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REGISTERED NUMBER: 03053025 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023

FOR

LONDON INDUSTRIAL SUPPLIES LIMITED

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LONDON INDUSTRIAL SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023







DIRECTOR: A J R Wilkins





REGISTERED OFFICE: Unit 11
Thornham Grove
Angel Lane
London
E15 1DN





REGISTERED NUMBER: 03053025 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

BALANCE SHEET
28 JUNE 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 76,229 82,598
76,229 82,598

CURRENT ASSETS
Debtors 6 692,822 966,699
Cash at bank 15,601 101,629
708,423 1,068,328
CREDITORS
Amounts falling due within one year 7 293,990 318,366
NET CURRENT ASSETS 414,433 749,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

490,662

832,560

CREDITORS
Amounts falling due after more than one
year

8

(31,363

)

(48,470

)

PROVISIONS FOR LIABILITIES - (20,650 )
NET ASSETS 459,299 763,440

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 459,199 763,340
SHAREHOLDERS' FUNDS 459,299 763,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 June 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

BALANCE SHEET - continued
28 JUNE 2023


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 and authorised for issue by the director and authorised for issue on 11 September 2024 and were signed by:





A J R Wilkins - Director


LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023


1. STATUTORY INFORMATION

London Industrial 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the hire of goods is recognised over the relevant hire period.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment15% reducing balance
Fixtures and fittings25% reducing balance
Computer equipment15% reducing balance
Motor vehicles25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023


2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Taxation
Taxation for the period 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.

Deferred tax
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 period 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.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 7 ) .

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 30 June 2022
and 28 June 2023 6,000
AMORTISATION
At 30 June 2022
and 28 June 2023 6,000
NET BOOK VALUE
At 28 June 2023 -
At 29 June 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 30 June 2022 150,502 2,844 158,645 63,894 375,885
Additions - - 9,500 1,232 10,732
At 28 June 2023 150,502 2,844 168,145 65,126 386,617
DEPRECIATION
At 30 June 2022 118,719 2,062 114,452 58,054 293,287
Charge for period 4,768 196 11,246 891 17,101
At 28 June 2023 123,487 2,258 125,698 58,945 310,388
NET BOOK VALUE
At 28 June 2023 27,015 586 42,447 6,181 76,229
At 29 June 2022 31,783 782 44,193 5,840 82,598

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 636,373 912,653
VAT 15,992 18,973
Deferred tax asset 33,648 -
Prepayments and accrued income 6,809 35,073
692,822 966,699

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 16,364 16,364
Hire purchase contracts 960 3,882
Trade creditors 187,785 121,717
Taxation and social security 38,370 63,283
Other creditors 50,511 113,120
293,990 318,366

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 31,363 47,727
Hire purchase contracts - 743
31,363 48,470

LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 JUNE 2022 TO 28 JUNE 2023


9. FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100