2023-01-012023-12-312023-12-31false06774746Lightning Ridge 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Lightning Ridge Limited

Registered Number
06774746
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Lightning Ridge Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Daniel James Brown

Registered Address

4 Mason Court Gillan Way
Penrith 40 Business Park
Penrith
CA11 9GR

Registered Number

06774746 (England and Wales)
Lightning Ridge Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets33,6252,836
3,6252,836
Current assets
Debtors518,99939,617
18,99939,617
Creditors amounts falling due within one year6(6,298)(10,812)
Net current assets (liabilities)12,70128,805
Total assets less current liabilities16,32631,641
Net assets16,32631,641
Capital and reserves
Called up share capital33
Profit and loss account16,32331,638
Shareholders' funds16,32631,641
The financial statements were approved and authorised for issue by the Director on 17 September 2024, and are signed on its behalf by:
Daniel James Brown
Director
Registered Company No. 06774746
Lightning Ridge Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Revenue from rendering of services
Revenue 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery7
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year32
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 236,1026,102
Additions1,6101,610
At 31 December 237,7127,712
Depreciation and impairment
At 01 January 233,2663,266
Charge for year821821
At 31 December 234,0874,087
Net book value
At 31 December 233,6253,625
At 31 December 222,8362,836
4.Impairment of tangible 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.
5.Debtors: amounts due within one year

2023

2022

££
Other debtors18,99939,617
Total18,99939,617
6.Creditors: amounts due within one year

2023

2022

££
Taxation and social security5,57310,087
Accrued liabilities and deferred income725725
Total6,29810,812
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Directors advances, credits and guarantees
Included within other debtors falling due within one year is £18,999 (2022 - £39,617) being the amount owed by the director. Net amounts repaid during the year were £20,618. These amounts were both repaid within nine months of the financial year. The loans where charged the official rate of interest were applicable and were repayable on demand.