Registered number
13695760
Lancashire PIF 2 Limited
Report and Accounts
29 May 2024
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Lancashire PIF 2 Limited
Registered number: 13695760
Balance Sheet
as at 29 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 124,157 139,586
Current assets
Stocks 1,500 2,069
Debtors 4 176,295 109,058
Cash at bank and in hand 576 14,154
178,371 125,281
Creditors: amounts falling due within one year 5 (422,371) (351,023)
Net current liabilities (244,000) (225,742)
Total assets less current liabilities (119,843) (86,156)
Provisions for liabilities (3,275) (3,275)
Net liabilities (123,118) (89,431)
Capital and reserves
Called up share capital 1 1
Profit and loss account (123,119) (89,432)
Shareholders' funds (123,118) (89,431)
The director is 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 director acknowledges his 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.
P Metcalfe
Director
Approved by the board on 27 September 2024
Lancashire PIF 2 Limited
Notes to the Accounts
for the period from 31 May 2023 to 29 May 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.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 May 2023 196,281
Additions 25,956
At 29 May 2024 222,237
Depreciation
At 31 May 2023 56,695
Charge for the period 41,385
At 29 May 2024 98,080
Net book value
At 29 May 2024 124,157
At 30 May 2023 139,586
4 Debtors 2024 2023
£ £
Trade debtors 95,586 108,843
Amounts owed by group undertakings and undertakings in which the company has a participating interest 23,108 -
Other debtors 57,601 215
176,295 109,058
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 136,970 77,375
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 131,161
Other creditors 285,401 142,487
422,371 351,023
6 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned/connected subsidiaries.
7 Controlling party
The ultimate controlling company is Private Healthcare (Holdings) Ltd, a company incorporated in the UK. 
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