0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 5,913 4,695 683 5,378 535 1,218 xbrli:pure xbrli:shares iso4217:GBP SC525321 2023-04-01 2024-03-31 SC525321 2024-03-31 SC525321 2023-03-31 SC525321 2022-04-01 2023-03-31 SC525321 2023-03-31 SC525321 2022-03-31 SC525321 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC525321 bus:Director1 2023-04-01 2024-03-31 SC525321 core:WithinOneYear 2024-03-31 SC525321 core:WithinOneYear 2023-03-31 SC525321 core:AfterOneYear 2024-03-31 SC525321 core:AfterOneYear 2023-03-31 SC525321 core:ShareCapital 2024-03-31 SC525321 core:ShareCapital 2023-03-31 SC525321 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC525321 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC525321 bus:SmallEntities 2023-04-01 2024-03-31 SC525321 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC525321 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC525321 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC525321 bus:FullAccounts 2023-04-01 2024-03-31 SC525321 bus:OrdinaryShareClass1 2024-03-31 SC525321 bus:OrdinaryShareClass1 2023-03-31 SC525321 core:OfficeEquipment 2023-04-01 2024-03-31 SC525321 core:OfficeEquipment 2024-03-31 SC525321 core:OfficeEquipment 2023-03-31 SC525321 core:AllAssociates 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC525321
LD Seating Ltd
Filleted Unaudited Financial Statements
31 March 2024
LD Seating Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
535
1,218
Current assets
Stocks
5,000
1,931
Debtors
5
181,877
186,270
Cash at bank and in hand
80,562
84,800
---------
---------
267,439
273,001
Creditors: amounts falling due within one year
6
222,886
174,610
---------
---------
Net current assets
44,553
98,391
--------
--------
Total assets less current liabilities
45,088
99,609
Creditors: amounts falling due after more than one year
7
12,500
22,500
--------
--------
Net assets
32,588
77,109
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
32,488
77,009
--------
--------
Shareholders funds
32,588
77,109
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 .
LD Seating Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr A Stewart
Director
Company registration number: SC525321
LD Seating Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2 Osborne Place, Dundee, DD2 1BD, Scotland.
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.
Going concern
The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.
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.
Corporation 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Equipment
-
33% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Equipment
£
Cost
At 1 April 2023 and 31 March 2024
5,913
-------
Depreciation
At 1 April 2023
4,695
Charge for the year
683
-------
At 31 March 2024
5,378
-------
Carrying amount
At 31 March 2024
535
-------
At 31 March 2023
1,218
-------
5. Debtors
2024
2023
£
£
Trade debtors
159,600
171,479
Other debtors
22,277
14,791
---------
---------
181,877
186,270
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
107,286
72,503
Corporation tax
9,405
19,471
Social security and other taxes
36,283
31,037
Other creditors
59,912
41,599
---------
---------
222,886
174,610
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Transactions with directors
The company was under the control of the directors throughout the current and previous year.
10. Related party transactions
During the year the company received management services of £115,000 (2023 - £70.000) from ABF Workspace Limited, a company under common control. At the year end the company was due to pay ABF Workspace Limited £32,100 (2023 - £34,787).