Registered number
09334273
Lime Lab IT Limited
Filleted Accounts
29 February 2024
Lime Lab IT Limited
Registered number: 09334273
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,931 8,663
Current assets
Debtors 4 48,433 71,174
Cash at bank and in hand 2,320 84
50,753 71,258
Creditors: amounts falling due within one year 5 (44,751) (34,949)
Net current assets 6,002 36,309
Total assets less current liabilities 12,933 44,972
Creditors: amounts falling due after more than one year 6 (12,517) (18,947)
Net assets 416 26,025
Capital and reserves
Called up share capital 100 100
Profit and loss account 316 25,925
Shareholder's funds 416 26,025
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 Ufuk Omur
Director
Approved by the board on 11 November 2024
Lime Lab IT Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 3,124 7,083 10,207
Additions - 96,828 96,828
Disposals - (96,828) (96,828)
At 29 February 2024 3,124 7,083 10,207
Depreciation
At 1 March 2023 31 1,513 1,544
Charge for the year 618 1,114 1,732
At 29 February 2024 649 2,627 3,276
Net book value
At 29 February 2024 2,475 4,456 6,931
At 28 February 2023 3,093 5,570 8,663
4 Debtors 2024 2023
£ £
Trade debtors - 12,000
Geneva Global 11,000 -
Debtors: Stripe - 1,081
Huseyin Sert (loan) - 10,000
Osku Catering Ltd 7,000 7,000
Director's account 30,433 40,471
Other debtors - 622
48,433 71,174
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,758 8,034
Taxation and social security costs 18,994 26,915
Other creditors (1) -
44,751 34,949
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bounce Back Loan 12,517 18,947
7 Other information
Lime Lab IT Limited is a private company limited by shares and incorporated in England. Its registered office is:
565 Green Lanes
London
N8 0RL
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