2023-03-012024-02-292024-02-29false02896786Limebase Products 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Limebase Products Ltd

Registered Number
02896786
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Limebase Products Ltd
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Joseph Andrew David Leach
Tobias Peter Leach

Company Secretary

Joseph Andrew David Leach

Registered Address

Walronds Park
Isle Brewers
Taunton
TA3 6QP

Registered Number

02896786 (England and Wales)
Limebase Products Ltd
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3125,11777,653
125,11777,653
Current assets
Stocks29,58226,436
Debtors443,08826,579
Cash at bank and on hand36,27816,551
108,94869,566
Creditors amounts falling due within one year5(108,886)(70,172)
Net current assets (liabilities)62(606)
Total assets less current liabilities125,17977,047
Creditors amounts falling due after one year6(63,562)(40,592)
Provisions for liabilities(23,772)(14,754)
Net assets37,84521,701
Capital and reserves
Called up share capital100100
Profit and loss account37,74521,601
Shareholders' funds37,84521,701
The financial statements were approved and authorised for issue by the Board of Directors on 11 June 2024, and are signed on its behalf by:
Joseph Andrew David Leach
Director
Tobias Peter Leach
Director

Registered Company No. 02896786
Limebase Products Ltd
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings20-
Plant and machinery20-
Fixtures and fittings20-
Vehicles25-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees
The following average number of employees includes directors.

20242023
Average number of employees during the year44
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 23370,100
Additions66,201
Disposals(232)
At 29 February 24431,025
Depreciation and impairment
At 01 March 23292,447
Charge for year18,505
At 29 February 24305,907
Net book value
At 29 February 24125,117
At 28 February 2377,653
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables31,84626,184
Other debtors10,956-
Prepayments and accrued income286395
Total43,08826,579
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables50,55023,739
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties16,4106,959
Taxation and social security5,14013,638
Finance lease and HP contracts19,2439,414
Other creditors5,4494,566
Accrued liabilities and deferred income2,0941,856
Total108,88670,172
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts13,33323,333
Other creditors50,22917,259
Total63,56240,592
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts50,22817,259