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COMPANY REGISTRATION NUMBER: 01699363
Loading Bay Specialists Limited
Filleted Unaudited Financial Statements
31 December 2023
Loading Bay Specialists Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
773,533
727,837
Current assets
Stocks
34,730
77,470
Debtors
5
504,837
688,195
Cash at bank and in hand
353,097
318,179
---------
------------
892,664
1,083,844
Creditors: amounts falling due within one year
6
619,060
708,753
---------
------------
Net current assets
273,604
375,091
------------
------------
Total assets less current liabilities
1,047,137
1,102,928
------------
------------
Net assets
1,047,137
1,102,928
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
332,167
332,167
Profit and loss account
704,970
760,761
------------
------------
Shareholders funds
1,047,137
1,102,928
------------
------------
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 .
Loading Bay Specialists Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
S Schubert
Director
Company registration number: 01699363
Loading Bay Specialists Limited
Accounting Policies
Year ended 31 December 2023
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets.
Revenue recognition
Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers. For larger projects revenue is recognised in full when the project is substantially complete and is subject only to minor snagging. For projects only partially complete, costs incurred to date on the project are carried forward to the extent that they exceed amounts invoiced to customers. Where amounts invoiced to customers exceed costs incurred, these amounts are treated as deferred revenue.
Taxation
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold Property
-
over 50 years
Plant, Equipment & Vehicles
-
over 3 - 10 years
Freehold land is not depreciated.
Stocks
Stock is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Loading Bay Specialists 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 Mark Road, Hemel Hempstead, Herts, HP2 7DN.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 28 ).
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
720,000
463,797
1,183,797
Additions
109,290
109,290
Disposals
( 124,918)
( 124,918)
---------
---------
------------
At 31 December 2023
720,000
448,169
1,168,169
---------
---------
------------
Depreciation
At 1 January 2023
40,443
415,517
455,960
Charge for the year
10,460
42,490
52,950
Disposals
( 114,274)
( 114,274)
---------
---------
------------
At 31 December 2023
50,903
343,733
394,636
---------
---------
------------
Carrying amount
At 31 December 2023
669,097
104,436
773,533
---------
---------
------------
At 31 December 2022
679,557
48,280
727,837
---------
---------
------------
Tangible assets held at valuation
Freehold land and buildings were valued on 5 April 2019 by Brasier Freeth, Chartered Surveyors. The basis of valuation was existing use with vacant possession. The directors are not aware of any material change in value since the valuation was carried out and therefore the valuation has not been updated. The net book value of freehold land and buildings determined by reference to historical cost is £360,415 (2022 : £366,049).
5. Debtors
2023
2022
£
£
Trade debtors
396,659
569,702
Other debtors
108,178
118,493
---------
---------
504,837
688,195
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
128,502
142,682
Amounts owed to group undertakings and undertakings in which the company has a participating interest
279,511
226,309
Social security and other taxes
97,548
108,818
Other creditors
113,499
230,944
---------
---------
619,060
708,753
---------
---------
The amounts owed to group undertakings is payable to the parent company, Door & Door Components Ltd. Interest is payable at 3.5% above base rate. The interest charge for the year was £22,871 (2022 : £10,182). There is no fixed date for repayment. A provision has been recognised for expected claims against product guarantees. It is expected that most of this expenditure will be incurred in the next financial year. The provision, the amount of which has not been disclosed as it is considered to be commercially sensitive, has not been discounted since the effect of discounting is not material.
7. Director's advances, credits and guarantees
During the year no advances, credits or guarantees were made in respect of the directors'.
8. Related party transactions
During the year there were no related party transactions that were not conducted under normal trading terms.