Lobster Ink Limited 10633317 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is property rental Digita Accounts Production Advanced 6.30.9574.0 true 10633317 2022-04-01 2023-03-31 10633317 2023-03-31 10633317 core:RetainedEarningsAccumulatedLosses 2023-03-31 10633317 core:RevaluationReserve 2023-03-31 10633317 core:ShareCapital 2023-03-31 10633317 core:CurrentFinancialInstruments 2023-03-31 10633317 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10633317 core:Non-currentFinancialInstruments 2023-03-31 10633317 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10633317 core:MoreThanFiveYears 1 2023-03-31 10633317 core:FurnitureFittingsToolsEquipment 2023-03-31 10633317 bus:SmallEntities 2022-04-01 2023-03-31 10633317 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10633317 bus:FullAccounts 2022-04-01 2023-03-31 10633317 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10633317 bus:RegisteredOffice 2022-04-01 2023-03-31 10633317 bus:Director1 2022-04-01 2023-03-31 10633317 bus:Director2 2022-04-01 2023-03-31 10633317 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10633317 core:FurnitureFittings 2022-04-01 2023-03-31 10633317 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10633317 core:OfficeEquipment 2022-04-01 2023-03-31 10633317 countries:England 2022-04-01 2023-03-31 10633317 2022-03-31 10633317 core:FurnitureFittingsToolsEquipment 2022-03-31 10633317 2021-04-01 2022-03-31 10633317 2022-03-31 10633317 core:RetainedEarningsAccumulatedLosses 2022-03-31 10633317 core:RevaluationReserve 2022-03-31 10633317 core:ShareCapital 2022-03-31 10633317 core:CurrentFinancialInstruments 2022-03-31 10633317 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10633317 core:Non-currentFinancialInstruments 2022-03-31 10633317 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10633317 core:MoreThanFiveYears 1 2022-03-31 10633317 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 10633317

Lobster Ink Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Lobster Ink Limited
(Registration number: 10633317)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lobster Ink Limited
(Registration number: 10633317)

Company Information

Directors

Mr R J Kidd

Mrs S L Kidd

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Lobster Ink Limited
(Registration number: 10633317)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,154

17,560

Investment property

5

1,300,000

1,100,000

 

1,324,154

1,117,560

Current assets

 

Debtors

6

3,330

5,968

Cash at bank and in hand

 

6,115

8,443

 

9,445

14,411

Creditors: Amounts falling due within one year

7

(359,385)

(352,105)

Net current liabilities

 

(349,940)

(337,694)

Total assets less current liabilities

 

974,214

779,866

Creditors: Amounts falling due after more than one year

7

(623,458)

(658,173)

Provisions for liabilities

(70,062)

(13,815)

Net assets

 

280,694

107,878

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

231,332

81,332

Profit and loss account

49,360

26,544

Total equity

 

280,694

107,878

For the financial year ending 31 March 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.

 

Lobster Ink Limited
(Registration number: 10633317)

Balance Sheet as at 31 March 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................
Mr R J Kidd
Director

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

20% straight line

Fixtures and fittings

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

20,915

20,915

Additions

9,902

9,902

At 31 March 2023

30,817

30,817

Depreciation

At 1 April 2022

3,355

3,355

Charge for the year

3,308

3,308

At 31 March 2023

6,663

6,663

Carrying amount

At 31 March 2023

24,154

24,154

At 31 March 2022

17,560

17,560

5

Investment properties

2023
£

At 1 April

1,100,000

Fair value adjustments

200,000

At 31 March

1,300,000

6

Debtors

2023
£

2022
£

Trade debtors

3,330

1,157

Prepayments and accrued income

-

4,811

Total current trade and other debtors

3,330

5,968

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

23,874

23,874

Trade creditors

 

944

444

Taxation and social security

 

13,954

7,330

Other creditors

 

318,561

316,877

Accrued expenses

 

2,052

3,580

 

359,385

352,105

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

623,458

658,173

2023
£

2022
£

Due after more than five years

After more than five years by instalments

523,452

558,532

-

-

 

Lobster Ink Limited
(Registration number: 10633317)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

23,874

23,874

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

623,458

658,173

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

523,452

558,532