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COMPANY REGISTRATION NUMBER: 12020127
LBC New Homes Ltd
Filleted Unaudited Financial Statements
31 May 2023
LBC New Homes Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
11,062
7,022
Current assets
Stocks
10,000
10,000
Debtors
6
121,528
31,915
Cash at bank and in hand
7,306
8,564
---------
--------
138,834
50,479
Creditors: amounts falling due within one year
7
102,178
34,559
---------
--------
Net current assets
36,656
15,920
--------
--------
Total assets less current liabilities
47,718
22,942
Creditors: amounts falling due after more than one year
8
14,815
17,592
--------
--------
Net assets
32,903
5,350
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
32,902
5,349
--------
-------
Shareholders funds
32,903
5,350
--------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LBC New Homes Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 19 April 2024 , and are signed on behalf of the board by:
Mr L Capehorn
Director
Company registration number: 12020127
LBC New Homes Ltd
Notes to the Financial Statements
Year ended 31 May 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 59 Chantry Avenue, Kempston, Beds, MK42 7QX.
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.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 June 2022
10,750
1,315
12,065
Additions
6,750
6,750
--------
-------
--------
At 31 May 2023
17,500
1,315
18,815
--------
-------
--------
Depreciation
At 1 June 2022
4,606
437
5,043
Charge for the year
2,579
131
2,710
--------
-------
--------
At 31 May 2023
7,185
568
7,753
--------
-------
--------
Carrying amount
At 31 May 2023
10,315
747
11,062
--------
-------
--------
At 31 May 2022
6,144
878
7,022
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
30,394
4,370
Other debtors
91,134
27,545
---------
--------
121,528
31,915
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,778
2,778
Trade creditors
38,696
10,627
Corporation tax
20,005
3,259
Social security and other taxes
3,273
954
Other creditors
12,416
Other creditors
25,010
16,941
---------
--------
102,178
34,559
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,815
17,592
--------
--------