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Registered Number: 10679544
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 April 2023

for

L&B VENTILATION SUPPLIES LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 89,814    74,693 
89,814    74,693 
Current assets      
Stocks 4 274,000    256,891 
Debtors 5 1,581,490    1,230,285 
Cash at bank and in hand 8,975    1,067 
1,864,465    1,488,243 
Creditors: amount falling due within one year 6 (1,849,449)   (1,484,920)
Net current assets 15,016    3,323 
 
Total assets less current liabilities 104,830    78,016 
Creditors: amount falling due after more than one year 7 (21,344)   (40,839)
Provisions for liabilities 8 (19,428)   (14,192)
Net assets 64,058    22,985 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 63,958    22,885 
Shareholder's funds 64,058    22,985 
 


For the year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 01 December 2023 and were signed by:


-------------------------------
Stuart Bowes
Director
1
General Information
L&B Ventilation Supplies Limited is a private company, limited by shares, registered in England and Wales, registration number 10679544, registration address 9 Chalk Hill House, 19 Rosary Road, Norwich, Norfolk, NR1 1SZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25 Reducing Balance
Motor Vehicles 20 Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 11 (2022 : 9).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 May 2022 17,117    119,914    137,031 
Additions 44,929      44,929 
Disposals    
At 30 April 2023 62,046    119,914    181,960 
Depreciation
At 01 May 2022 11,002    51,336    62,338 
Charge for year 12,694    17,114    29,808 
On disposals    
At 30 April 2023 23,696    68,450    92,146 
Net book values
Closing balance as at 30 April 2023 38,350    51,464    89,814 
Opening balance as at 01 May 2022 6,115    68,578    74,693 


4.

Stocks

2023
£
  2022
£
Stocks 274,000    256,891 
274,000    256,891 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 1,565,116    1,224,035 
Other Debtors 16,374    6,250 
1,581,490    1,230,285 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,067,767    1,067,983 
Bank Loans & Overdrafts 9,915    9,915 
Corporation Tax 39,911    9,113 
PAYE & Social Security 14,373    14,114 
Other Creditors 1,726    2,472 
Calverton Account 601,597    295,042 
Directors' Current Accounts 773    33,868 
VAT 113,387    52,413 
1,849,449    1,484,920 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 21,344    40,839 
21,344    40,839 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 6,525   
Charged to Profit & Loss 10,483    14,192 
Pension Provisions 2,420   
19,428    14,192 

9.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

2