Lane Organisation Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, for the rendering of services in the normal course of business. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets over their useful life on the following bases: |
|
Vehicle registration plate |
|
|
20% straight line |
|
|
Tangible fixed assets |
|
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: |
|
Plant and machinery |
20% straight line |
|
Motor vehicles |
25% straight line |
|
|
Investments |
|
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
|
|
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. Debtors recoverable in more than one year are not amortised. |
|
|
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. Creditors payable in more than one year are not amortised. |
|
|
|
|
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. |
|
|
Leases |
|
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Audit information |
|
|
The audit report is unqualified. |
|
|
Senior statutory auditor: |
Daniel Valentine |
|
Firm: |
Begbies, Chartered Accountants |
|
Date of audit report: |
30 April 2024 |
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
6 |
|
|
|
|
|
|
|
|
|
|
4 |
Intangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2023 |
18,450 |
|
Additions |
3,269 |
|
At 31 December 2023 |
21,719 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2023 |
11,805 |
|
Provided during the year |
4,017 |
|
At 31 December 2023 |
15,822 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
5,897 |
|
At 31 December 2022 |
6,645 |
|
|
|
|
|
|
|
|
|
|
5 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2023 |
- |
|
148,954 |
|
148,954 |
|
Additions |
15,369 |
|
- |
|
15,369 |
|
At 31 December 2023 |
15,369 |
|
148,954 |
|
164,323 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
- |
|
43,899 |
|
43,899 |
|
Charge for the year |
2,417 |
|
37,239 |
|
39,656 |
|
At 31 December 2023 |
2,417 |
|
81,138 |
|
83,555 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
12,952 |
|
67,816 |
|
80,768 |
|
At 31 December 2022 |
- |
|
105,055 |
|
105,055 |
|
|
6 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 January 2023 |
776,230 |
|
|
At 31 December 2023 |
776,230 |
|
|
7 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
217,790 |
|
17,690 |
|
Other debtors |
37,098 |
|
143,760 |
|
|
|
|
|
|
254,888 |
|
161,450 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
10,251 |
|
- |
|
Amounts owed to group undertakings |
|
681,936 |
|
731,502 |
|
Taxation and social security costs |
265,959 |
|
104,372 |
|
Other creditors |
250,954 |
|
20,841 |
|
|
|
|
|
|
1,209,100 |
|
856,715 |
|
|
|
|
|
|
|
|
|
|
9 |
Other financial commitments |
2023 |
|
2022 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
54,854 |
|
36,000 |
|
|
|
|
|
|
|
|
|
|
10 |
Subsidiaries |
|
|
These financial statements are separate financial statements for Lane Organisation Ltd. The company is exempt from preparing consilidated financial statements by virtue of s399 Companies Act 2006. Details of the company's subsidiaries at 31st December 2023 are as follows |
|
|
Name of undertaking |
Nature of business |
Class of |
% Held |
|
|
|
|
|
|
shareholding |
|
Fruco Plc |
Fruit and vegetable importers and distributors |
|
Ordinary shares |
|
100 |
|
|
The investment in the subsidiary is stated at cost |
|
11 |
Other information |
|
|
Lane Organisation Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
5 Warren Court |
|
Park Road |
|
Crowborough |
|
TN6 2QX |