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Registration number: 05843664

L & A Equipment Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024




















 

 

L & A Equipment Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

L & A Equipment Services Limited

Company Information

Directors

Mrs L Fensome

Mr A Fensome

Company secretary

Mr A Fensome

Registered office

25 Ditmas Avenue
Kempston
Bedford
Bedfordshire
MK42 7DR

 

L & A Equipment Services Limited

(Registration number: 05843664)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,451

584

Current assets

 

Stocks

5

-

11,686

Debtors

6

129,811

262,386

Cash at bank and in hand

 

402,237

367,886

 

532,048

641,958

Creditors: Amounts falling due within one year

7

(126,781)

(329,943)

Net current assets

 

405,267

312,015

Total assets less current liabilities

 

428,718

312,599

Creditors: Amounts falling due after more than one year

7

(5,206)

(10,750)

Net assets

 

423,512

301,849

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

423,412

301,749

Shareholders' funds

 

423,512

301,849

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

L & A Equipment Services Limited

(Registration number: 05843664)
Balance Sheet as at 30 June 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Mr A Fensome
Company secretary and director

 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
25 Ditmas Avenue
Kempston
Bedford
Bedfordshire
MK42 7DR

These financial statements were authorised for issue by the Board on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Computer equipment

25% reducing balance

Freehold Property Improvements

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

-

4,067

4,067

Additions

22,986

415

23,401

Disposals

-

(627)

(627)

At 30 June 2024

22,986

3,855

26,841

Depreciation

At 1 July 2023

-

3,483

3,483

Charge for the year

192

154

346

Eliminated on disposal

-

(439)

(439)

At 30 June 2024

192

3,198

3,390

Carrying amount

At 30 June 2024

22,794

657

23,451

At 30 June 2023

-

584

584

Included within the net book value of land and buildings above is £22,795 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

-

11,686

 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

14,336

180,655

Prepayments

3,304

20,302

Other debtors

112,171

61,429

 

129,811

262,386

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,544

5,408

Trade creditors

 

102,740

26,439

Taxation and social security

 

14,711

68,071

Accruals and deferred income

 

2,265

2,040

Other creditors

 

1,521

227,985

 

126,781

329,943

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,206

10,750

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

L & A Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

5,206

10,750

Current loans and borrowings

2024
£

2023
£

Other borrowings

5,544

5,408

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr A Fensome

Director loan 2016

39,539

-

-

39,539

Director loan 2022

-

-

-

-

Director loan 2023

9,390

-

(9,390)

-

Director loan 2024

-

44,921

-

44,921

48,929

44,921

(9,390)

84,460

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr A Fensome

Director loan 2016

39,539

-

-

39,539

Director loan 2022

13,229

-

(13,229)

-

Director loan 2023

-

76,005

(66,615)

9,390

52,768

76,005

(79,844)

48,929

The company operated an unsecured directors loan during the year, which was repayable upon demand. The company charged interest on the loan account at HM Revenue and Customs' official rate of interest. During the year, the director paid £1,349 interest and £482 is included as accrued income.