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REGISTERED NUMBER: SC524394 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

LB Flooring Ltd

LB Flooring Ltd (Registered number: SC524394)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LB Flooring Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr L F Brown
Mrs J Brown





REGISTERED OFFICE: 57 Forman Drive
Peterhead
Aberdeenshire
AB42 2XH





REGISTERED NUMBER: SC524394 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

LB Flooring Ltd (Registered number: SC524394)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,850 6,751

CURRENT ASSETS
Debtors 5 9,997 5,641
Cash at bank 56,696 27,901
66,693 33,542
CREDITORS
Amounts falling due within one year 6 37,215 26,772
NET CURRENT ASSETS 29,478 6,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

59,328

13,521

CREDITORS
Amounts falling due after more than one
year

7

(14,556

)

(4,487

)

PROVISIONS FOR LIABILITIES (5,672 ) (1,283 )
NET ASSETS 39,100 7,751

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 39,098 7,749
39,100 7,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Flooring Ltd (Registered number: SC524394)

Balance Sheet - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:





Mr L F Brown - Director


LB Flooring Ltd (Registered number: SC524394)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

LB Flooring 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 represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

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.
Tools & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 Flooring Ltd (Registered number: SC524394)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Tools & Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 6,823 16,488 725 24,036
Additions 6,000 29,275 - 35,275
Disposals - (16,488 ) - (16,488 )
At 31 March 2024 12,823 29,275 725 42,823
DEPRECIATION
At 1 April 2023 2,485 14,378 422 17,285
Charge for year 2,584 7,319 163 10,066
Eliminated on disposal - (14,378 ) - (14,378 )
At 31 March 2024 5,069 7,319 585 12,973
NET BOOK VALUE
At 31 March 2024 7,754 21,956 140 29,850
At 31 March 2023 4,338 2,110 303 6,751

LB Flooring Ltd (Registered number: SC524394)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 29,275
At 31 March 2024 29,275
DEPRECIATION
Charge for year 7,319
At 31 March 2024 7,319
NET BOOK VALUE
At 31 March 2024 21,956

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 8,706 5,118
Other debtors 1,291 523
9,997 5,641

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 2,041 1,990
Hire purchase contracts 3,460 -
Taxation and social security 14,318 6,994
Other creditors 17,396 17,788
37,215 26,772



7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 2,446 4,487
Hire purchase contracts 12,110 -
14,556 4,487

8. RELATED PARTY DISCLOSURES

The directors operate current accounts with the company and as at the financial year end the combined balance owing to them was £12,394 (2023 - £13,733). There are no fixed terms of repayment and no interest is accrued.

LB Flooring Ltd (Registered number: SC524394)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr L F Brown.