Registered number
12473950
Lavasource Ltd
Filleted Accounts
31 March 2024
Lavasource Ltd
Registered number: 12473950
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 106,118 5,660
Tangible assets 4 14,882 787
121,000 6,447
Current assets
Debtors 5 489,494 2,344
Cash at bank and in hand 3,140 34,780
492,634 37,124
Creditors: amounts falling due within one year 6 (444,134) (62,075)
Net current assets/(liabilities) 48,500 (24,951)
Total assets less current liabilities 169,500 (18,504)
Creditors: amounts falling due after more than one year 7 (119,320) (65,000)
Net assets/(liabilities) 50,180 (83,504)
Capital and reserves
Called up share capital 100 100
Profit and loss account 50,080 (83,604)
Shareholders' funds 50,180 (83,504)
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.
Mark Brooks-Lewis
Director
Approved by the board on 8 April 2024
Lavasource Ltd
Notes to the Accounts
for the period from 1 February 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 3
3 Intangible fixed assets £
Website:
Cost
At 1 February 2023 16,978
Additions 107,000
At 31 March 2024 123,978
Amortisation
At 1 February 2023 11,318
Provided during the period 6,542
At 31 March 2024 17,860
Net book value
At 31 March 2024 106,118
At 31 January 2023 5,660
Website is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 1,550
Additions 14,656
At 31 March 2024 16,206
Depreciation
At 1 February 2023 763
Charge for the period 561
At 31 March 2024 1,324
Net book value
At 31 March 2024 14,882
At 31 January 2023 787
5 Debtors 2024 2023
£ £
Trade debtors 65,374 -
Other debtors 424,120 2,344
489,494 2,344
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,398 4,723
Trade creditors 172,200 13,892
Taxation and social security costs 29,557 9,693
Other creditors 218,979 33,767
444,134 62,075
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,138 45,000
Other creditors 88,182 20,000
119,320 65,000
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 20,000 20,000
Instalments falling due for payment after more than five years 68,182 6,429
88,182 26,429
9 Other information
Lavasource Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Innovation Centre
Keckwikc Lane
Daresbury
Cheshire
WA4 4FS
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