Registered number
07991390
Limp Ltd
Unaudited Filleted Accounts
31 March 2024
Limp Ltd
Registered number: 07991390
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 49,720 56,208
Investments 4 519,109 519,109
568,829 575,317
Current assets
Debtors 5 12,655 2,035
Cash at bank and in hand 843,163 1,696,739
855,818 1,698,774
Creditors: amounts falling due within one year 6 (69,726) (242,439)
Net current assets 786,092 1,456,335
Net assets 1,354,921 2,031,652
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,354,821 2,031,552
Shareholders' funds 1,354,921 2,031,652
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.
Mr G. Lanthimos
Director
Approved by the board on 17 October 2024
Limp Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Statement of compliance
Limp Ltd is a private company limited by shares, incorporated in England and Wales. The address of the principal place of business, is its registered office which is disclosed on the information page.
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).
Going concern
The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the level of reserves held, the results for the period, expectations of future trading as a result of trading relationships with key customers. On the basis of this information the directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.
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 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.
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
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 156,718
Additions 10,086
At 31 March 2024 166,804
Depreciation
At 1 April 2023 100,510
Charge for the year 16,574
At 31 March 2024 117,084
Net book value
At 31 March 2024 49,720
At 31 March 2023 56,208
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 519,109
At 31 March 2024 519,109
5 Debtors 2024 2023
£ £
Trade debtors 11,511 -
Other debtors 1,144 2,035
12,655 2,035
6 Creditors: amounts falling due within one year 2024 2023
£ £
Directors` loan account 10,301 9,101
Taxation and social security costs 58,025 232,163
Other creditors 1,400 1,175
69,726 242,439
7 Other information
Limp Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit T13 Tideway Yard
125 Mortlake High Street
London
SW14 8SN
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