Registered number
12373802
LMB Textiles Limited
Filleted Accounts
31 March 2024
LMB Textiles Limited
Registered number: 12373802
Balance Sheet
as at 31 March 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 113,893 161,777
Current assets
Stocks 54,000 54,000
Debtors 4 220,313 141,490
Cash at bank and in hand 18,717 34,267
293,030 229,757
Creditors: amounts falling due within one year 5 (199,970) (284,897)
Net current assets/(liabilities) 93,060 (55,140)
Total assets less current liabilities 206,953 106,637
Creditors: amounts falling due after more than one year 6 (117,728) (11,001)
Net assets 89,225 95,636
Capital and reserves
Called up share capital 100 100
Profit and loss account 89,125 95,536
Shareholders' funds 89,225 95,636
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Barry
Director
Approved by the board on 6 August 2024
LMB Textiles Limited
Notes to the Accounts
for the period from 1 January 2023 to 31 March 2024
1 Accounting policies
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 11 12
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 164,195 100,965 265,160
Additions 6,435 - 6,435
At 31 March 2024 170,630 100,965 271,595
Depreciation
At 1 January 2023 43,359 60,024 103,383
Charge for the period 34,126 20,193 54,319
At 31 March 2024 77,485 80,217 157,702
Net book value
At 31 March 2024 93,145 20,748 113,893
At 31 December 2022 120,836 40,941 161,777
4 Debtors 2024 2022
£ £
Trade debtors 88,949 43,926
Other debtors 131,364 97,564
220,313 141,490
5 Creditors: amounts falling due within one year 2024 2022
£ £
Obligations under finance lease and hire purchase contracts 4,010 3,840
Trade creditors 162,650 145,933
Taxation and social security costs 21,027 24,110
Other creditors 12,283 111,014
199,970 284,897
6 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 111,805 -
Obligations under finance lease and hire purchase contracts 5,923 11,001
117,728 11,001
7 Other information
LMB Textiles Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Maskell Industrial Esate
29 Bidder Street
London
E16 4ST
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