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LOATES BUSINESS SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOATES BUSINESS SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ms S J M Loates
K D Marks





REGISTERED OFFICE: Ground Floor
Middle Mill
Darley Abbey Mills
Derby
Derbyshire
DE22 1DZ





REGISTERED NUMBER: 07752261 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,267 13,811

CURRENT ASSETS
Debtors 5 42,414 37,835
Cash at bank and in hand 30,215 57,647
72,629 95,482
CREDITORS
Amounts falling due within one year 6 51,447 49,829
NET CURRENT ASSETS 21,182 45,653
TOTAL ASSETS LESS CURRENT LIABILITIES 35,449 59,464

CREDITORS
Amounts falling due after more than one year 7 (32,408 ) (37,519 )

PROVISIONS FOR LIABILITIES 9 (2,700 ) (2,700 )
NET ASSETS 341 19,245

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 241 19,145
SHAREHOLDERS' FUNDS 341 19,245

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.

LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

BALANCE SHEET - 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Ms S J M Loates - Director



K D Marks - Director


LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

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


1. STATUTORY INFORMATION

Loates Business Solutions 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

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.

LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

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


2. ACCOUNTING POLICIES - continued

Financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial assets
Short term debtors are measured at transaction price, less any impairment. Other financial assets, including loans to group companies are measured initially at fair value, net of transactions cost and are subsequently measured at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 13,624 16,868 30,492
Additions 584 4,930 5,514
Disposals (83 ) - (83 )
At 31 December 2023 14,125 21,798 35,923
DEPRECIATION
At 1 January 2023 7,340 9,341 16,681
Charge for year 1,354 3,673 5,027
Eliminated on disposal (52 ) - (52 )
At 31 December 2023 8,642 13,014 21,656
NET BOOK VALUE
At 31 December 2023 5,483 8,784 14,267
At 31 December 2022 6,284 7,527 13,811

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,108 20,234
Other debtors 16,306 17,601
42,414 37,835

LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,566 6,000
Trade creditors 3,588 1,255
Taxation and social security 28,355 27,260
Other creditors 13,938 15,314
51,447 49,829

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 32,408 37,519

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 13,460 13,460
Between one and five years 17,947 31,406
31,407 44,866

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,700 2,700

Deferred
tax
£   
Balance at 1 January 2023 2,700
Balance at 31 December 2023 2,700

10. CALLED UP SHARE CAPITAL

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

LOATES BUSINESS SOLUTIONS LIMITED (REGISTERED NUMBER: 07752261)

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


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Ms S J M Loates
Balance outstanding at start of year 7,759 1,176
Amounts advanced 24,685 27,295
Amounts repaid (25,977 ) (20,712 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,467 7,759

K D Marks
Balance outstanding at start of year 4,722 342
Amounts advanced 22,656 24,292
Amounts repaid (24,862 ) (19,912 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,516 4,722