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REGISTERED NUMBER: 03694294 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STEVE LUMLEY PLANING LIMITED

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STEVE LUMLEY PLANING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr S J Lumley





SECRETARY: Mrs L J Lumley





REGISTERED OFFICE: Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY





REGISTERED NUMBER: 03694294 (England and Wales)





ACCOUNTANTS: Twinn Accountants Limited
Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,934,742 4,544,049

CURRENT ASSETS
Stock 5 301,514 280,251
Debtors 6 1,546,966 1,745,464
Cash at bank and in hand 1,677,239 1,701,124
3,525,719 3,726,839
CREDITORS
Amounts falling due within one year 7 856,232 850,343
NET CURRENT ASSETS 2,669,487 2,876,496
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,604,229

7,420,545

CREDITORS
Amounts falling due after more than one
year

8

(699,437

)

(685,678

)

PROVISIONS FOR LIABILITIES (976,425 ) (895,270 )
NET ASSETS 5,928,367 5,839,597

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,928,267 5,839,497
SHAREHOLDERS' FUNDS 5,928,367 5,839,597

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

BALANCE SHEET - continued
31 DECEMBER 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 16 July 2024 and were signed by:





Mr S J Lumley - Director


STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Steve Lumley Planing Limited is a private company, limited by shares , registered in England and Wales. 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.
Leasehold property - not provided
Portacabins - 25% on reducing balance
Plant & equipment - 25% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of the capital and interest elements. The interest is charged to the profit and loss so as to produce a constant periodic rate of interest of the remaining balance of the liability.

Rentals payable under the operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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 48 (2022 - 44 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Plant &
property Portacabins equipment
£    £    £   
COST
At 1 January 2023 950,070 25,159 3,532,910
Additions 119,475 - 895,640
Disposals - - (551,505 )
At 31 December 2023 1,069,545 25,159 3,877,045
DEPRECIATION
At 1 January 2023 - 11,458 1,429,021
Charge for year - 3,426 624,580
Eliminated on disposal - - (375,307 )
At 31 December 2023 - 14,884 1,678,294
NET BOOK VALUE
At 31 December 2023 1,069,545 10,275 2,198,751
At 31 December 2022 950,070 13,701 2,103,889

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 73,774 3,211,496 7,793,409
Additions 3,961 653,044 1,672,120
Disposals - (113,950 ) (665,455 )
At 31 December 2023 77,735 3,750,590 8,800,074
DEPRECIATION
At 1 January 2023 38,478 1,770,403 3,249,360
Charge for year 9,310 447,415 1,084,731
Eliminated on disposal - (93,452 ) (468,759 )
At 31 December 2023 47,788 2,124,366 3,865,332
NET BOOK VALUE
At 31 December 2023 29,947 1,626,224 4,934,742
At 31 December 2022 35,296 1,441,093 4,544,049

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 805,000 774,769 1,579,769
Additions 355,000 95,811 450,811
Transfer to ownership (155,000 ) (299,940 ) (454,940 )
At 31 December 2023 1,005,000 570,640 1,575,640
DEPRECIATION
At 1 January 2023 122,667 303,032 425,699
Charge for year 208,408 97,712 306,120
Transfer to ownership (69,629 ) (131,223 ) (200,852 )
At 31 December 2023 261,446 269,521 530,967
NET BOOK VALUE
At 31 December 2023 743,554 301,119 1,044,673
At 31 December 2022 682,333 471,737 1,154,070

5. STOCK
2023 2022
£    £   
Stock 301,514 280,251

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 855,737 987,662
Other debtors 130,990 148,865
Director's loan account 399,970 399,970
VAT 60,182 96,188
Prepayments & accrued income 100,087 112,779
1,546,966 1,745,464

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 336,675 361,733
Trade creditors 296,444 360,737
Corporation tax 69,053 39,259
Social security & other taxes 79,453 44,678
Other creditors 6,927 6,067
Accrued expenses 67,680 37,869
856,232 850,343

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 699,437 685,678

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 336,675 361,733
Between one and five years 699,437 685,678
1,036,112 1,047,411

Non-cancellable operating leases
2023 2022
£    £   
Within one year 120,000 100,000
Between one and five years 480,000 400,000
In more than five years 480,000 500,000
1,080,000 1,000,000

STEVE LUMLEY PLANING LIMITED (REGISTERED NUMBER: 03694294)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,036,112 1,047,411

The hire purchase contracts are secured on the assets purchased.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S J Lumley
Balance outstanding at start of year 399,970 454,970
Amounts advanced 234,434 81,667
Amounts repaid (234,434 ) (136,667 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 399,970 399,970