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Lakroc Limited |
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Registered number: |
14501401 |
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Abridged Balance Sheet |
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as at 31 March 2024 |
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Notes |
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2024 |
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£ |
£ |
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Current assets |
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Stocks |
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500,555 |
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Debtors |
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15,998 |
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Cash at bank and in hand |
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30,731 |
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547,284 |
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Creditors: amounts falling due within one year |
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(339,230) |
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Net current assets |
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208,054 |
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Total assets less current liabilities |
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208,054 |
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Creditors: amounts falling due after more than one year |
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(287,000) |
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Net liabilities |
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(78,946) |
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Capital and reserves |
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Called up share capital |
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2 |
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Profit and loss account |
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(78,948) |
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Shareholders' funds |
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(78,946) |
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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. |
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The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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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. |
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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. |
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The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006. |
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M R Lakhani |
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Director |
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Approved by the board on 7 August 2024 |
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Lakroc Limited |
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Notes to the Abridged Accounts |
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for the period from 23 November 2022 to 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The abridged 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 (as applied to small entities by section 1A of the standard). |
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Stocks |
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Stocks consist of work-in-progress inclusive of freehold property where held as such and are measured at the lower of cost and net realisable value. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Creditors |
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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. |
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Taxation |
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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. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
0 |
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3 |
Loans |
2024 |
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£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due within one year |
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293,949 |
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Amounts payable otherwise than by instalment falling due for payment after more than 12 months |
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287,000 |
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580,949 |
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Secured loans |
293,949 |
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The Company has given fixed charges over freehold-property in order to secure lending facilities. |
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4 |
Related party transactions |
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The Company has borrowings from a Company over which M R Lakhani is able to exercise significant influence. Interest is charged on the amounts borrowed. As at the balance sheet, the capital and interest amount remaining payable is £151,393. |
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The Company has borrowings from a Company over which L A Crocker is able to exercise significant influence. Interest is charged on the amounts borrowed. As at the balance sheet, the capital and interest amount remaining payable is £151,714. |
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M R Lakhani is a partner in Lakhani Consulting. The charge for services provided by Lakhani Consulting to the Company in this year amounted to £12,500. |
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L A Crocker is married to L J Crocker. The charge for services provided by L J Crocker to the Company in this year amounted to £12,500. |
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5 |
Other information |
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Lakroc Limited is a private company limited by shares and incorporated in England. Its registered office is: 20 West Heath Road, Farnborough, England GU14 8QH. |