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COMPANY REGISTRATION NUMBER: 09277398
LDC Projects Ltd
Filleted Unaudited Financial Statements
31 October 2023
LDC Projects Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
LDC Projects Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
275
Tangible assets
6
7,970
4,061
-------
-------
7,970
4,336
Current assets
Stocks
236,145
130,660
Debtors
7
334,203
152,898
Cash at bank and in hand
93,371
106,151
---------
---------
663,719
389,709
Creditors: amounts falling due within one year
8
294,253
129,415
---------
---------
Net current assets
369,466
260,294
---------
---------
Total assets less current liabilities
377,436
264,630
Creditors: amounts falling due after more than one year
9
37,683
47,206
Provisions
1,993
772
---------
---------
Net assets
337,760
216,652
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
337,660
216,552
---------
---------
Shareholders funds
337,760
216,652
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LDC Projects Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr L M Daniels-Curtis
Director
Company registration number: 09277398
LDC Projects Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 100 Colonel Stephens Way, Tenterden, Kent, TN30 6EZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangible assets
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25-33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Intangible assets
£
Cost
At 1 November 2022 and 31 October 2023
1,200
-------
Amortisation
At 1 November 2022
925
Charge for the year
275
-------
At 31 October 2023
1,200
-------
Carrying amount
At 31 October 2023
-------
At 31 October 2022
275
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
8,753
4,500
10,624
23,877
Additions
6,874
6,874
-------
-------
--------
--------
At 31 October 2023
8,753
4,500
17,498
30,751
-------
-------
--------
--------
Depreciation
At 1 November 2022
6,998
3,971
8,847
19,816
Charge for the year
1,108
133
1,724
2,965
-------
-------
--------
--------
At 31 October 2023
8,106
4,104
10,571
22,781
-------
-------
--------
--------
Carrying amount
At 31 October 2023
647
396
6,927
7,970
-------
-------
--------
--------
At 31 October 2022
1,755
529
1,777
4,061
-------
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
258,490
23,143
Other debtors
75,713
129,755
---------
---------
334,203
152,898
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,640
9,630
Trade creditors
111,181
38,741
Corporation tax
147,606
69,578
Social security and other taxes
12,512
6,917
Other creditors
13,314
4,549
---------
---------
294,253
129,415
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,683
47,206
--------
--------
10. Director's advances, credits and guarantees
During the year the director received advances of £355,087 (2022: £253,148) and repayments of £361,599 (2022: £253,330) were made. Interest of £882 (2022: £nil) was charged on this loan. At the year end the company owed the director £6,262 (2022: £632).