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REGISTERED NUMBER: 09926690 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LSB ELECTRICAL LIMITED

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LSB ELECTRICAL LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: L Bailey
R L Kingham





REGISTERED OFFICE: 7-9 Station Road
New Milton
Hampshire
BH25 6HN





REGISTERED NUMBER: 09926690 (England and Wales)





ACCOUNTANTS: David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 31,294 35,282
31,294 35,282

CURRENT ASSETS
Stocks 18,274 25,000
Debtors 6 170,097 135,611
Cash at bank and in hand 34,770 58,960
223,141 219,571
CREDITORS
Amounts falling due within one year 7 195,500 184,965
NET CURRENT ASSETS 27,641 34,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,935

69,888

CREDITORS
Amounts falling due after more than one
year

8

(14,093

)

(21,251

)

PROVISIONS FOR LIABILITIES (5,975 ) (6,704 )
NET ASSETS 38,867 41,933

CAPITAL AND RESERVES
Called up share capital 2,500 100
Retained earnings 36,367 41,833
38,867 41,933

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





L Bailey - Director


LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

LSB Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Goodwill
Goodwill arising on the purchase of another business in 2017 has been written off over its useful life of five years.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortized cost, being the transaction price less any amounts settled.

Employment benefits
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognized in the period in which the employee's services are received

Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognized 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 10,000
AMORTISATION
At 1 April 2023
and 31 March 2024 10,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 58,663
Additions 10,720
Disposals (11,995 )
At 31 March 2024 57,388
DEPRECIATION
At 1 April 2023 23,381
Charge for year 10,483
Eliminated on disposal (7,770 )
At 31 March 2024 26,094
NET BOOK VALUE
At 31 March 2024 31,294
At 31 March 2023 35,282

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 37,445
Disposals (155 )
At 31 March 2024 37,290
DEPRECIATION
At 1 April 2023 9,705
Charge for year 6,935
At 31 March 2024 16,640
NET BOOK VALUE
At 31 March 2024 20,650
At 31 March 2023 27,740

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,662 84,576
Other debtors 49,435 51,035
170,097 135,611

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 38,544 7,173
Hire purchase contracts 7,158 8,220
Trade creditors 54,887 93,799
Taxation and social security 27,444 30,884
Other creditors 67,467 44,889
195,500 184,965

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 14,093 21,251

LSB ELECTRICAL LIMITED (REGISTERED NUMBER: 09926690)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 21,251 29,471