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Registration number: 12743529

Lsf Contractors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Lsf Contractors Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Lsf Contractors Ltd

Company Information

Directors

Mr ZT Mercer

Mr J Chilvers

Registered office

32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Lsf Contractors Ltd

(Registration number: 12743529)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

12,082

6,962

Current assets

 

Stocks

5

3,000

3,000

Debtors

6

13,983

23,382

Cash at bank and in hand

 

14,202

12,051

 

31,185

38,433

Creditors: Amounts falling due within one year

7

(41,106)

(42,280)

Net current liabilities

 

(9,921)

(3,847)

Total assets less current liabilities

 

2,161

3,115

Provisions for liabilities

(1,907)

(1,323)

Net assets

 

254

1,792

Capital and Reserves

 

Called up share capital

8

100

100

Retained Earnings

154

1,692

Shareholders' funds

 

254

1,792

For the financial year ending 31 July 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr J Chilvers
Director

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the Board on 9 April 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

10% Straight Line

Motor vehicles

20% Straight Line

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.

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.

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 - 4).

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible Assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

5,000

2,960

7,960

Additions

10,495

6,748

17,243

Disposals

(10,495)

-

(10,495)

At 31 July 2023

5,000

9,708

14,708

Depreciation

At 1 August 2022

650

348

998

Charge for the year

870

758

1,628

At 31 July 2023

1,520

1,106

2,626

Carrying amount

At 31 July 2023

3,480

8,602

12,082

At 31 July 2022

4,350

2,612

6,962

5

Stocks

2023
£

2022
£

Other inventories

3,000

3,000

6

Debtors

Current

2023
£

2022
£

Trade Debtors

4,386

18,297

Other debtors

9,597

5,085

 

13,983

23,382

7

Creditors

Creditors: amounts falling due within one year

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Trade Creditors

2,537

12,183

Taxation and social security

27,771

16,748

Accruals and deferred income

2,590

1,035

Other creditors

8,208

12,314

41,106

42,280

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £104.00 (2022 - £60.00) per each Ordinary A

 

7,200

 

3,000

         

10

Related party transactions

 

Lsf Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,343

7,560