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COMPANY REGISTRATION NUMBER: 07104165
Lockewood Consulting Limited
Filleted Unaudited Financial Statements
31 December 2023
Lockewood Consulting Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Lockewood Consulting Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Lockewood Consulting Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Lockewood Consulting Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of ICAS, I am subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Lockewood Consulting Limited. My work has been undertaken solely to prepare for your approval the financial statements of Lockewood Consulting Limited and state those matters that I have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Lockewood Consulting Limited and its director for my work or for this report.
It is your duty to ensure that Lockewood Consulting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lockewood Consulting Limited. You consider that Lockewood Consulting Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Lockewood Consulting Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
13 August 2024
Lockewood Consulting Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
15,607
19,296
Current assets
Debtors
6
93,910
93,170
Cash at bank and in hand
13,313
69
---------
--------
107,223
93,239
Creditors: amounts falling due within one year
7
38,132
23,219
---------
--------
Net current assets
69,091
70,020
--------
--------
Total assets less current liabilities
84,698
89,316
Creditors: amounts falling due after more than one year
8
17,456
24,381
--------
--------
Net assets
67,242
64,935
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
67,240
64,933
--------
--------
Shareholders funds
67,242
64,935
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lockewood Consulting Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Ms A W Woods
Director
Company registration number: 07104165
Lockewood Consulting Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,108
15,326
9,886
26,320
Additions
461
480
941
-------
--------
--------
--------
At 31 December 2023
1,108
15,787
10,366
27,261
-------
--------
--------
--------
Depreciation
At 1 January 2023
46
2,193
4,785
7,024
Charge for the year
266
3,079
1,285
4,630
-------
--------
--------
--------
At 31 December 2023
312
5,272
6,070
11,654
-------
--------
--------
--------
Carrying amount
At 31 December 2023
796
10,515
4,296
15,607
-------
--------
--------
--------
At 31 December 2022
1,062
13,133
5,101
19,296
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
93,910
93,170
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,173
Trade creditors
( 2,739)
Corporation tax
27,787
6,285
Social security and other taxes
8,845
Other creditors
1,500
1,500
--------
--------
38,132
23,219
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,456
24,381
--------
--------
9. Director's advances, credits and guarantees
As at 31st December 2023 Andrea Wood, director, owed the company £ 71,500 (2022: £68,201). Interest has been charged on this at 2.5%.
10. Controlling party
The company was under the control of Andrea Wood throughout the year.