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LRCC Limited
Registered Number:05329180
For the year ended 31 January 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2024
LRCC Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
05329180
As at 31 January 2024
LRCC Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
8,356
10,983
2
8,356
10,983
Current assets
Inventories
5,293
400
3
Trade and other receivables
10,409
14,745
4
128,000
Cash and cash equivalents
116,215
131,360
143,702
Trade and other payables: amounts falling due within one
year
(46,704)
(52,273)
5
96,998
79,087
Net current assets
Total assets less current liabilities
87,443
107,981
Trade and other payables: amounts falling due after more
than one year
(28,523)
(14,802)
6
(1,588)
(2,087)
Provisions for liabilities
71,053
Net assets
77,371
Capital and reserves
Called up share capital
2
2
Retained earnings
71,051
77,369
71,053
77,371
Shareholders' funds
For the year ended 31 January 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 of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
05329180
For the year ended 31 January 2024
LRCC Limited
Statement of Financial Position Continued
Mr Leslie Stanton Director
These financial statements were approved and authorised for issue by the Board on 23 September 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 January 2024
LRCC Limited
Notes to the Financial Statements
Statutory Information
LRCC Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
05329180.
Registered address:
Unit 3 Vine Street
Brierley Hill
West Midlands
DY5 1JE
The presentation currency is £ sterling.
This is the currency of the primary economic market in which the entity operates (its functional currency). All amounts
in these financial statements have been rounded to the nearest pound unless otherwise stated.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25% Reducing balance
33% Straight line
Computer Equipment
25% Reducing balance
Motor Vehicles
Inventories
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs and purchases, costs of conversion and other costs incurred in bringing stock to its present location and condition.Cost is calculated using the first in first out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Deferred tax
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. 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.
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6
For the year ended 31 January 2024
LRCC Limited
Notes to the Financial Statements Continued
Hire purchase and leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
2. Property, plant and equipment
Total
Computer
Equipment
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or
valuation
At 01 February 2023
51,719
5,248
31,400
15,071
399
399
-
-
Additions
At 31 January 2024
15,071
31,400
5,647
52,118
Provision for depreciation and impairment
At 01 February 2023
40,736
4,904
23,524
12,308
Charge for year
3,026
366
1,969
691
At 31 January 2024
43,762
5,270
25,493
12,999
At 31 January 2024
Net book value
2,072
5,907
377
8,356
At 31 January 2023
2,763
7,876
344
10,983
3. Inventories
2023
2024
£
£
Stocks
400
5,293
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For the year ended 31 January 2024
LRCC Limited
Notes to the Financial Statements Continued
4. Trade and other receivables
2023
2024
£
£
Trade debtors
12,583
6,838
Other debtors
2,162
3,571
10,409
14,745
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
10,171
9,980
Trade creditors
26,589
18,686
Taxation and social security
9,363
12,482
Other creditors
6,150
5,556
52,273
46,704
6. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
14,802
24,973
Other creditors
-
3,550
14,802
28,523
The loan relates to a Covid-19 bounceback loan which is backed by a 100% guarantee by the government.
7. Related party transactions
At 31 January 2024 the company owed the director £1 (2023 - £5) This amount is included in other creditors.
8. Average number of persons employed
During the year the average number of employees was 5 (2023 : 5)
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