Lomach Ltd 11948540 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is engineering. Digita Accounts Production Advanced 6.30.9574.0 true true 11948540 2023-05-01 2024-04-30 11948540 2024-04-30 11948540 bus:OrdinaryShareClass1 2024-04-30 11948540 core:CurrentFinancialInstruments 2024-04-30 11948540 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11948540 core:Non-currentFinancialInstruments 2024-04-30 11948540 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 11948540 core:FurnitureFittingsToolsEquipment 2024-04-30 11948540 bus:SmallEntities 2023-05-01 2024-04-30 11948540 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11948540 bus:FilletedAccounts 2023-05-01 2024-04-30 11948540 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11948540 bus:RegisteredOffice 2023-05-01 2024-04-30 11948540 bus:Director1 2023-05-01 2024-04-30 11948540 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 11948540 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11948540 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11948540 core:PlantMachinery 2023-05-01 2024-04-30 11948540 countries:England 2023-05-01 2024-04-30 11948540 2023-04-30 11948540 core:FurnitureFittingsToolsEquipment 2023-04-30 11948540 2022-05-01 2023-04-30 11948540 2023-04-30 11948540 bus:OrdinaryShareClass1 2023-04-30 11948540 core:CurrentFinancialInstruments 2023-04-30 11948540 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11948540 core:Non-currentFinancialInstruments 2023-04-30 11948540 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 11948540 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11948540

Lomach Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Lomach Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Lomach Ltd

Company Information

Director

Mr L Osborne

Registered office

Unit 2
Middleway
St Blazey
Cornwall
PL24 2JH

Accountants

Peter Williams & Co
Chartered Certified Accountants
Latham Park
St Blazey Road
Par
Cornwall
PL24 2HY

 

Lomach Ltd

(Registration number: 11948540)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,150

25,478

Current assets

 

Stocks

5

1,100

4,750

Debtors

6

37,361

35,650

Cash at bank and in hand

 

15,426

18,005

 

53,887

58,405

Creditors: Amounts falling due within one year

7

(12,054)

(13,660)

Net current assets

 

41,833

44,745

Total assets less current liabilities

 

64,983

70,223

Creditors: Amounts falling due after more than one year

7

(61,861)

(70,102)

Net assets

 

3,122

121

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

3,022

21

Shareholders' funds

 

3,122

121

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr L Osborne
Director

 

Lomach Ltd

Notes to the Unaudited 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.

The address of its registered office is:
Unit 2
Middleway
St Blazey
Cornwall
PL24 2JH

These financial statements were authorised for issue by the director on 25 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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Lomach Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

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

Asset class

Depreciation method and rate

Plant & Machinery

20% reducing balance method

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Lomach Ltd

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

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lomach Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

61,250

61,250

Additions

3,460

3,460

At 30 April 2024

64,710

64,710

Depreciation

At 1 May 2023

35,772

35,772

Charge for the year

5,788

5,788

At 30 April 2024

41,560

41,560

Carrying amount

At 30 April 2024

23,150

23,150

At 30 April 2023

25,478

25,478

5

Stocks

2024
£

2023
£

Work in progress

-

4,150

Other inventories

1,100

600

1,100

4,750

6

Debtors

Current

2024
£

2023
£

Trade debtors

36,474

34,783

Prepayments

839

766

Other debtors

48

101

 

37,361

35,650

7

Creditors

Creditors: amounts falling due within one year

 

Lomach Ltd

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

2024
£

2023
£

Due within one year

Trade creditors

341

1,831

Taxation and social security

11,713

11,037

Accruals and deferred income

-

792

12,054

13,660

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

61,861

70,102

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,500

25,900

Other borrowings

44,361

44,202

61,861

70,102

10

Dividends

2024

2023

£

£

Interim dividend of £200.00 (2023 - £220.00) per ordinary share

20,000

22,000

 

 

11

Related party transactions

 

Lomach Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,555

9,558