2023-01-012023-12-312023-12-31false03036319LAMBERT & DYSON 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LAMBERT & DYSON LIMITED

Registered Number
03036319
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

LAMBERT & DYSON LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

LAMBERT, Anne Shirley
LAMBERT, Charlotte Elizabeth Quinlan
LAMBERT, John
LAMBERT, Matthew John

Registered Address

Landy Works Keighley Road
Skipton
North Yorkshire
BD23 2TA

Registered Number

03036319 (England and Wales)
LAMBERT & DYSON LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3286,838264,084
286,838264,084
Current assets
Stocks4117,200118,546
Debtors543,32519,272
Cash at bank and on hand6161
160,586137,879
Creditors amounts falling due within one year6(160,178)(119,554)
Net current assets (liabilities)40818,325
Total assets less current liabilities287,246282,409
Creditors amounts falling due after one year7(36,419)(52,578)
Provisions for liabilities9(28,000)(16,500)
Net assets222,827213,331
Capital and reserves
Called up share capital100100
Profit and loss account222,727213,231
Shareholders' funds222,827213,331
The financial statements were approved and authorised for issue by the Board of Directors on 9 April 2024, and are signed on its behalf by:
LAMBERT, Anne Shirley
Director
Registered Company No. 03036319
LAMBERT & DYSON LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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 the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and Machinery - 15% to 25% on cost

Straight line (years)
Land and buildings50
Vehicles4
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualified as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 January 23215,278194,126200,812610,216
Additions-28,97129,99958,970
Disposals--(24,749)(24,749)
At 31 December 23215,278223,097206,062644,437
Depreciation and impairment
At 01 January 2338,197152,439155,496346,132
Charge for year2,28613,92420,00636,216
On disposals--(24,749)(24,749)
At 31 December 2340,483166,363150,753357,599
Net book value
At 31 December 23174,79556,73455,309286,838
At 31 December 22177,08141,68745,316264,084
Included within freehold property is land of £100,000 (2022 - £100,000) which is not depreciated.
4.Stocks

2023

2022

££
Other stocks117,200118,546
Total117,200118,546
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables31,95519,272
Other debtors11,370-
Total43,32519,272
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.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables10,7206,461
Bank borrowings and overdrafts22,53820,838
Taxation and social security24,42312,873
Finance lease and HP contracts2,4963,318
Other creditors98,35974,425
Accrued liabilities and deferred income1,6421,639
Total160,178119,554
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. The bank loans, overdrafts and hire purchase liabilities are secured by the company.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts36,41950,081
Other creditors-2,497
Total36,41952,578
The bank loans, overdrafts and hire purchase liabilities are secured by the company.
8.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts-2,496
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate of the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2023

2022

££
Net deferred tax liability (asset)28,00016,500
Total28,00016,500
10.Pension commitments
The company operates a defined contribution pension scheme in respect of the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,925 (2022 - £3,604).
11.Related party transactions
Included in other creditors, amounts falling due within one year, is a loan of £54,601 (2022 - £32,188) due to A S Lambert, £32,408 (2022 - £26,616) due to J Lambert, £11,300 (2022 - £8,300) due to M J Lambert and £50 (2022 - £50) due to C E Q Lambert. These amounts are interest free and repayable on demand.