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COMPANY REGISTRATION NUMBER: 12300356
Nathan Trevor Lazenbury Limited
Filleted Unaudited Financial Statements
30 June 2023
Nathan Trevor Lazenbury Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
330,890
323,092
Current assets
Debtors
6
2,580
2,580
Cash at bank and in hand
2,131
2,917
-------
-------
4,711
5,497
Creditors: amounts falling due within one year
7
61,642
56,867
--------
--------
Net current liabilities
56,931
51,370
---------
---------
Total assets less current liabilities
273,959
271,722
Creditors: amounts falling due after more than one year
8
269,463
269,463
Provisions
2,759
1,341
---------
---------
Net assets
1,737
918
---------
---------
Capital and reserves
Called up share capital
100
100
Fair value reserve
11,762
5,687
Profit and loss account
( 10,125)
( 4,869)
--------
-------
Shareholders funds
1,737
918
--------
-------
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 comprehensive income has not been delivered.
For the 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.
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 .
Nathan Trevor Lazenbury Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
N T Lazenbury Esq
Director
Company registration number: 12300356
Nathan Trevor Lazenbury Limited
Notes to the Financial Statements
Year ended 30 June 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 TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
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:
Fixtures and fittings
-
15% reducing balance
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
166
Deferred tax:
Origination and reversal of timing differences
1,418
495
-------
----
Tax on profit
1,584
495
-------
----
5. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 July 2022
100
322,500
615
323,215
Additions
320
155
475
Revaluations
7,500
7,500
----
---------
----
----
---------
At 30 June 2023
100
330,000
320
770
331,190
----
---------
----
----
---------
Depreciation
At 1 July 2022
123
123
Charge for the year
48
129
177
----
---------
----
----
---------
At 30 June 2023
48
252
300
----
---------
----
----
---------
Carrying amount
At 30 June 2023
100
330,000
272
518
330,890
----
---------
----
----
---------
At 30 June 2022
100
322,500
492
323,092
----
---------
----
----
---------
6. Debtors
2023
2022
£
£
Other debtors
2,580
2,580
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
287
121
Other creditors
61,355
56,746
--------
--------
61,642
56,867
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
188,070
188,070
Other creditors
81,393
81,393
---------
---------
269,463
269,463
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N T Lazenbury Esq
( 10,784)
( 4,609)
( 15,393)
--------
-------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N T Lazenbury Esq
( 2,126)
( 8,658)
( 10,784)
-------
-------
--------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Lazenbury Ltd
(20,557)
( 45,962)
( 45,962)
NTL Enterprises Limited
(5,393)
( 81,393)
( 81,393)
----
--------
--------
--------
Lazenbury Limited is a company under the control of T Lazenbury Esq, the director's father. NTL Enterprises Limited is under the control of the director.