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Registrar

Registration number: 09119536

Loadgen Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Loadgen Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Loadgen Limited

Company Information

Directors

D G Campbell

D J Campbell

Registered office

9 Perseverance Works
Kingsland Road
London
E2 8DD

Bankers

Barclays Bank Plc
59 Newland Street
Witham
Essex
CM8 2AJ

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Loadgen Limited

(Registration number: 09119536)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,308,087

725,675

Current assets

 

Debtors

5

806,977

709,095

Cash at bank and in hand

 

579,795

352,570

 

1,386,772

1,061,665

Creditors: Amounts falling due within one year

6

(1,566,019)

(805,085)

Net current (liabilities)/assets

 

(179,247)

256,580

Total assets less current liabilities

 

1,128,840

982,255

Creditors: Amounts falling due after more than one year

6

(171,380)

(245,982)

Provisions for liabilities

(241,116)

(165,759)

Net assets

 

716,344

570,514

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

716,244

570,414

Shareholders' funds

 

716,344

570,514

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

D J Campbell
Director

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 9 Perseverance Works, Kingsland Road, London, E2 8DD.

The principal place of business is: Cherith, The Street, Little Totham, Maldon, Essex, CM9 8JQ.

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated
depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% straight line method

Office Equipment

33% straight line method

Motor vehicles

25% & 33% reducing balance/ length of the lease (3 years)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 May 2023

10,899

89,327

779,205

879,431

Additions

-

77,931

672,714

750,645

Disposals

-

-

(1,850)

(1,850)

At 30 April 2024

10,899

167,258

1,450,069

1,628,226

Depreciation

At 1 May 2023

8,812

26,687

118,257

153,756

Charge for the year

1,359

25,580

139,714

166,653

Eliminated on disposal

-

-

(270)

(270)

At 30 April 2024

10,171

52,267

257,701

320,139

Carrying amount

At 30 April 2024

728

114,991

1,192,368

1,308,087

At 30 April 2023

2,087

62,640

660,948

725,675

5

Debtors

2024
£

2023
£

Trade debtors

719,771

651,199

Prepayments

13,395

11,313

Other debtors

73,811

46,583

806,977

709,095

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

109,313

105,838

Trade creditors

 

550,345

148,305

Amounts owed to group undertakings and undertakings in which the company has a participating interest

893,932

482,872

Taxation and social security

 

-

60,310

Accruals and deferred income

 

3,150

3,558

Other creditors

 

9,279

4,202

 

1,566,019

805,085


Creditors due within one year include net obligations under finance lease and hire purchase contracts which are secured of £99,313 (2023 - £95,838).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

171,380

245,982


Creditors due after more than one year include net obligations under finance lease and hire purchase contracts which are secured of £159,713 (2023 - £224,316).

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

99,313

95,838

Other borrowings

10,000

10,000

109,313

105,838

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

159,713

224,316

Other borrowings

11,667

21,666

171,380

245,982

 

Loadgen Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,081 (2023 - £20,241).

10

Parent undertaking

The company's immediate parent is DDGC Limited, incorporated in UK.