Registration number:
LML Coaching Ltd
for the Year Ended 31 October 2023
LML Coaching Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
LML Coaching Ltd
Company Information
Directors |
Mr G McKechnie Mr I Limond Mr S Leo |
Registered office |
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Accountants |
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LML Coaching Ltd
(Registration number: SC711466)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions for liabilities |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(11,240) |
(4,312) |
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Shareholders' deficit |
(11,140) |
(4,212) |
For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
LML Coaching Ltd
(Registration number: SC711466)
Balance Sheet as at 31 October 2023
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LML Coaching Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company ceased trading on 31 October 2023 and the financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value and making provisions in respect of contracts that have become onerous at the balance sheet date. No provision has been made for the future costs of terminating the business unless such costs were
committed to at the reporting date.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The director has concluded that the company is not a going concern and, as disclosed within the basis of
preparation accounting policy above, the financial statement have been prepared on a basis other than the going
concern basis as the company ceased trading on 31 October 2023.
LML Coaching Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Revenue recognition
Turnover comprises the fair value of the consideration derived from executive coaching and mentoring. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
LML Coaching Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Stocks |
2023 |
2022 |
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Stock |
- |
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Debtors |
2023 |
2022 |
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- |
- |
LML Coaching Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
LML Coaching Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Related party transactions |
During the year, the director advanced loans totalling £130 (2022 - £2,096) to the company. At the year end, the balance due to the director was £2,226 (2022 - £2,096). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with the director, Mr S Leo.
During the year, the director advanced loans totalling £930 (2022 - £2,097) to the company. At the year end, the balance due to the director was £3,027 (2022 - £2,097). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with the director, Mr I Limond.
During the year, the director advanced loans totalling £930 (2022 - £2,497) to the company. At the year end, the balance due to the director was £3,427 (2022 - £2,497). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Al Anqa Ltd, a company controlled by Mr G McKechnie.
During the year, the company purchased goods and services totalling £2,614 (2022 - £2,614) from Al Anqa Ltd. This was conducted under normal commercial terms. During the year, The company repaid loans totalling £1,698 (2022 - £2,498) to Al Anqa Ltd. At the year end, the balance due to Al Anqa Ltd was £1,036. This loan is unsecured, interest free and has no fixed repayment terms.