Registered number
NI064772
Lordwardens Consultancy Limited
Unaudited Filleted Accounts
for the year ended
31 May 2023
Lordwardens Consultancy Limited
Registered number: NI064772
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 215,264 259,168
Current assets
Stocks 197,985 311,358
Debtors 5 565,758 510,527
Cash at bank and in hand 565,773 604,034
1,329,516 1,425,919
Creditors: amounts falling due within one year 6 (724,646) (858,354)
Net current assets 604,870 567,565
Total assets less current liabilities 820,134 826,733
Creditors: amounts falling due after more than one year 7 (20,868) (36,331)
Provisions for liabilities (15,405) (16,297)
Net assets 783,861 774,105
Capital and reserves
Called up share capital 102 102
Profit and loss account 783,759 774,003
Shareholders' funds 783,861 774,105
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.
Mr. W. H. N. Thompson
Director
Approved by the board on 8 February 2024
Lordwardens Consultancy Limited
Notes to the Accounts
for the year ended 31 May 2023
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 commission income and the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Leasehold alterations over the lease term
Fixtures and fittings over 10 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 50 55
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 10,000
At 31 May 2023 10,000
Amortisation
At 1 June 2022 10,000
At 31 May 2023 10,000
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold alterations Fixture and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 165,874 636,166 202,600 1,004,640
Additions 4,425 9,204 7,300 20,929
At 31 May 2023 170,299 645,370 209,900 1,025,569
Depreciation
At 1 June 2022 116,094 517,163 112,215 745,472
Charge for the year 11,442 33,854 19,537 64,833
At 31 May 2023 127,536 551,017 131,752 810,305
Net book value
At 31 May 2023 42,763 94,353 78,148 215,264
At 31 May 2022 49,780 119,003 90,385 259,168
5 Debtors 2023 2022
£ £
Trade debtors 81,594 91,154
O2 Redeem 24,364 24,414
Directors loan accounts 219,564 253,894
Other debtors 224,240 106,745
Staff loans - 7,100
Prepayments and accrued income 15,996 27,220
565,758 510,527
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,649 10,649
Obligations under finance lease and hire purchase contracts 5,734 7,645
Settlement loan - 42,423
Trade creditors 298,087 438,033
O2 Advances 21,931 28,264
Corporation tax 64,448 36,532
Other taxes and social security costs 292,816 249,515
Other creditors 6,558 9,261
Accruals and deferred 24,423 36,032
724,646 858,354
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,868 30,597
Obligations under finance lease and hire purchase contracts - 5,734
20,868 36,331
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 247,250 435,833
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan to director
Director A 155,984 - (9,410) 146,574
Loan to directors
Director B 97,910 - (24,920) 72,990
253,894 - (34,330) 219,564
The loans to directors are interest-free and are repayable on demand.
10 Controlling party
Mr N Thompson and Mr S Dickson are joint controlling parties by virtue of their interest in the equity of the company and their position as directors.
11 Other information
Lordwardens Consultancy Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
74 Market Street
Downpatrick
Co. Down
BT30 6LZ
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