Registered number
02896144
LASSCO LTD
Unaudited Filleted Accounts
31 October 2023
LASSCO LTD
Registered number: 02896144
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 202 4,405
Tangible assets 4 9,881 16,475
10,083 20,880
Current assets
Stocks 261,070 241,341
Debtors 5 136,007 70,028
Cash at bank and in hand 115,610 83,626
512,687 394,995
Creditors: amounts falling due within one year 6 (498,705) (400,095)
Net current assets/(liabilities) 13,982 (5,100)
Total assets less current liabilities 24,065 15,780
Creditors: amounts falling due after more than one year 7 (205,194) (197,540)
Net liabilities (181,129) (181,760)
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account (201,129) (201,760)
Shareholders' funds (181,129) (181,760)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G.S.C. Amos
Director
Approved by the board on 23 July 2024
LASSCO LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from the rendering of services.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Intangibles over 3 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 8 years
Tools and equipment over 3 years
Fixtures and fittings over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Cost
At 1 November 2022 60,654
At 31 October 2023 60,654
Amortisation
At 1 November 2022 56,249
Provided during the year 4,203
At 31 October 2023 60,452
Net book value
At 31 October 2023 202
At 31 October 2022 4,405
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 248,381 7,000 255,381
Additions 7,611 - 7,611
At 31 October 2023 255,992 7,000 262,992
Depreciation
At 1 November 2022 231,906 7,000 238,906
Charge for the year 14,205 - 14,205
At 31 October 2023 246,111 7,000 253,111
Net book value
At 31 October 2023 9,881 - 9,881
At 31 October 2022 16,475 - 16,475
5 Debtors 2023 2022
£ £
Trade debtors 77,487 29,415
Amounts owed by group undertakings 18,961 3,000
Other debtors 39,559 37,613
136,007 70,028
Lassco Ltd has written off a loan of £10,245 (2022 £161,379) due from a group company Lassco Modern Salvage Ltd. This is because Lassco Modern Salvage Ltd had significantly ceased trading during the year and the directors believe that the loan is irrecoverable at the Balance Sheet date.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 75,648 118,372
Taxation and social security costs 52,894 33,101
Other creditors 370,163 248,622
498,705 400,095
The other creditors include deferred income of £254,000.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 205,194 197,540
8 Going Concern
The directors believe that the company is able to carry on business as a going concern. The creditors include £228,493 (2022 £223,950) to the parent company, Lassco (Holdings) Limited, and £64,884 (2022 £58,385) to A. J. Amos (majority shareholder of Lassco (Holdings) Limited) . The parent company will continue to provide financial support to Lassco Ltd.
9 Other information
LASSCO LTD is a private company limited by shares and incorporated in England. Its registered office is:
Brunswick House
30 Wandsworth Road
London
SW8 2LG
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