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COMPANY REGISTRATION NUMBER: 03458788
Lomax Technical Services Limited
Unaudited financial statements
31 October 2023
Lomax Technical Services Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
45,542
58,970
Investments
6
201,196
195,765
---------
---------
246,738
254,735
Current assets
Debtors
7
257,072
818,479
Cash at bank and in hand
1,817,553
1,384,077
-----------
-----------
2,074,625
2,202,556
Creditors: amounts falling due within one year
8
( 234,780)
( 699,845)
-----------
-----------
Net current assets
1,839,845
1,502,711
-----------
-----------
Total assets less current liabilities
2,086,583
1,757,446
Provisions
Taxation including deferred tax
( 17,254)
( 16,619)
-----------
-----------
Net assets
2,069,329
1,740,827
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
86,702
82,862
Profit and loss account
1,982,527
1,657,865
-----------
-----------
Shareholders funds
2,069,329
1,740,827
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lomax Technical Services Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 2 April 2024 , and are signed on behalf of the board by:
A D Debenham
Director
Company registration number: 03458788
Lomax Technical Services Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN and the trading address is Unit 7, Snetterton Business Park, Chalk Lane, Snetterton, Norwich, NR16 2JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
4,500
48,640
136,512
189,652
Additions
1,455
1,455
------
-------
---------
---------
At 31 October 2023
4,500
50,095
136,512
191,107
------
-------
---------
---------
Depreciation
At 1 November 2022
4,444
34,962
91,276
130,682
Charge for the year
14
3,560
11,309
14,883
------
-------
---------
---------
At 31 October 2023
4,458
38,522
102,585
145,565
------
-------
---------
---------
Carrying amount
At 31 October 2023
42
11,573
33,927
45,542
------
-------
---------
---------
At 31 October 2022
56
13,678
45,236
58,970
------
-------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 November 2022
195,765
Revaluations
5,431
---------
At 31 October 2023
201,196
---------
Impairment
At 1 November 2022 and 31 October 2023
---------
Carrying amount
At 31 October 2023
201,196
---------
At 31 October 2022
195,765
---------
7. Debtors
2023
2022
£
£
Trade debtors
120,194
137,765
Other debtors
136,878
680,714
---------
---------
257,072
818,479
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
92,470
426,436
Social security and other taxes
137,127
108,363
Other creditors
5,183
165,046
---------
---------
234,780
699,845
---------
---------
9. Analysis of other comprehensive income
Revaluation reserve
Profit and loss account
Total
£
£
£
Year ended 31 October 2023
Revaluation of tangible assets
6,915
6,915
Reclassification from revaluation reserve to profit and loss account
( 3,075)
( 3,840)
( 6,915)
------
------
------
3,840
( 3,840)
------
------
------
Year ended 31 October 2022
Revaluation of tangible assets
( 11,483)
( 11,483)
Reclassification from revaluation reserve to profit and loss account
( 968)
12,451
11,483
-------
-------
-------
( 12,451)
12,451
-------
-------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,000
Later than 1 year and not later than 5 years
49,000
-------
-------
25,000
49,000
-------
-------
11. Directors' advances, credits and guarantees
Included within debtors at the year end is a directors loan account balance of £66,929 (2022: £52,336). The maximum overdrawn balance during the year was £123,914. Interest of £1,004 was charged at the official rate.