Registered number
04402208
LOCKHART LIMITED
Filleted Accounts
31 March 2024
LOCKHART LIMITED
Registered number: 04402208
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 68,554 68,765
Investments 4 1 1
68,555 68,766
Current assets
Debtors 5 1,464 1,063
Cash at bank and in hand - 703
1,464 1,766
Creditors: amounts falling due within one year 6 (77,437) (76,462)
Net current liabilities (75,973) (74,696)
Net liabilities (7,418) (5,930)
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account (8,518) (7,030)
Shareholders' funds (7,418) (5,930)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D A Lockhart
Director
Approved by the board on 24 October 2024
LOCKHART LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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
Tangible fixed assets
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.
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:
Computer equipment 20% straight line
Equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment Property Land and Buildings Equipment Total
£ £ £
Cost
At 1 April 2023 67,849 4,361 72,210
At 31 March 2024 67,849 4,361 72,210
Depreciation
At 1 April 2023 - 3,445 3,445
Charge for the year - 211 211
At 31 March 2024 - 3,656 3,656
Net book value
At 31 March 2024 67,849 705 68,554
At 31 March 2023 67,849 916 68,765
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 1
At 31 March 2024 1
5 Debtors 2024 2023
£ £
Trade debtors 30 -
Other debtors 1,434 1,063
1,464 1,063
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,067 -
Trade creditors - 1,476
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,607 1,095
Other creditors 71,763 73,891
77,437 76,462
7 Related party transactions
2024 2023
£ £
Company Director - David Lockhart
Directors Loan - current account balance (71,763) (73,891)
[Amount due from (to) the related party]
8 Other information
LOCKHART LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Fox End
Dunton Road, Leire
Lutterworth
Leicestershire
LE17 5HD
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