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REGISTERED NUMBER: SC275166 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

LB Foundations Ltd

LB Foundations Ltd (Registered number: SC275166)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LB Foundations Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTOR: D MacColl





SECRETARY: Mrs S MacColl





REGISTERED OFFICE: Low Boreland Farm
Lesmahagow
Lanarkshire
ML11 9PY





REGISTERED NUMBER: SC275166 (Scotland)






LB Foundations Ltd (Registered number: SC275166)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 394,369 297,131

CURRENT ASSETS
Stocks 5 852,429 957,373
Debtors 6 917,638 470,662
Cash at bank and in hand 227,378 294,439
1,997,445 1,722,474
CREDITORS
Amounts falling due within one year 7 695,511 581,632
NET CURRENT ASSETS 1,301,934 1,140,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,696,303

1,437,973

CREDITORS
Amounts falling due after more than one
year

8

(179,822

)

(224,966

)

PROVISIONS FOR LIABILITIES 10 (98,592 ) (55,202 )
NET ASSETS 1,417,889 1,157,805

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 1,417,887 1,157,803
SHAREHOLDERS' FUNDS 1,417,889 1,157,805

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LB Foundations Ltd (Registered number: SC275166)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by:





D MacColl - Director


LB Foundations Ltd (Registered number: SC275166)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

LB Foundations Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress includes a proportionate element of profit where the outcome of the contract can be assessed with reasonable certainty.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LB Foundations Ltd (Registered number: SC275166)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 750,144 271,086 15,641 1,036,871
Additions 37,373 170,900 - 208,273
Disposals - (68,071 ) - (68,071 )
At 31 October 2023 787,517 373,915 15,641 1,177,073
DEPRECIATION
At 1 November 2022 610,371 116,572 12,797 739,740
Charge for year 36,737 57,517 711 94,965
Eliminated on disposal - (52,001 ) - (52,001 )
At 31 October 2023 647,108 122,088 13,508 782,704
NET BOOK VALUE
At 31 October 2023 140,409 251,827 2,133 394,369
At 31 October 2022 139,773 154,514 2,844 297,131

LB Foundations Ltd (Registered number: SC275166)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 38,961 102,475 141,436
Additions - 71,300 71,300
At 31 October 2023 38,961 173,775 212,736
DEPRECIATION
At 1 November 2022 22,524 20,334 42,858
Charge for year 4,109 29,448 33,557
At 31 October 2023 26,633 49,782 76,415
NET BOOK VALUE
At 31 October 2023 12,328 123,993 136,321
At 31 October 2022 16,437 82,141 98,578

5. STOCKS
31.10.23 31.10.22
£    £   
Stocks 672,656 569,750
Work-in-progress 179,773 387,623
852,429 957,373

6. DEBTORS
31.10.23 31.10.22
£    £   
Amounts falling due within one year:
Trade debtors 477,967 13,287
Other debtors - 240
Prepayments and accrued income 6,466 3,930
484,433 17,457

Amounts falling due after more than one year:
Amounts owed by group undertakings 433,205 453,205

Aggregate amounts 917,638 470,662

LB Foundations Ltd (Registered number: SC275166)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts (see note 9) 50,000 50,000
Hire purchase contracts 46,260 33,943
Trade creditors 418,242 264,367
Tax 69,811 62,914
Social security and other taxes (93,110 ) (57,793 )
Paye and National Insurance 7,911 7,693
Other creditors 8,855 7,334
Directors' current accounts 17,329 3,329
Accrued expenses 170,213 209,845
695,511 581,632

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans (see note 9) 129,167 179,167
Hire purchase contracts 50,655 45,799
179,822 224,966

9. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 79,167 129,167

10. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 98,592 55,202

Deferred
tax
£   
Balance at 1 November 2022 55,202
Provided during year 43,390
Balance at 31 October 2023 98,592

LB Foundations Ltd (Registered number: SC275166)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
2 Ordinary £1.00 £1.00 2 2

12. RESERVES
Retained
earnings
£   

At 1 November 2022 1,157,803
Profit for the year 300,084
Dividends (40,000 )
At 31 October 2023 1,417,887

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2022 - £40,000) were paid to the directors .

During the year the company purchased goods and services from LB Plant Hire, a business in which Mr David MacColl, director, has a beneficial interest. This amounted to £377,707 (2022:£281,200) and £86,040 (2022:£134,067) was outstanding at the year end in relation to these purchases.

During the year the company rented property from Boreland Properties, a firm in which Mr David MacColl, director, has an interest. This amounted to £28,800 (2022:£28,800) and £45,800 (2021:£31,200) was outstanding at the year end.

Included in debtors is an amount due from a connected party, LB Civils Group Ltd, of £433,205.(2022: £453,205).This balance does not attract interest and has no fixed terms of repayment.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D. MacColl, director.