LOCKHART LIMITED |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes imputed under the flat rate scheme. Turnover includes revenue earned from the rendering of services and other operating income |
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Tangible fixed assets |
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Tangible fixed assets include investment properties which are included in the balance sheet at their fair value and, in accordance with FRS102 are not depreciated or amortised. This departure from the requirements of the Companies Act 2006 is necessary for the financial statements to give a true and fair view. Surpluses or deficits arising from revaluation are transferred to the profit and loss account. |
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The remaining fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
20% |
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straight line |
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Equipment |
15% |
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reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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There is no current year tax liability as the company made a tax loss. The current year tax losses and some unrelieved tax losses b/f have been surrendered to offset against profits of another group member for the same period. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Investment Property Land and Buildings |
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Equipment |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 April 2023 |
67,849 |
|
4,361 |
|
72,210 |
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At 31 March 2024 |
67,849 |
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4,361 |
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72,210 |
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Depreciation |
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At 1 April 2023 |
- |
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3,445 |
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3,445 |
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Charge for the year |
- |
|
211 |
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211 |
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At 31 March 2024 |
- |
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3,656 |
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3,656 |
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Net book value |
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At 31 March 2024 |
67,849 |
|
705 |
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68,554 |
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At 31 March 2023 |
67,849 |
|
916 |
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68,765 |
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4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 April 2023 |
1 |
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At 31 March 2024 |
1 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
30 |
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- |
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Other debtors |
1,434 |
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1,063 |
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1,464 |
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1,063 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank loans and overdrafts |
1,067 |
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- |
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Trade creditors |
- |
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1,476 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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4,607 |
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1,095 |
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Other creditors |
71,763 |
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73,891 |
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77,437 |
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76,462 |
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7 |
Related party transactions |
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2024 |
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2023 |
£ |
£ |
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Company Director - David Lockhart |
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Directors Loan - current account balance |
(71,763) |
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(73,891) |
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[Amount due from (to) the related party] |
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8 |
Other information |
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LOCKHART LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Fox End |
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Dunton Road, Leire |
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Lutterworth |
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Leicestershire |
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LE17 5HD |