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Registered number: 13925457
LGC Ceilings And Partitions Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Trek Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13925457
29 February 2024 28 February 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 14,255 17,384
14,255 17,384
CURRENT ASSETS
Debtors 5 2,787 26,004
Cash at bank and in hand 23,861 3,871
26,648 29,875
Creditors: Amounts Falling Due Within One Year 6 (25,466 ) (45,572 )
NET CURRENT ASSETS (LIABILITIES) 1,182 (15,697 )
TOTAL ASSETS LESS CURRENT LIABILITIES 15,437 1,687
NET ASSETS 15,437 1,687
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 15,435 1,685
SHAREHOLDERS' FUNDS 15,437 1,687
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ion-Lucian Istrate
Director
15th October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LGC Ceilings And Partitions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13925457 . The registered office is Suite 2, The Barbican Centre Lustleigh Close, Matford Park Road, Exeter, Devon, EX2 8PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18%
Motor Vehicles 18%
Fixtures & Fittings 18%
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 8,000 12,000 1,200 21,200
As at 29 February 2024 8,000 12,000 1,200 21,200
Depreciation
As at 1 March 2023 1,440 2,160 216 3,816
Provided during the period 1,181 1,771 177 3,129
As at 29 February 2024 2,621 3,931 393 6,945
Net Book Value
As at 29 February 2024 5,379 8,069 807 14,255
As at 1 March 2023 6,560 9,840 984 17,384
Page 3
Page 4
5. Debtors
29 February 2024 28 February 2023
£ £
Due within one year
Other debtors 2,769 25,843
VAT 18 161
2,787 26,004
6. Creditors: Amounts Falling Due Within One Year
29 February 2024 28 February 2023
£ £
Bank loans and overdrafts - 1,872
Accruals and deferred income 1,550 1,500
Directors' loan accounts 23,916 42,200
25,466 45,572
7. Share Capital
29 February 2024 28 February 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4