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Registration number: NI671401

LJTB Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

LJTB Limited

(Registration number: NI671401)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,431,004

1,635,436

Tangible assets

5

193,161

209,918

Investments

6

190,000

-

 

1,814,165

1,845,354

Current assets

 

Stocks

7

166,368

169,055

Debtors

8

477,374

605,460

Cash at bank and in hand

 

730,780

492,205

 

1,374,522

1,266,720

Creditors: Amounts falling due within one year

9

(1,178,276)

(1,129,368)

Net current assets

 

196,246

137,352

Total assets less current liabilities

 

2,010,411

1,982,706

Creditors: Amounts falling due after more than one year

9

(1,135,694)

(1,359,883)

Provisions for liabilities

(48,290)

(39,884)

Net assets

 

826,427

582,939

Capital and reserves

 

Called up share capital

11

250,001

250,001

Retained earnings

576,426

332,938

Shareholders' funds

 

826,427

582,939

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

LJTB Limited

(Registration number: NI671401)
Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 May 2024
 

.........................................
Mr Stephen Burns
Director

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Unit 8, 20 Antrim Road, Ballymena, Co. Antrim, BT42 2BJ.

These financial statements were authorised for issue by the director on 10 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Equipment

20% reducing balance

Fiztures and Fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

10% straight line

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 36 (2022 - 29).

4

Intangible assets

Goodwill and pharmaceutical license
 £

Total
£

Cost or valuation

At 1 December 2022

2,044,300

2,044,300

At 30 November 2023

2,044,300

2,044,300

Amortisation

At 1 December 2022

408,864

408,864

Amortisation charge

204,432

204,432

At 30 November 2023

613,296

613,296

Carrying amount

At 30 November 2023

1,431,004

1,431,004

At 30 November 2022

1,635,436

1,635,436

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Fixtures and Fittings
 £

Motor vehicles
 £

Plant and Equipment
£

Total
£

Cost or valuation

At 1 December 2022

42,837

13,741

199,649

256,227

Additions

-

24,405

3,500

27,905

At 30 November 2023

42,837

38,146

203,149

284,132

Depreciation

At 1 December 2022

11,581

4,138

30,590

46,309

Charge for the year

4,692

5,450

34,520

44,662

At 30 November 2023

16,273

9,588

65,110

90,971

Carrying amount

At 30 November 2023

26,564

28,558

138,039

193,161

At 30 November 2022

31,256

9,603

169,059

209,918

6

Investments

2023
£

2022
£

Investments in subsidiaries

190,000

-

Subsidiaries

£

Cost or valuation

Additions

190,000

Provision

Carrying amount

At 30 November 2023

190,000

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Stocks

2023
£

2022
£

Other inventories

166,368

169,055

8

Debtors

Current

2023
£

2022
£

Trade debtors

370,643

346,449

Prepayments

12,549

6,484

Other debtors

94,182

252,527

 

477,374

605,460

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

193,424

188,929

Trade creditors

 

694,632

761,538

Taxation and social security

 

166,064

76,432

Other creditors

 

124,156

102,469

 

1,178,276

1,129,368

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

996,866

1,190,195

Other borrowings

138,828

169,688

1,135,694

1,359,883

Current loans and borrowings

2023
£

2022
£

Bank borrowings

193,424

188,929

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

Redeemable preference shares of £1 each

250,000

250,000

250,000

250,000

250,001

250,001

250,001

250,001

 

LJTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

12

Related party transactions

At the period end the Company owed the directors £138,828. No interest was charged on the amount outstanding.