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REGISTERED NUMBER: 03535034 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

T LOTT LIMITED

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 9


T LOTT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T J A Lott
A Corbett
P Lott





SECRETARY: A Corbett





REGISTERED OFFICE: Whitehill Wood
Dunstable Road
Redbourn
St Albans
Hertfordshire
AL3 8EY





REGISTERED NUMBER: 03535034 (England and Wales)





ACCOUNTANTS: TC Group
Baird House
Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 72,804 92,006
72,804 92,006

CURRENT ASSETS
Debtors 7 4,129,163 3,532,153
Cash at bank and in hand 552,397 299,815
4,681,560 3,831,968
CREDITORS
Amounts falling due within one year 8 2,191,598 1,542,047
NET CURRENT ASSETS 2,489,962 2,289,921
TOTAL ASSETS LESS CURRENT LIABILITIES 2,562,766 2,381,927

CREDITORS
Amounts falling due after more than one
year

9

(208,724

)

(343,395

)

PROVISIONS FOR LIABILITIES 11 (18,201 ) (23,002 )
NET ASSETS 2,335,841 2,015,530

CAPITAL AND RESERVES
Called up share capital 12 29 29
Share premium 543,365 543,365
Retained earnings 1,792,447 1,472,136
SHAREHOLDERS' FUNDS 2,335,841 2,015,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:




T J A Lott - Director A Corbett - Director




P Lott - Director


T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

T Lott 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents the value of goods and services net of Value Added Tax and trade discounts provided under contracts to the extent that there is a consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the goods and services provided to date based on a proportion of the total expected consideration at completion.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 33% on cost

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving stock, obsolete or damaged stock where the net realisable value is less than cost.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period it arises.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 453,960
AMORTISATION
At 1 January 2023
and 31 December 2023 453,960
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 116,601 253,812 16,165 75,216 461,794
Additions - 4,656 - 8,275 12,931
Disposals - - - (1,524 ) (1,524 )
At 31 December 2023 116,601 258,468 16,165 81,967 473,201
DEPRECIATION
At 1 January 2023 116,601 176,831 11,050 65,306 369,788
Charge for year - 20,409 1,279 10,445 32,133
Eliminated on disposal - - - (1,524 ) (1,524 )
At 31 December 2023 116,601 197,240 12,329 74,227 400,397
NET BOOK VALUE
At 31 December 2023 - 61,228 3,836 7,740 72,804
At 31 December 2022 - 76,981 5,115 9,910 92,006

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,865,453 3,366,330
Other debtors 263,710 165,823
4,129,163 3,532,153

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 111,834 116,337
Trade creditors 1,323,885 975,416
Taxation and social security 619,651 286,035
Other creditors 136,228 164,259
2,191,598 1,542,047

A debenture over all assets has been given by T Lott Limited in respect of the bank overdraft and loan facilities.

The directors have given joint and several personal guarantees to The Royal Bank of Scotland for £250,000 in respect of the bank overdraft and loan facilities.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 175,000 286,774
Other creditors 33,724 56,621
208,724 343,395

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

A debenture over all assets has been given by T Lott Limited in respect of the bank overdraft and loan facilities.

The Coronavirus Business Interruption Loan is repayable over 6 years from the date it was drawn, with interest charged at 2.34% over Base Rate per annum.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 10,605 28,094
Between one and five years 19,086 29,691
29,691 57,785

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 18,201 23,002

Deferred
tax
£   
Balance at 1 January 2023 23,002
Utilised during year (4,801 )
Balance at 31 December 2023 18,201

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2023 2022
Value: £ £
8 Ordinary shares £1.00 8 8
2 Ordinary A shares £1.00 2 ,2
11 Ordinary C shares £1.00 11 11
8 Ordinary D shares £1.00 8 8

29 29

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have given joint and several personal guarantees to The Royal Bank of Scotland for £250,000 in respect of the bank overdraft and loan facilities.

T LOTT LIMITED (REGISTERED NUMBER: 03535034)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. RELATED PARTY DISCLOSURES

During the period T Lott Special Works Limited, of which the directors are director/shareholders raised invoices to T Lott Limited for the rental and insurance of office premises totalling £72,329 (2022 - £72,068). All transactions were performed on an arms length basis.