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COMPANY REGISTRATION NUMBER: 12433316
Limecrete Products UK Limited
Unaudited financial statements
31 January 2024
Limecrete Products UK Limited
Statement of financial position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
8,911
10,397
Tangible assets
6
168,362
170,635
---------
---------
177,273
181,032
Current assets
Stocks
44,066
33,326
Debtors
7
81,436
52,898
Cash at bank and in hand
24,960
30,098
---------
---------
150,462
116,322
Creditors: Amounts falling due within one year
8
( 102,141)
( 93,158)
---------
---------
Net current assets
48,321
23,164
---------
---------
Total assets less current liabilities
225,594
204,196
Creditors: Amounts falling due after more than one year
9
( 50,248)
( 77,741)
---------
---------
Net assets
175,346
126,455
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
175,246
126,355
---------
---------
Shareholders funds
175,346
126,455
---------
---------
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 income statement has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Limecrete Products UK Limited
Statement of financial position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Ms S Woodger
Mr S Catchpole
Director
Director
Company registration number: 12433316
Limecrete Products UK Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pond Farm, Ferry Road, Carleton St. Peter, Norwich, NR14 7BD, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
10% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
20% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 14 (2023: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
14,852
-------
Amortisation
At 1 February 2023
4,456
Charge for the year
1,485
-------
At 31 January 2024
5,941
-------
Carrying amount
At 31 January 2024
8,911
-------
At 31 January 2023
10,396
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
174,876
14,323
50,870
2,053
242,122
Additions
17,200
1,158
16,016
34,374
Disposals
( 5,000)
( 5,000)
---------
-------
-------
------
---------
At 31 January 2024
192,076
15,481
61,886
2,053
271,496
---------
-------
-------
------
---------
Depreciation
At 1 February 2023
54,085
1,517
14,909
976
71,487
Charge for the year
24,444
1,299
7,733
536
34,012
Disposals
( 2,365)
( 2,365)
---------
-------
-------
------
---------
At 31 January 2024
78,529
2,816
20,277
1,512
103,134
---------
-------
-------
------
---------
Carrying amount
At 31 January 2024
113,547
12,665
41,609
541
168,362
---------
-------
-------
------
---------
At 31 January 2023
120,791
12,806
35,961
1,077
170,635
---------
-------
-------
------
---------
7. Debtors
2024
2023
£
£
Trade debtors
65,343
37,941
Other debtors
16,093
14,957
-------
-------
81,436
52,898
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,227
5,232
Trade creditors
32,099
20,587
Accruals and deferred income
12,626
34,761
Corporation tax
13,715
52
Social security and other taxes
5,729
6,562
Obligations under finance leases and hire purchase contracts
22,270
21,536
Director loan accounts
4,400
4,399
Other creditors
6,075
29
---------
-------
102,141
93,158
---------
-------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,115
36,338
Obligations under finance leases and hire purchase contracts
19,133
41,403
-------
-------
50,248
77,741
-------
-------