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Registered number: 09948350









LBM CONSTRUCTION NORTH LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
LBM CONSTRUCTION NORTH LONDON LIMITED
REGISTERED NUMBER: 09948350

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,212
1,953

  
1,212
1,953

Current assets
  

Stocks
  
5,000
3,000

Debtors: amounts falling due within one year
 5 
24,570
26,718

Cash at bank and in hand
 6 
86,382
60,579

  
115,952
90,297

Creditors: amounts falling due within one year
 7 
(74,434)
(92,492)

Net current assets/(liabilities)
  
 
 
41,518
 
 
(2,195)

Total assets less current liabilities
  
42,730
(242)

Creditors: amounts falling due after more than one year
 8 
(13,333)
(23,333)

  

Net assets/(liabilities)
  
29,397
(23,575)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
29,396
(23,576)

  
29,397
(23,575)


Page 1

 
LBM CONSTRUCTION NORTH LONDON LIMITED
REGISTERED NUMBER: 09948350
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.




B Nabolli
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

LBM Construction North London Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09948350. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, United Kingdom, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company made a profit of £61,547 (2023: £4,785 Loss) and at the balance sheet date total assets exceeded total liabilities by £37,973 (2023: £23,575). This basis is deemed appropriate due to the ongoing support received from the director and solvent position of the company.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance basis
Office equipment
-
33%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at
amortised cost using the effective interest method.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

2024
2023
£
£

Wages and salaries
38,476
23,560

38,476
23,560


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
5,000
2,665
7,665



At 31 January 2024

5,000
2,665
7,665



Depreciation


At 1 February 2023
3,814
1,899
5,713


Charge for the year on owned assets
297
443
740



At 31 January 2024

4,111
2,342
6,453



Net book value



At 31 January 2024
889
323
1,212



At 31 January 2023
1,187
766
1,953

Page 6

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Other debtors
20,405
13,505

Prepayments and accrued income
4,165
13,213

24,570
26,718



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
86,382
60,579

86,382
60,579



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
5,299
7,823

Corporation tax
12,741
-

Other taxation and social security
32,789
18,061

Other creditors
-
30,688

Accruals and deferred income
13,605
25,920

74,434
92,492



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,333
23,333

13,333
23,333


Page 7

 
LBM CONSTRUCTION NORTH LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
20,000


10,000
20,000

Amounts falling due 2-5 years

Bank loans
3,334
3,334


3,334
3,334


23,334
33,334



10.


Related party transactions

During the year transactions with the Key Management Personnel.


2024
2023
£
£

Key management personnel
6,903
(30,687)
6,903
(30,687)


11.


Controlling party

The ultimate controlling party is B Nabolli by virtue of his majority shareholding.
 
Page 8