IRIS Accounts Production v24.3.0.553 12478177 director 1.3.23 29.2.24 29.2.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124781772023-02-28124781772024-02-29124781772023-03-012024-02-29124781772022-02-28124781772022-03-012023-02-28124781772023-02-2812478177ns15:EnglandWales2023-03-012024-02-2912478177ns14:PoundSterling2023-03-012024-02-2912478177ns10:Director12023-03-012024-02-2912478177ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2912478177ns10:SmallEntities2023-03-012024-02-2912478177ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2912478177ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2912478177ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2912478177ns10:AbridgedAccounts2023-03-012024-02-2912478177ns10:OrdinaryShareClass12023-03-012024-02-2912478177ns10:RegisteredOffice2023-03-012024-02-2912478177ns5:CurrentFinancialInstruments2024-02-2912478177ns5:CurrentFinancialInstruments2023-02-2812478177ns5:Non-currentFinancialInstruments2024-02-2912478177ns5:Non-currentFinancialInstruments2023-02-2812478177ns5:ShareCapital2024-02-2912478177ns5:ShareCapital2023-02-2812478177ns5:RetainedEarningsAccumulatedLosses2024-02-2912478177ns5:RetainedEarningsAccumulatedLosses2023-02-2812478177ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 12478177 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Lancar Group Ltd

Lancar Group Ltd (Registered number: 12478177)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Lancar Group Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: R Clif





REGISTERED OFFICE: Boundary House
Cricket Field Road
Uxbridge
UB8 1QG





REGISTERED NUMBER: 12478177 (England and Wales)





ACCOUNTANTS: ADHK ACCOUNTANTS
Chartered Certified Accountants
Boundary House
Cricket Field Road
Uxbridge
UB8 1QG

Lancar Group Ltd (Registered number: 12478177)

Abridged Statement of Financial Position
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 128,454 219,128

CURRENT ASSETS
Debtors 21,557 47,214
Cash at bank and in hand 8,794 5,636
30,351 52,850
CREDITORS
Amounts falling due within one year 209,508 234,054
NET CURRENT LIABILITIES (179,157 ) (181,204 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(50,703

)

37,924

CREDITORS
Amounts falling due after more than one year 61,107 88,461
NET LIABILITIES (111,810 ) (50,537 )

CAPITAL AND RESERVES
Called up share capital 5 100 100
Retained earnings (111,910 ) (50,637 )
SHAREHOLDERS' FUNDS (111,810 ) (50,537 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lancar Group Ltd (Registered number: 12478177)

Abridged Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 November 2024 and were signed by:





R Clif - Director


Lancar Group Ltd (Registered number: 12478177)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Lancar Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the net income receivable from hiring licensed vehicles, excluding value added tax.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:
Licensed Vehicles - 25% Straight Line
Computer and equipment - 50% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Lancar Group Ltd (Registered number: 12478177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalent
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Going concern
The director has undertaken not to withdraw his support from the company without ensuring alternative funding is in place. He will ensure that the company remains able to meet all its liabilities for the foreseeable future. For these reasons, the director believes that it is correct to prepare these accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Lancar Group Ltd (Registered number: 12478177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 351,863
DEPRECIATION
At 1 March 2023 132,735
Charge for year 90,674
At 29 February 2024 223,409
NET BOOK VALUE
At 29 February 2024 128,454
At 28 February 2023 219,128

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2023
and 29 February 2024 170,722
DEPRECIATION
At 1 March 2023 42,682
Charge for year 42,681
At 29 February 2024 85,363
NET BOOK VALUE
At 29 February 2024 85,359
At 28 February 2023 128,040

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

6. ULTIMATE CONTROLLING PARTY

The controlling party is R Clif.