LG DESIGNER MAKER CIC

Company limited by guarantee

Company Registration Number:
13002833 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 1 December 2022

End date: 30 November 2023

LG DESIGNER MAKER CIC

Contents of the Financial Statements

for the Period Ended 30 November 2023

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LG DESIGNER MAKER CIC

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 3,278 4,371
Total fixed assets: 3,278 4,371
Current assets
Cash at bank and in hand: 1,995 2,249
Total current assets: 1,995 2,249
Creditors: amounts falling due within one year: 4 ( 16,402 ) ( 18,165 )
Net current assets (liabilities): (14,407) (15,916)
Total assets less current liabilities: (11,129) ( 11,545)
Total net assets (liabilities): (11,129) (11,545)
Members' funds
Profit and loss account: (11,129) ( 11,545)
Total members' funds: ( 11,129) (11,545)

The notes form part of these financial statements

LG DESIGNER MAKER CIC

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 27 August 2024
and signed on behalf of the board by:

Name: L L Garshong
Status: Director

The notes form part of these financial statements

LG DESIGNER MAKER CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 depreciation policy

    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: Motor vehicles - 25% reducing balance

    Valuation information and policy

    Work in progress 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. 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.

    Other accounting policies

    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.

LG DESIGNER MAKER CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

LG DESIGNER MAKER CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2022 4,995 4,995
Additions
Disposals
Revaluations
Transfers
At 30 November 2023 4,995 4,995
Depreciation
At 1 December 2022 624 624
Charge for year 1,093 1,093
On disposals
Other adjustments
At 30 November 2023 1,717 1,717
Net book value
At 30 November 2023 3,278 3,278
At 30 November 2022 4,371 4,371

LG DESIGNER MAKER CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 475 200
Taxation and social security 208 1,436
Other creditors 15,719 16,529
Total 16,402 18,165

COMMUNITY INTEREST ANNUAL REPORT

LG DESIGNER MAKER CIC

Company Number: 13002833 (England and Wales)

Year Ending: 30 November 2023

Company activities and impact

LG Designer Maker CIC has dedicated over 50% of its output to community-based activities including: 1. Delivered various community based programmes and workshops aimed at upskilling individuals in joinery design and numeracy from 1 day tasters sessions to 10 week courses. 2. Developed and offering a mobile wood workshop as part of our outreach provisions aimed at tackling social exclusion.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The director's remuneration paid this year totalled £10,917.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
23 August 2024

And signed on behalf of the board by:
Name: L L Garshong
Status: Director