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REGISTERED NUMBER: 04014500 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LAMBERTS TOOL & WELDING SUPPLIES LIMITED

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAMBERTS TOOL & WELDING SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr SD Lambert
Mrs M P Lambert





SECRETARY: Mrs S Lambert





REGISTERED OFFICE: Design House
Stanhope Industrial Estate
Wharf Road
Stanford-Le-Hope
Essex
SS17 0EH





REGISTERED NUMBER: 04014500 (England and Wales)





ACCOUNTANTS: Elliott, Mortlock, Busby & Co Limited
12 High Street
Stanford le Hope
Essex
SS17 0EY

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 368,744 290,784

CURRENT ASSETS
Stocks 434,671 404,288
Debtors 5 887,341 1,046,190
Cash at bank and in hand 41,011 59,528
1,363,023 1,510,006
CREDITORS
Amounts falling due within one year 6 932,782 975,341
NET CURRENT ASSETS 430,241 534,665
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,985

825,449

CREDITORS
Amounts falling due after more than one
year

7

(195,406

)

(153,291

)

PROVISIONS FOR LIABILITIES 10 (85,952 ) (66,300 )
NET ASSETS 517,627 605,858

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 517,567 605,798
SHAREHOLDERS' FUNDS 517,627 605,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

BALANCE SHEET - continued
30 JUNE 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





Mr SD Lambert - Director


LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Lamberts Tool & Welding Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Capital expenditure on landlord's property - 15% on reducing balance
Furniture & fittings - 25% on reducing balance
Plant - 25% on reducing balance
Office equipment - 3 and 5 years straight line basis
Motor vehicles - 25% on reducing balance
Premises security - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Basic financial instruments are initially recognized at transaction price and then subsequently at amortized cost with the exception of equity investments that are initially measured at fair value (being the transaction price excluding any transaction costs) with subsequent measurements at fair value, with changes recognized in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Employee benefits and pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognized at the undiscounted amount expected to be paid for that service.

The company operates two defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Capital
expenditure
on
landlord's Furniture
property & fittings Plant
£    £    £   
COST
At 1 July 2023 78,588 36,792 10,275
Additions 3,225 - -
Disposals - - -
At 30 June 2024 81,813 36,792 10,275
DEPRECIATION
At 1 July 2023 40,002 35,194 9,867
Charge for year 6,108 400 102
Eliminated on disposal - - -
At 30 June 2024 46,110 35,594 9,969
NET BOOK VALUE
At 30 June 2024 35,703 1,198 306
At 30 June 2023 38,586 1,598 408

Office Motor Premises
equipment vehicles security Totals
£    £    £    £   
COST
At 1 July 2023 30,934 305,240 10,605 472,434
Additions 1,245 277,046 - 281,516
Disposals - (145,881 ) - (145,881 )
At 30 June 2024 32,179 436,405 10,605 608,069
DEPRECIATION
At 1 July 2023 29,978 59,189 7,420 181,650
Charge for year 732 80,794 796 88,932
Eliminated on disposal - (31,257 ) - (31,257 )
At 30 June 2024 30,710 108,726 8,216 239,325
NET BOOK VALUE
At 30 June 2024 1,469 327,679 2,389 368,744
At 30 June 2023 956 246,051 3,185 290,784

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023 305,240
Additions 277,046
Disposals (145,881 )
At 30 June 2024 436,405
DEPRECIATION
At 1 July 2023 59,189
Charge for year 80,794
Eliminated on disposal (31,257 )
At 30 June 2024 108,726
NET BOOK VALUE
At 30 June 2024 327,679
At 30 June 2023 246,051

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 885,045 1,041,409
Other debtors 2,296 4,781
887,341 1,046,190

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loan and overdraft 142,046 169,932
Hire purchase contracts (see note 8) 80,954 64,442
Trade creditors 493,872 496,684
Corporation tax 35,385 82,860
Social security and other taxes 78,462 68,106
Other creditors 95,004 80,684
Directors' current accounts 7,059 12,633
932,782 975,341

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan - 1-2 years - 1,929
Hire purchase contracts (see note 8) 195,406 151,362
195,406 153,291

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 80,954 64,442
Between one and five years 195,406 151,362
276,360 215,804

Non-cancellable operating leases
2024 2023
£    £   
Within one year 79,576 78,688
Between one and five years 61,669 75,757
141,245 154,445

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 140,796 156,247
Bank loans 1,250 15,614
Hire purchase contracts 276,360 215,804
Credit cards 74,361 76,289
492,767 463,954

The above debts are secured on the assets of the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 85,952 66,300

Deferred
tax
£   
Balance at 1 July 2023 66,300
Charge to Income Statement during year 19,652
Balance at 30 June 2024 85,952

The provision for deferred taxation is made up of accelerated capital allowances.

LAMBERTS TOOL & WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 04014500)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. PENSION COMMITMENTS

The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date there were £1,275 unpaid contributions (2023: £1,232).