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Registered number: 01797516
Double L Limited
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01797516
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 372,590 330,119
372,590 330,119
CURRENT ASSETS
Stocks 5 94,160 98,301
Debtors 6 162,171 186,982
Cash at bank and in hand 48,338 81,533
304,669 366,816
Creditors: Amounts Falling Due Within One Year 7 (104,423 ) (141,457 )
NET CURRENT ASSETS (LIABILITIES) 200,246 225,359
TOTAL ASSETS LESS CURRENT LIABILITIES 572,836 555,478
PROVISIONS FOR LIABILITIES
Deferred Taxation - (7,461 )
NET ASSETS 572,836 548,017
CAPITAL AND RESERVES
Called up share capital 8 400 400
Capital redemption reserve 600 600
Profit and Loss Account 571,836 547,017
SHAREHOLDERS' FUNDS 572,836 548,017
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kevin Pogson
Director
9th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Double L Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01797516 . The registered office is Yard No.1, Imperial Park Industrial Estate, Rawreth Lane, Rayleigh, Essex, SS6 9RS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 10)
6 10
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 May 2023 280,000 39,967 109,219 429,186
Revaluation 55,000 - - 55,000
As at 30 April 2024 335,000 39,967 109,219 484,186
Depreciation
As at 1 May 2023 - 36,350 62,717 99,067
Provided during the period - 903 11,626 12,529
As at 30 April 2024 - 37,253 74,343 111,596
Net Book Value
As at 30 April 2024 335,000 2,714 34,876 372,590
As at 1 May 2023 280,000 3,617 46,502 330,119
5. Stocks
2024 2023
£ £
Stock 94,160 98,301
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 133,920 161,433
Prepayments and accrued income 28,151 25,449
Other debtors 100 100
162,171 186,982
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 68,890 79,667
Other taxes and social security 4,973 21,673
VAT 12,193 9,641
Other creditors 3,177 7,626
Accruals and deferred income 12,190 12,850
Director's loan account 3,000 10,000
104,423 141,457
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
9. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
10. Audit Information
The auditors report on the account of Double L Limited for the year ended 30 April 2024 was unqualified
The auditor's report was signed by Jeremy Boyden BA (Hons) FCA (Senior Statutory Auditor) for and on behalf of Pocknells Audit Limited , Statutory Auditor
Pocknells Audit Limited
46 Hullbridge Road
South Woodham Ferrers
Chelmsford
Essex
CM3 5NG
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