Silverfin false false 31/05/2024 01/06/2023 31/05/2024 J J Weeks 15/05/2003 M Weeks 25/12/2012 D J Weeks 24/02/2003 J J Weeks 20 November 2024 The principal activity of the Company during the financial year was that of manufacturing furniture. 04675802 2024-05-31 04675802 bus:Director1 2024-05-31 04675802 bus:Director2 2024-05-31 04675802 bus:Director3 2024-05-31 04675802 2023-05-31 04675802 core:CurrentFinancialInstruments 2024-05-31 04675802 core:CurrentFinancialInstruments 2023-05-31 04675802 core:Non-currentFinancialInstruments 2024-05-31 04675802 core:Non-currentFinancialInstruments 2023-05-31 04675802 core:ShareCapital 2024-05-31 04675802 core:ShareCapital 2023-05-31 04675802 core:RetainedEarningsAccumulatedLosses 2024-05-31 04675802 core:RetainedEarningsAccumulatedLosses 2023-05-31 04675802 core:LandBuildings 2023-05-31 04675802 core:PlantMachinery 2023-05-31 04675802 core:Vehicles 2023-05-31 04675802 core:FurnitureFittings 2023-05-31 04675802 core:ComputerEquipment 2023-05-31 04675802 core:LandBuildings 2024-05-31 04675802 core:PlantMachinery 2024-05-31 04675802 core:Vehicles 2024-05-31 04675802 core:FurnitureFittings 2024-05-31 04675802 core:ComputerEquipment 2024-05-31 04675802 core:CurrentFinancialInstruments core:Secured 2024-05-31 04675802 2023-06-01 2024-05-31 04675802 bus:FilletedAccounts 2023-06-01 2024-05-31 04675802 bus:SmallEntities 2023-06-01 2024-05-31 04675802 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04675802 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04675802 bus:Director1 2023-06-01 2024-05-31 04675802 bus:Director2 2023-06-01 2024-05-31 04675802 bus:Director3 2023-06-01 2024-05-31 04675802 bus:CompanySecretary1 2023-06-01 2024-05-31 04675802 core:PlantMachinery 2023-06-01 2024-05-31 04675802 core:Vehicles 2023-06-01 2024-05-31 04675802 core:FurnitureFittings 2023-06-01 2024-05-31 04675802 core:ComputerEquipment core:TopRangeValue 2023-06-01 2024-05-31 04675802 2022-06-01 2023-05-31 04675802 core:LandBuildings 2023-06-01 2024-05-31 04675802 core:ComputerEquipment 2023-06-01 2024-05-31 04675802 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 04675802 (England and Wales)

LAMCO DESIGN LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

LAMCO DESIGN LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

LAMCO DESIGN LIMITED

BALANCE SHEET

As at 31 May 2024
LAMCO DESIGN LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 979,834 987,691
979,834 987,691
Current assets
Stocks 4 25,000 15,134
Debtors 5 111,624 80,148
Cash at bank and in hand 186,944 125,579
323,568 220,861
Creditors: amounts falling due within one year 6 ( 432,536) ( 325,267)
Net current liabilities (108,968) (104,406)
Total assets less current liabilities 870,866 883,285
Creditors: amounts falling due after more than one year 7 ( 478,134) ( 494,292)
Net assets 392,732 388,993
Capital and reserves
Called-up share capital 3 3
Profit and loss account 392,729 388,990
Total shareholders' funds 392,732 388,993

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lamco Design Limited (registered number: 04675802) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

D J Weeks
Director
LAMCO DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
LAMCO DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lamco Design Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 6 16 Glenmore Centre, Fancy Road, Poole, BH12 4FB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost/Valuation
At 01 June 2023 820,908 168,385 149,544 32,642 24,590 1,196,069
Additions 0 7,220 35,107 0 1,454 43,781
Disposals 0 ( 6,650) ( 63,022) 0 0 ( 69,672)
At 31 May 2024 820,908 168,955 121,629 32,642 26,044 1,170,178
Accumulated depreciation
At 01 June 2023 0 65,516 97,318 25,208 20,336 208,378
Charge for the financial year 0 9,716 5,631 743 127 16,217
Disposals 0 ( 930) ( 33,321) 0 0 ( 34,251)
At 31 May 2024 0 74,302 69,628 25,951 20,463 190,344
Net book value
At 31 May 2024 820,908 94,653 52,001 6,691 5,581 979,834
At 31 May 2023 820,908 102,869 52,226 7,434 4,254 987,691

4. Stocks

2024 2023
£ £
Stocks 5,134 15,134
Work in progress 19,866 0
25,000 15,134

5. Debtors

2024 2023
£ £
Trade debtors 96,764 74,535
Other debtors 14,860 5,613
111,624 80,148

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 30,413 22,000
Trade creditors 50,442 27,328
Corporation tax 24,122 6,425
Other taxation and social security 45,277 20,409
Obligations under finance leases and hire purchase contracts (secured) 15,642 14,942
Other creditors 266,640 234,163
432,536 325,267

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 468,881 469,398
Obligations under finance leases and hire purchase contracts (secured) 9,253 24,894
478,134 494,292

Bank loans and hire purchase contracts are secured on the assets to which they relate

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
M Weeks directors loan 9,645 0