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Registration number: 03208839

Lancashire Industrial and Commercial Services Limited
Annual Report and
Unaudited Financial Statements

30 November 2023

 

Lancashire Industrial and Commercial Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Lancashire Industrial and Commercial Services Limited

Balance Sheet
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

160,000

150,000

Other financial assets

6

105,291

101,916

 

265,291

251,916

Current assets

 

Stocks

7

112,615

104,105

Debtors

8

1,519

9,401

Cash at bank and in hand

 

12,159

31,868

 

126,293

145,374

Creditors: Amounts falling due within one year

9

(5,910)

(10,500)

Net current assets

 

120,383

134,874

Total assets less current liabilities

 

385,674

386,790

Provisions for liabilities

(14,881)

(12,981)

Net assets

 

370,793

373,809

Capital and reserves

 

Called up share capital

100

100

Other reserves

63,440

55,340

Retained earnings

307,253

318,369

Shareholders' funds

 

370,793

373,809

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.

 

Lancashire Industrial and Commercial Services Limited

Balance Sheet
30 November 2023

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.

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 29 August 2024
 

.........................................
Mr J B Nuttall
Director

Company Registration Number: 03208839

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Garden Flat
62 Marlborough Place
London
NW8 0PL

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.

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

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.

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 machinery

25% straight-line

Office equipment

25% straight-line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

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.

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock represents land for development and this is valued at the lower of cost and net realisable value. Cost includes are direct costs in relation to the land.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Joint arrangements

A joint arrangement exists whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The investor is required to recognise on a line-by-line basis, its share of the underlying assets, liabilities, revenues and expenditure.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

4

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 December 2022

1,198

2,499

3,697

At 30 November 2023

1,198

2,499

3,697

Depreciation

At 1 December 2022

1,198

2,499

3,697

At 30 November 2023

1,198

2,499

3,697

Carrying amount

At 30 November 2023

-

-

-

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

5

Investment properties

2023
£

At 1 December

150,000

Fair value adjustments

10,000

At 30 November

160,000

If the investment property had not been revalued, it would have been included at its historical cost of £81,679.
The investment property was valued on an open market value basis on 30 November 2023 by the director.
The value included above is 50% of the total value of the property as it is jointly owned.

There has been no valuation of investment property by an independent valuer.

£

Cost

81,679

Revaluation in 2018

13,321

Revaluation in 2019

10,000

Revaluation in 2020

20,000

Revaluation in 2021

15,000

Revaluation in 2022

10,000

Revaluation in 2023

10,000

Total

160,000

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

101,916

101,916

Fair value adjustments

3,375

3,375

At 30 November 2023

105,291

105,291

Impairment

Carrying amount

At 30 November 2023

105,291

105,291

7

Stocks

2023
£

2022
£

Other inventories

112,615

104,105

8

Debtors

Current

2023
£

2022
£

Trade debtors

1,519

9,401

 

1,519

9,401

 

Lancashire Industrial and Commercial Services Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

3,300

Accruals and deferred income

2,763

4,619

Other creditors

3,147

2,581

5,910

10,500

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Other reserves
£

Retained earnings
£

Other comprehensive income

8,100

(8,100)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Other reserves
£

Retained earnings
£

Other comprehensive income

8,100

(8,100)

11

Related party transactions

Director's remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.