REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
29 February 2024 |
for |
Lube-Spec Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
29 February 2024 |
for |
Lube-Spec Limited |
Lube-Spec Limited (Registered number: 02137488) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Lube-Spec Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Charnwood House |
Harcourt Way |
Meridian Business Park |
Leicester |
Leicestershire |
LE19 1WP |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Lube-Spec Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lube-Spec Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Lube-Spec Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lube-Spec Limited and state those matters that we have agreed to state to the Board of Directors of Lube-Spec Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lube-Spec Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lube-Spec 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 Lube-Spec Limited. You consider that Lube-Spec Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Lube-Spec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Charnwood House |
Harcourt Way |
Meridian Business Park |
Leicester |
Leicestershire |
LE19 1WP |
Lube-Spec Limited (Registered number: 02137488) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lube-Spec Limited (Registered number: 02137488) |
Balance Sheet - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lube-Spec Limited (Registered number: 02137488) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Lube-Spec Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when goods have been despatched and when services have been provided. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Lube-Spec Limited (Registered number: 02137488) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The pension costs charged in the financial statements represent the contribution payable by the company during the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Lube-Spec Limited (Registered number: 02137488) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
VAT | 21,485 | 27,271 |
Other creditors |
Directors' current accounts | 2,086 | 1,238 |
Accruals and deferred income |
Lube-Spec Limited (Registered number: 02137488) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 7,285 | 12,800 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 15,838 | - |
Included in bank loans, is a bounce back loan (BBL) of £50,000 received in 2020. This loan |
is backed by UK government under BBLS guarantee. Lube-Spec Limited is still liable for the full amount of any outstanding loan amount. |
The hire purchase creditor is secured on the assets to which it relates. |
Lube-Spec Limited (Registered number: 02137488) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal Value: | 28.02.24 | 28.02.23 |
£ | £ |
70 | Ordinary A | £1 | 70 | 39 |
10 | Ordinary B | £1 | 10 | 38 |
10 | Ordinary C | £1 | 10 | 13 |
10 | Ordinary D | £1 | 10 | 10 |
100 | 100 |
During the year, 28 ‘B’ Ordinary shares of £1 each and 3 ‘C’ Ordinary shares of £1 each held by Mr Mark Cherry was reclassified to 31 ‘A’ Ordinary shares of £1 each. |