Company registration number 11461298 (England and Wales)
LCS BRICKWORK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LCS BRICKWORK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LCS BRICKWORK LTD (REGISTERED NUMBER: 11461298)
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,251
21,323
Current assets
Stocks
-
275,110
Debtors
4
198,531
254,433
Cash at bank and in hand
20,323
8,566
218,854
538,109
Creditors: amounts falling due within one year
5
(201,245)
(539,636)
Net current assets/(liabilities)
17,609
(1,527)
Net assets
26,860
19,796
Capital and reserves
Called up share capital
6
50
50
Profit and loss reserves
26,810
19,746
Total equity
26,860
19,796
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr L C Shand
Mr P C Heraty
Director
Director
LCS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
LCS Brickwork Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Lyric Square, Hammersmith, London, W6 0NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is not expected to trade for a period in excess of 12 months from the balance sheet date. However, in the opinion of the directors, no adjustments would be required if the accounts were to be prepared on any other basis. These financial statements are therefore prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for brickwork and construction services, and is shown net of VAT. Turnover is recognised when all of the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probable that the company will receive the consideration due under the contract
The stage completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and costs to complete the contract can be measured reliably
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% straight line
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LCS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
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 assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
3
LCS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
3,224
34,695
37,919
Depreciation and impairment
At 1 February 2023
2,140
14,456
16,596
Depreciation charged in the year
507
11,565
12,072
At 31 January 2024
2,647
26,021
28,668
Carrying amount
At 31 January 2024
577
8,674
9,251
At 31 January 2023
1,084
20,239
21,323
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
193,150
231,139
Other debtors
5,381
23,294
198,531
254,433
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
43,095
344,009
Taxation and social security
119,212
101,692
Other creditors
38,938
93,935
201,245
539,636
Included within other creditors due within one year are hire purchase liabilities totalling £17,980 (2023 : £24,089) which are secured on the assets purchased under hire purchase agreements.
LCS BRICKWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
25
25
25
25
Ordinary B of £1 each
25
25
25
25
50
50
50
50
7
Prior period adjustment
Reconciliation of changes in equity
1 February
31 January
2022
2023
£
£
Adjustments to prior year
Correction to share capital
-
34
Equity as previously reported
19,387
19,762
Equity as adjusted
19,387
19,796
Analysis of the effect upon equity
Share capital
-
34