Company registration number 00177662 (England and Wales)
LAMBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LAMBS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LAMBS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
203
Current assets
Cash at bank and in hand
60,644
79,130
Creditors: amounts falling due within one year
4
(16,903)
(19,639)
Net current assets
43,741
59,491
Net assets
43,741
59,694
Capital and reserves
Called up share capital
31,200
31,200
Capital redemption reserve
3,800
3,800
Profit and loss reserves
8,741
24,694
Total equity
43,741
59,694
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr M G D Lamb
Director
Company registration number 00177662 (England and Wales)
LAMBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Lambs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company ceased trading on 31 August 2024 and it is the intention of the directors to look to liquidate the company in the near future. Despite this, the accounts have been prepared on a going concern basis as it is not expected that amending this approach to their preparation would have any material effect on the reported balances stated in the accounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
- 10% per annum reducing balance
Computer equipment
- 25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
LAMBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
18,529
Additions
1,329
Disposals
(19,858)
At 31 August 2024
Depreciation and impairment
At 1 September 2023
18,326
Depreciation charged in the year
371
Eliminated in respect of disposals
(18,697)
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
203
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
16,903
19,639
LAMBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
5
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
15,654
18,388
Throughout the year, a director's loan account existed between Mr M G D Lamb and the company, whereby Mr Lamb provided the company with a loan, on an interest free basis. At 31 August 2024, an amount of £15,654 (2023: £18,388) was owed by the company to Mr Lamb. This loan has no fixed repayment terms.
6
Directors' transactions
Dividends totalling £15,000 (2023 - £20,000) were paid in the year in respect of shares held by the company's directors.
7
Control
Throughout the current and preceding years, the company was controlled by Mr M G D Lamb, who is a director of the company, and sole shareholder.