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
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
Lateral Channel Limited
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
367,261
256,168
Creditors: amounts falling due within one year
(46,240)
23,779
Net current assets
352,705
298,068
Net assets
353,167
299,147
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
Lateral Channel Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value of services, net of discounts, provided to customers.
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
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.
Lateral Channel Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
30,700
17,137
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
35,528
29,394
Other creditors
1,550
1,456
Loans from directors
5,096
(54,629)
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Overdrawn Director loan
27,315
125,637
155,500
(2,548)
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).