2023-05-012024-04-302024-04-30false02812034L.C. NICHOLAS 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L.C. NICHOLAS LIMITED

Registered Number
02812034
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

L.C. NICHOLAS LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

NICHOLAS, Lee David

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

02812034 (England and Wales)
L.C. NICHOLAS LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4231,566238,625
231,566238,625
Current assets
Stocks5360,467416,761
Debtors5,6085,503
Cash at bank and on hand847,464756,523
1,213,5391,178,787
Creditors amounts falling due within one year6(100,802)(88,404)
Net current assets (liabilities)1,112,7371,090,383
Total assets less current liabilities1,344,3031,329,008
Creditors amounts falling due after one year7(14,447)(24,627)
Provisions for liabilities9(4,966)(5,093)
Net assets1,324,8901,299,288
Capital and reserves
Called up share capital300300
Revaluation reserve233,184233,184
Profit and loss account1,091,4061,065,804
Shareholders' funds1,324,8901,299,288
The financial statements were approved and authorised for issue by the Director on 12 August 2024, and are signed on its behalf by:
NICHOLAS, Lee David
Director
Registered Company No. 02812034
L.C. NICHOLAS LIMITED
Notes to the Financial Statements
for the year ended 30 April 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 accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
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
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings15
Vehicles25
Office Equipment25
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
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
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 May 23210,4823,09864,3119602,245281,096
At 30 April 24210,4823,09864,3119602,245281,096
Depreciation and impairment
At 01 May 236281,60137,8163752,05142,471
Charge for year-3006,62388487,059
At 30 April 246281,90144,4394632,09949,530
Net book value
At 30 April 24209,8541,19719,872497146231,566
At 30 April 23209,8541,49726,495585194238,625
5.Stocks

2024

2023

££
Work in progress22,28378,576
Finished goods338,184338,185
Total360,467416,761
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables27,29831,208
Taxation and social security19,24911,845
Other creditors50,10541,221
Accrued liabilities and deferred income4,1504,130
Total100,80288,404
7.Creditors: amounts due after one year

2024

2023

££
Other creditors14,44724,627
Total14,44724,627
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts14,44724,627
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)4,9665,093
Total4,9665,093
10.Controlling party
The company was controlled by its director, L D Nicholas, throughout the period.