Registered number
04091280
Lawgistics Ltd
Filleted Accounts
For the Year Ended
31 March 2024
Lawgistics Ltd
Registered number: 04091280
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 62,882 30,470
Current assets
Stocks 12,229 12,936
Debtors 4 226,213 201,224
Cash at bank and in hand 267,766 218,668
506,208 432,828
Creditors: amounts falling due within one year 5 (426,227) (444,530)
Net current assets/(liabilities) 79,981 (11,702)
Net assets 142,863 18,768
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 141,863 17,768
Shareholders' funds 142,863 18,768
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J T Combes
Director
Approved by the board on 3 August 2024
Lawgistics Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 33% reducing balance
Tools and Equipment 33% reducing balance
Motor Vehicles 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 36
3 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 246,945 - 246,945
Additions 17,499 45,885 63,384
At 31 March 2024 264,444 45,885 310,329
Depreciation
At 1 April 2023 216,475 - 216,475
Charge for the year 15,830 15,142 30,972
At 31 March 2024 232,305 15,142 247,447
Net book value
At 31 March 2024 32,139 30,743 62,882
At 31 March 2023 30,470 - 30,470
4 Debtors 2024 2023
£ £
Trade debtors 113,111 73,932
Other debtors 113,102 127,292
226,213 201,224
5 Creditors: amounts falling due within one year 2024 2023
£ £
Invoiced in advance 266,419 247,705
Trade creditors 26,137 47,728
Other taxes and social security costs 88,873 43,960
Directors current accounts * 16,825 16,825
Directors loan accounts * (8,074) 24,850
Other creditors 36,047 63,462
426,227 444,530
* Current and loan accounts are loaned to the company interest free from Mrs S E Combes a director and shareholder. The loans are repayable on demand so have not been treated as a financing transaction.
6 Controlling party
The director Mr J T Combes held the controlling interest in the company throughout the year.
7 Other information
Lawgistics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Vinpenta House
2 - 4 High Causeway
Whittlesey
Peterborough
PE7 1AE
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