Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 3 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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Investments | 6 |
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41,695 | 41,788 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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70,897 | 80,423 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 50,885 | 62,396 | ||
Total assets less current liabilities | 92,580 | 104,184 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve | (
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of The One Reluctant Lemming Company Limited (registered number:
T C L Holt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The One Reluctant Lemming Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
This is the first year in which the financial statements have been prepared in accordance with FRS102 Section 1A. The prior year figures were restated to include a fair value reserve for the movement in the fair value of fixed asset investments.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The accounts for the year ended 31 March 2023 have been restated to correctly include details of the investment portfolio held by the company. The change has resulted in an increase in the profit and loss account and a decrease in the fair value reserve.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Plant and machinery |
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Office equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The Company has adopted FRS 102.1A for the year ended 31 March 2024 and has restated the comparative year amounts.
Reconciliation of equity
01.04.2022 | 31.03.2023 | |||
£ | £ | |||
Capital and reserves (as previously stated) | 82,355 | 104,184 | ||
Movement to fair value reserve | (2,094) | (5,114) | ||
Movement from profit and loss account | 2,094 | 5,114 | ||
Capital and reserves (as restated) | 82,355 | 104,184 |
This has resulted in an increase in the profit and loss account of £5,114 and an introduction of a fair value reserve for (£5,114).
As previously reported | Adjustment | As restated | ||||
Year ended 31 March 2023 | £ | £ | £ | |||
Fixed assets | 0 | 41,788 | 41,788 | |||
Current assets | 122,211 | (41,788) | 80,423 | |||
Profit and loss account | 104,074 | 5,114 | 109,188 | |||
Fair value reserve | 0 | (5,114) | (5,114) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Total | |||
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Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 April 2023 |
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Disposals | (
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Movement in fair value |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £46,902.
2024 | 2023 | ||
£ | £ | ||
Amounts owed by directors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Transactions with the entity's directors
Advances
At 1 April 2023, the balance owed by the directors was £24,709. During the year, £45,061 was advanced to the directors, and £71,812 was repaid by the directors. At 31 March 2024, the balance owed to the directors was £2,042.
At 1 April 2022, the balance owed by the directors was £14,086. During the year, £51,623 was advanced to the directors, and £41,000 was repaid by the directors. At 31 March 2023, the balance owed by the directors was £24,709.