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Company Registration No. 08083012 (England and Wales)
Lateral Channel Limited Unaudited accounts for the year ended 31 March 2024
Lateral Channel Limited Unaudited accounts Contents
Page
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Lateral Channel Limited Company Information for the year ended 31 March 2024
Directors
Owen Modral Jane Modral
Company Number
08083012 (England and Wales)
Registered Office
20 RUSKIN ROAD HOVE EAST SUSSEX BN3 5HA
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Lateral Channel Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
462 
1,079 
Current assets
Debtors
31,684 
18,121 
Cash at bank and in hand
367,261 
256,168 
398,945 
274,289 
Creditors: amounts falling due within one year
(46,240)
23,779 
Net current assets
352,705 
298,068 
Net assets
353,167 
299,147 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
353,157 
299,137 
Shareholders' funds
353,167 
299,147 
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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by
Owen Modral Director Company Registration No. 08083012
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Lateral Channel Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Lateral Channel Limited is a private company, limited by shares, registered in England and Wales, registration number 08083012. The registered office is 20 RUSKIN ROAD, HOVE, EAST SUSSEX, BN3 5HA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value of services, net of discounts, provided to customers.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33.3% per annum straight line
Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
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Lateral Channel Limited Notes to the Accounts for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 April 2023
8,422 
At 31 March 2024
8,422 
Depreciation
At 1 April 2023
7,343 
Charge for the year
617 
At 31 March 2024
7,960 
Net book value
At 31 March 2024
462 
At 31 March 2023
1,079 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
30,700 
17,137 
Other debtors
984 
984 
31,684 
18,121 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
4,066 
- 
Taxes and social security
35,528 
29,394 
Other creditors
1,550 
1,456 
Loans from directors
5,096 
(54,629)
46,240 
(23,779)
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Owen Modral
Overdrawn Director loan
27,315 
125,637 
155,500 
(2,548)
Jane Modral
Overdrawn Director Loan
27,314 
125,638 
155,500 
(2,548)
54,629 
251,275 
311,000 
(5,096)
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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