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COMPANY REGISTRATION NUMBER: 08613853
A K Lane & Son Ltd
Filleted Unaudited Abridged Financial Statements
31 March 2024
A K Lane & Son Ltd
Abridged Financial Statements
Year Ended 31 March 2024
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 7
A K Lane & Son Ltd
Officers and Professional Advisers
Director
Mr M J Lane
Registered office
88 High Street
Ramsey
Huntingdon
Cambridgeshire
England
PE26 1BS
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
A K Lane & Son Ltd
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
2,700
Tangible assets
6
16,921
42,622
--------
--------
16,921
45,322
Current assets
Debtors
49,542
38,584
Cash at bank and in hand
518
--------
--------
49,542
39,102
Creditors: amounts falling due within one year
( 32,498)
( 40,560)
--------
--------
Net current assets/(liabilities)
17,044
( 1,458)
--------
--------
Total assets less current liabilities
33,965
43,864
Creditors: amounts falling due after more than one year
( 29,583)
( 34,583)
Provisions
Taxation including deferred tax
( 3,215)
( 8,098)
--------
--------
Net assets
1,167
1,183
--------
--------
Capital and reserves
Called up share capital
500
500
Profit and loss account
667
683
-------
-------
Shareholders funds
1,167
1,183
-------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
A K Lane & Son Ltd
Abridged Statement of Financial Position (continued)
31 March 2024
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr M J Lane Director
Company registration number: 08613853
A K Lane & Son Ltd
Notes to the Abridged Financial Statements
Year Ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 88 High Street, Ramsey, Huntingdon, Cambridgeshire, PE26 1BS, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
3.1 Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
3.3 Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3.4 Goodwill
Intangible fixed assets is made up of the cost of purchasing the trade from Mr M Lane. Intangible fixed assets are stated at cost less amortisation.
3.5 Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
3.6 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible fixed assets are stated at cost less depreciation.
3.7 Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance
3.8 Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Intangible assets
£
Cost
At 1 April 2023 and 31 March 2024
54,000
--------
Amortisation
At 1 April 2023
51,300
Charge for the year
2,700
--------
At 31 March 2024
54,000
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
2,700
--------
6. Tangible assets
£
Cost
At 1 April 2023
77,072
Disposals
( 33,165)
--------
At 31 March 2024
43,907
--------
Depreciation
At 1 April 2023
34,450
Charge for the year
5,491
Disposals
( 12,955)
--------
At 31 March 2024
26,986
--------
Carrying amount
At 31 March 2024
16,921
--------
At 31 March 2023
42,622
--------
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
One director
19,544
18,148
37,692
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
One director
( 1,098)
20,642
19,544
-------
--------
--------