-

-

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

21,500

58,025

79,525

Additions

-

19,843

19,843

Disposals

-

(1,082)

(1,082)

At 30 June 2023

21,500

76,786

98,286

Depreciation

At 1 July 2022

-

36,905

36,905

Charge for the year

-

8,838

8,838

Eliminated on disposal

-

(473)

(473)

At 30 June 2023

-

45,270

45,270

Carrying amount

At 30 June 2023

21,500

31,516

53,016

At 30 June 2022

21,500

16,120

37,620

Included within the net book value of land and buildings above is £21,500 (2022 - £21,500) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2022

10,000

10,000

At 30 June 2023

10,000

10,000

Impairment

Carrying amount

At 30 June 2023

10,000

10,000

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

179,967

426,782

Other debtors

17

65,500

 

179,984

492,282

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,009

18,087

Trade creditors

 

14,262

18,715

Taxation and social security

 

171,958

233,909

Accruals and deferred income

 

144,601

330,911

Other creditors

 

24,011

2,377

 

359,841

603,999

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

36,893

41,893

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.50 each

36

18.00

36

18.00

Ordinary B of £0.50 each

4

2.00

4

2.00

 

40

20

40

20

 

LTF Design & Marketing Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,893

41,893

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

18,087

Bank overdrafts

9

-

5,009

18,087