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Registration number: 12448451

A Lucre Musket Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

A Lucre Musket Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

A Lucre Musket Ltd

Company Information

Directors

S P Tucker

V G Tucker

Registered office

Unit A 1-4
Anglo Trading Estate
Shepton Mallet
Somerset
BA4 5BY

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

A Lucre Musket Ltd

(Registration number: 12448451)
Balance Sheet
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,840

20,127

Current assets

 

Stocks

5

49,235

53,681

Debtors

6

103,466

42,922

Cash at bank and in hand

 

174,905

224,022

 

327,606

320,625

Creditors: Amounts falling due within one year

7

(80,093)

(33,780)

Net current assets

 

247,513

286,845

Net assets

 

277,353

306,972

Capital and reserves

 

Called up share capital

100

100

Retained earnings

277,253

306,872

Shareholders' funds

 

277,353

306,972

 

A Lucre Musket Ltd

(Registration number: 12448451)
Balance Sheet
29 February 2024

For the financial year ending 29 February 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.

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 25 November 2024 and signed on its behalf by:
 

.........................................
S P Tucker
Director

.........................................
V G Tucker
Director

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Unit A 1-4
Anglo Trading Estate
Shepton Mallet
Somerset
BA4 5BY

These financial statements were authorised for issue by the Board on 25 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 in the ordinary course of the company’s activities and is shown value added tax,

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.

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

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.

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 corporation 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

Office Equipment

10% per annum straight line

Computer Equipment

25% per annum straight line

Motor Vehicles

25% 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.

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

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. 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.

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.

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.

Trade creditors are recognised at the transaction price.

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 8 (2023 - 7).

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

16,472

14,502

-

30,974

Additions

2,636

12,824

8,777

24,237

Disposals

-

(1,413)

-

(1,413)

At 29 February 2024

19,108

25,913

8,777

53,798

Depreciation

At 1 March 2023

8,802

2,045

-

10,847

Charge for the year

4,778

6,481

2,194

13,453

Eliminated on disposal

-

(342)

-

(342)

At 29 February 2024

13,580

8,184

2,194

23,958

Carrying amount

At 29 February 2024

5,528

17,729

6,583

29,840

At 28 February 2023

7,670

12,457

-

20,127

5

Stocks

2024
£

2023
£

Other inventories

49,235

53,681

 

A Lucre Musket Ltd

Notes to the Unaudited Financial Statements
Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

75,049

40,095

Other debtors

28,417

2,827

103,466

42,922

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

33,050

18,761

Taxation and social security

6,417

10,919

Accruals and deferred income

1,400

1,360

Other creditors

39,226

2,740

80,093

33,780