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Registered number: 01669726
Lemantech Import And Export Company Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
HH Accounts & Tax Services Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01669726
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 252,901 260,776
252,901 260,776
CURRENT ASSETS
Stocks 5 573,196 887,480
Debtors 6 686,772 1,167,317
Cash at bank and in hand 1,273,069 609,915
2,533,037 2,664,712
Creditors: Amounts Falling Due Within One Year 7 (2,027,346 ) (2,184,988 )
NET CURRENT ASSETS (LIABILITIES) 505,691 479,724
TOTAL ASSETS LESS CURRENT LIABILITIES 758,592 740,500
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,401 ) (1,401 )
NET ASSETS 757,191 739,099
CAPITAL AND RESERVES
Called up share capital 8 450,000 450,000
Share premium account 50,000 50,000
Revaluation reserve 9 150,708 155,151
Profit and Loss Account 106,483 83,948
SHAREHOLDERS' FUNDS 757,191 739,099
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 F Haffar
Director
17/09/2024
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
Lemantech Import And Export Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01669726 . The registered office is Premium House, 1 Tilson Road, Roundhorn Industrial Estate, Manchester, M23 9GF.
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:
Freehold Straightline over the life of the lease
Leasehold Straightline over the life of the lease
Plant & Machinery 285% reducing balance
2.4. 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 January 2023 417,772 75,588 493,360
As at 31 December 2023 417,772 75,588 493,360
Depreciation
As at 1 January 2023 157,450 75,134 232,584
Provided during the period 7,762 113 7,875
As at 31 December 2023 165,212 75,247 240,459
Net Book Value
As at 31 December 2023 252,560 341 252,901
As at 1 January 2023 260,322 454 260,776
5. Stocks
2023 2022
£ £
Stock 749,457 1,186,778
Stock exchange difference (73,559 ) -
Stock provisions (102,702 ) (299,298 )
573,196 887,480
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 668,144 1,143,186
Prepayments and accrued income 3,455 24,131
Other debtors 15,173 -
686,772 1,167,317
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 136,515 90,145
Other loans 1,815,739 1,856,631
Other taxes and social security 1,247 1,390
VAT 26,126 60,363
Other creditors 20,252 88,800
Credit note provision 17,212 16,103
Accruals and deferred income 10,255 71,556
2,027,346 2,184,988
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 450,000 450,000
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 155,151
Transfer to profit and loss (4,443 )
As at 31 December 2023 150,708
Page 5