1 December 2022 v2024.40.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP125842142022-12-012023-11-30125842142023-11-30125842142022-11-3012584214core:WithinOneYear2023-11-3012584214core:WithinOneYear2022-11-3012584214core:AfterOneYear2023-11-3012584214core:AfterOneYear2022-11-3012584214core:ShareCapital2023-11-3012584214core:ShareCapital2022-11-3012584214core:RetainedEarningsAccumulatedLosses2023-11-3012584214core:RetainedEarningsAccumulatedLosses2022-11-3012584214bus:Director12022-12-012023-11-3012584214bus:RegisteredOffice2022-12-012023-11-3012584214core:NetGoodwill2022-12-012023-11-3012584214core:Goodwill2022-12-012023-11-3012584214core:OfficeEquipment2022-12-012023-11-3012584214core:PlantMachinery2022-12-012023-11-3012584214core:MotorVehicles2022-12-012023-11-30125842142021-12-012022-11-3012584214core:NetGoodwill2022-12-0112584214core:NetGoodwill2022-11-3012584214core:LandBuildings2022-12-0112584214core:PlantMachinery2022-12-01125842142022-12-0112584214core:LandBuildings2023-11-3012584214core:PlantMachinery2023-11-3012584214core:LandBuildings2022-12-012023-11-3012584214core:LandBuildings2022-11-3012584214core:PlantMachinery2022-11-301258421412022-12-012023-11-3012584214countries:EnglandWales2022-12-012023-11-3012584214bus:AuditExemptWithAccountantsReport2022-12-012023-11-3012584214bus:PrivateLimitedCompanyLtd2022-12-012023-11-3012584214bus:SmallEntities2022-12-012023-11-3012584214bus:FullAccounts2022-12-012023-11-30
Company registration number:
12584214
Local Building Supplies Ltd
Unaudited Filleted Financial Statements for the year ended
30 November 2023
Local Building Supplies Ltd
Statement of Financial Position
30 November 2023
20232022
Note££
Fixed assets    
Intangible assets 5 -  
8,667
 
Tangible assets 6
27,156
 
41,890
 
27,156
 
50,557
 
Current assets    
Stocks
128,500
 
130,000
 
Debtors 7
117,241
 
167,524
 
Cash at bank and in hand
13,400
 
8,961
 
259,141
 
306,485
 
Creditors: amounts falling due within one year 8
(257,024
)
(289,540
)
Net current assets
2,117
 
16,945
 
Total assets less current liabilities 29,273   67,502  
Creditors: amounts falling due after more than one year 9
(33,132
)
(52,686
)
Net (liabilities)/assets
(3,859
)
14,816
 
Capital and reserves    
Called up share capital
102
 
102
 
Profit and loss account
(3,961
)
14,714
 
Shareholders (deficit)/funds
(3,859
)
14,816
 
For the 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Mr Denis Ryan
Director
Company registration number:
12584214
Local Building Supplies Ltd
Notes to the Financial Statements
Year ended
30 November 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Suite 131
,
80 Churchill Square
,
West Malling
,
Kent
,
ME19 4YU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

At 30 November 2023, the company had excess liabilities over assets totalling £3,859. The company is dependant upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and reviewed for impairment in any period in which events or changes in circumstances indicate that the carrying value may not be fully recoverable.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% Straight Line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% Reducing Balance
Plant and machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
7.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 December 2022
10,000
 
Disposals
(10,000
)
At
30 November 2023
-  
Amortisation  
At
1 December 2022
1,333
 
Charge
333
 
Disposals
(1,666
)
At
30 November 2023
-  
Carrying amount  
At
30 November 2023
-  
At 30 November 2022
8,667
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 December 2022
14,981
 
33,679
 
48,660
 
Disposals -  
(8,796
)
(8,796
)
At
30 November 2023
14,981
 
24,883
 
39,864
 
Depreciation      
At
1 December 2022
3,496
 
3,274
 
6,770
 
Charge
1,498
 
7,441
 
8,939
 
Disposals -  
(3,001
)
(3,001
)
At
30 November 2023
4,994
 
7,714
 
12,708
 
Carrying amount      
At
30 November 2023
9,987
 
17,169
 
27,156
 
At 30 November 2022
11,485
 
30,405
 
41,890
 

7 Debtors

20232022
££
Trade debtors
116,941
 
167,524
 
Other debtors
300
  -  
117,241
 
167,524
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
21,870
 
25,537
 
Trade creditors
141,793
 
107,313
 
Taxation and social security
6,618
 
2,654
 
Other creditors
86,743
 
154,036
 
257,024
 
289,540
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
13,800
 
23,180
 
Other creditors
19,332
 
29,506
 
33,132
 
52,686