Lip Service Casting Limited |
Registered number: |
02146767 |
Balance Sheet |
as at 30 September 2023 |
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RE-STATED |
Notes |
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2023 |
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2022 |
£ |
£ |
Current assets |
Debtors |
4 |
|
193,032 |
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|
190,184 |
Cash at bank and in hand |
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|
33,778 |
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39,529 |
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|
|
226,810 |
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|
229,713 |
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Creditors: amounts falling due within one year |
5 |
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(147,074) |
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|
(163,521) |
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Net current assets |
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79,736 |
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66,192 |
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Total assets less current liabilities |
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79,736 |
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66,192 |
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Creditors: amounts falling due after more than one year |
6 |
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(17,500) |
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(27,500) |
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Net assets |
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62,236 |
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38,692 |
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Capital and reserves |
Called up share capital |
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70 |
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70 |
Capital redemption reserve |
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30 |
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30 |
Profit and loss account |
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62,136 |
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38,592 |
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Shareholders' funds |
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62,236 |
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38,692 |
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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. |
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Maxine Davies Kirstie Fletcher |
Director |
Director |
Approved by the board on 5 March 2024 |
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Lip Service Casting Limited |
Notes to the Accounts |
for the year ended 30 September 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared 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), and with the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Lip Service Casting Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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69 Loughborough Road |
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West Bridgford |
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Nottingham |
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NG2 7LA |
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The financial statements are prepared in Sterling (£) which is the functional currency of the company. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable for the provision of services, net of discounts and value added taxes. |
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Tangible fixed assets |
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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: |
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Office equipment |
20% reducing balance |
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Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the profit and loss account. |
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Financial instruments |
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The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
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Debtors |
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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 recognised at transaction price including any transaction costs. |
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Creditors |
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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. |
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Taxation |
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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. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against the reversal of future taxable profits. Current tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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3 |
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3 |
Tangible fixed assets |
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Office equipment |
£ |
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Cost |
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At 1 October 2022 |
840 |
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At 30 September 2023 |
840 |
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Depreciation |
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At 1 October 2022 |
840 |
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At 30 September 2023 |
840 |
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Net book value |
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At 30 September 2023 |
- |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
115,239 |
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112,503 |
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Amounts owed by group undertakings |
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77,601 |
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77,400 |
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Other debtors |
192 |
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281 |
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193,032 |
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190,184 |
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Amounts due after more than one year included above |
77,400 |
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77,400 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
10,000 |
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10,000 |
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Trade creditors |
104,121 |
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116,803 |
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Taxation and social security costs |
19,475 |
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17,908 |
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Other creditors |
13,478 |
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18,810 |
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147,074 |
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163,521 |
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6 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
17,500 |
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27,500 |
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7 |
Loans |
2023 |
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2022 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
27,500 |
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37,500 |
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The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan. |
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8 |
Pension commitments |
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The company operates a defined contribution pension scheme, for the directors. The assets of the scheme are held seperately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £581 (2022: £477) were due to the fund. They are included in other creditors. |
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9 |
Prior period adjustment |
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The accounts have been restated to re-allocate the purchase of shares from the profit and loss account reserve to other debtors due to a misclassification. The change as resulted in profits available for distribution at 30 September 2022 increasing by £77,370, see page 6, Statement of changes in equity. |
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10 |
Related party transactions |
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During the year, the company operated loan accounts to companies where there are directors in common. The total amount advanced during the year amount to £201 (2022: £77,400), there were no amounts repaid. At 30 September 2023, the balance on the loan account amounted to £77,601 (2022: £77,400) and is included in other debtors. |
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11 |
Controlling party |
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The company is a wholly owned subsidiary of Davies and Fletcher Management Ltd, a company incorporated in England and Wales, whose registered address is 69 Loughborough Road, West Bridgford, Nottingham, NG2 6LA. The companies form a small group and consolidated accounts are not prepared. Davies and Fletcher Management Ltd is ultimately controlled by Maxine Davies and Kirstie Fletcher, directors of Lip Service Casting Limited. |