Registered number
01906681
Lions Equipment Ltd
Filleted Accounts
31 December 2023
Lions Equipment Ltd
Registered number: 01906681
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 271,318 275,521
Current assets
Debtors 4 2,326 19,285
Cash at bank and in hand 440,991 415,314
443,317 434,599
Creditors: amounts falling due within one year 5 (27,360) (28,658)
Net current assets 415,957 405,941
Total assets less current liabilities 687,275 681,462
Provisions for liabilities - deferred tax (7,159) (7,159)
Net assets 680,116 674,303
Capital and reserves
Called up share capital 100 100
Share premium 9,702 9,702
Revaluation reserve 6 107,816 107,816
Profit and loss account 562,498 556,685
Shareholder's funds 680,116 674,303
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G van de Nieuwegiessen
Director
Approved by the board on 9 August 2024
Lions Equipment Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% per annum on net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 370,940 5,137 376,077
At 31 December 2023 370,940 5,137 376,077
Depreciation
At 1 January 2023 97,321 3,235 100,556
Charge for the year 3,729 474 4,203
At 31 December 2023 101,050 3,709 104,759
Net book value
At 31 December 2023 269,890 1,428 271,318
At 31 December 2022 273,619 1,902 275,521
Freehold land and buildings: 2023 2022
£ £
Historical cost 255,965 255,965
Cumulative depreciation based on historical cost 101,050 97,321
154,915 158,644
4 Debtors 2023 2022
£ £
Trade debtors 932 18,937
Prepayments 1,394 348
2,326 19,285
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 812
Taxation and social security costs 3,428 4,451
Rent bond 8,750 8,750
Director's current account 12,582 12,582
Accruals 2,600 2,063
27,360 28,658
6 Revaluation reserve 2023 2022
£ £
At 1 January 2023 107,816 107,816
At 31 December 2023 107,816 107,816
7 Related party transactions
The company rents an industrial property belonging to the sole director. The company pays an annual rent of £10,000 (2022 - £10,000)
8 Other information
Lions Equipment Ltd is a private company limited by shares and incorporated in England. Its registered office is:
10 Little Balmer
Buckingham Industrial Estate
Buckingham
MK18 1TF
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