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Registration number: 08561945

Lana Springs Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Lana Springs Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Lana Springs Limited

(Registration number: 08561945)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

6,000

Tangible assets

5

49,580

59,611

 

49,580

65,611

Current assets

 

Stocks

6

11,247

2,173

Debtors

7

70,947

120,108

Cash at bank and in hand

 

415,304

375,488

 

497,498

497,769

Creditors: Amounts falling due within one year

8

(115,487)

(126,839)

Net current assets

 

382,011

370,930

Total assets less current liabilities

 

431,591

436,541

Provisions for liabilities

(9,425)

(11,327)

Net assets

 

422,166

425,214

Capital and reserves

 

Called up share capital

100

100

Retained earnings

422,066

425,114

Shareholders' funds

 

422,166

425,214

 

Lana Springs Limited

(Registration number: 08561945)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 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.

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 and directors report has been taken.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mr CD Manifold
Director

 

Lana Springs Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Lana Farm
Holsworthy
Bradford
Devon
EX22 7AW

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

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.

The current 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.

Deferred 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.

 

Lana Springs Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

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

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lana Springs Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 3).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

60,000

5,467

65,467

At 30 June 2023

60,000

5,467

65,467

Amortisation

At 1 July 2022

54,000

5,467

59,467

Amortisation charge

6,000

-

6,000

At 30 June 2023

60,000

5,467

65,467

Carrying amount

At 30 June 2023

-

-

-

At 30 June 2022

6,000

-

6,000

 

Lana Springs Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

39,670

49,799

79,460

168,929

Additions

150

-

-

150

At 30 June 2023

39,820

49,799

79,460

169,079

Depreciation

At 1 July 2022

29,918

39,727

39,673

109,318

Charge for the year

1,695

2,518

5,968

10,181

At 30 June 2023

31,613

42,245

45,641

119,499

Carrying amount

At 30 June 2023

8,207

7,554

33,819

49,580

At 30 June 2022

9,752

10,072

39,787

59,611

6

Stocks

2023
£

2022
£

Other inventories

11,247

2,173

7

Debtors

Current

2023
£

2022
£

Trade debtors

67,824

56,080

Prepayments

3,123

3,028

Other debtors

-

61,000

 

70,947

120,108

 

Lana Springs Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

6,818

8,523

Taxation and social security

 

14,761

8,380

Other creditors

 

93,908

109,936

 

115,487

126,839