REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Level Best Solutions Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Level Best Solutions Limited |
Level Best Solutions Limited (Registered number: 04089166) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 16 |
Level Best Solutions Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Shadwell House |
65 Lower Green Road |
Tunbridge Wells |
Kent |
TN4 8TW |
Level Best Solutions Limited (Registered number: 04089166) |
Strategic Report |
for the Year Ended 29 February 2024 |
The directors present their strategic report for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The company enjoyed a successful trading performance for the year despite the ongoing supply chain issues, higher energy & living costs and global uncertainty. |
Taking into account the overall state of the economy and business outlook, the company's performance was in line with expectations. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks and uncertainties that are facing the company are similar to those of most other trading companies i.e. uncertainty following Brexit, supply chain difficulties, rising costs & inflation and availability of sub-contract labour. |
Currency fluctuations can have a bearing on material costs due to market movement. Risks have been traditionally avoided with bad debts and doubtful debts by careful credit control and contract selection. |
FINANCIAL REVIEW |
Turnover during the year amounted to £24.3m. |
The gross profit rate was 8.3% and was mainly achieved through negotiating keener contract prices and better direct cost control. |
Net profit before taxation in the year amounted to £259,570 compared to £165,822 in 2023 again mainly because of higher gross margins and better overall cost control. |
The company's working capital position was £377,181 compared to £492,827 in 2023. |
The company invested a further £21,116 in plant & equipment in the year. |
Shareholders' funds amounted to £438,326 at the year end. |
FUTURE PLANS |
The company will continue to seek suitable opportunities and contracts within the commercial office fit out sector. |
There are no short term plans for any changes to the nature of the company's current business model and the company is confident in the future outlook |
ON BEHALF OF THE BOARD: |
26 November 2024 |
Level Best Solutions Limited (Registered number: 04089166) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of building construction, plumbing, plastering and joinery installation. |
DIVIDENDS |
The total distribution of dividends for the year to 28 February 2023 amounted to £70,900. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Level Best Solutions Limited (Registered number: 04089166) |
Statement of Directors' Responsibilities |
for the Year Ended 29 February 2024 |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Level Best Solutions Limited |
Opinion |
We have audited the financial statements of Level Best Solutions Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Level Best Solutions Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Level Best Solutions Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit in respect of fraud are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. |
Our approach was as follows: |
- we obtained an understanding of the legal and regulatory requirements applicable to the company. |
- we obtained an understanding of how the company complies with these requirements through discussion with management and those charged with governance. |
- we assessed the risk of material misstatement in the financial statements through discussions with management and those charged with governance. |
- we enquired of management and those charged with governance of any known instances of non compliance with legal and regulatory requirements. |
- based on this understanding, we designed specific and appropriate audit procedures to identify instances of non compliance to include discussions and obtaining additional corroborative evidence. |
As part of the audit in accordance with ISAs (UK) we exercised professional judgement and scepticism throughout the audit. In addition, we also: |
- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, designed and performed audit procedures consistent with those risks and obtained sufficient and relevant audit evidence to support and provide a basis for our opinion. The risk of misstatement from fraud is invariably higher than one resulting from error as fraud may involve collusion or intentional omissions and misrepresentations to override the systems of internal control. |
- obtained an understanding of the internal controls relevant to the audit and designed |
audit procedures and tests that were appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal controls. |
- evaluated the appropriateness of the accounting policies used and the reasonableness of any accounting estimates and disclosures used and made by the directors. |
- assessed the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether any material uncertainty existed that may have cast doubt on the company's ability to continue as a going concern. |
- evaluated the overall presentation, structure and content of the financial statements including disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieved a fair presentation of the results for the period and the financial standing of the company at the year end. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Level Best Solutions Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Shadwell House |
65 Lower Green Road |
Tunbridge Wells |
Kent |
TN4 8TW |
Level Best Solutions Limited (Registered number: 04089166) |
Income Statement |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
290,215 | 187,047 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Level Best Solutions Limited (Registered number: 04089166) |
Other Comprehensive Income |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Level Best Solutions Limited (Registered number: 04089166) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
CURRENT ASSETS |
Inventories | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Level Best Solutions Limited (Registered number: 04089166) |
Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 February 2024 |
Level Best Solutions Limited (Registered number: 04089166) |
Statement of Cash Flows |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (6,540 | ) | - |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,129,682 |
(119,991 |
) |
Cash and cash equivalents at end of year | 2 |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Statement of Cash Flows |
for the Year Ended 29 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 30,645 | 21,225 |
Finance income | (764 | ) | - |
311,889 | 196,157 |
Decrease in inventories |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 492,184 | 1,155,860 |
Bank overdrafts | ( |
) | ( |
) |
463,585 | 1,129,682 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,155,860 | 28,000 |
Bank overdrafts | ( |
) | ( |
) |
1,129,682 | (119,991 | ) |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Statement of Cash Flows |
for the Year Ended 29 February 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,155,860 | (663,676 | ) | 492,184 |
Bank overdrafts | (26,178 | ) | (2,421 | ) | (28,599 | ) |
1,129,682 | ( |
) | 463,585 |
Debt |
Debts falling due within 1 year | (68,540 | ) | (15,416 | ) | (83,956 | ) |
Debts falling due after 1 year | (448,745 | ) | 224,561 | (224,184 | ) |
(517,285 | ) | 209,145 | (308,140 | ) |
Total | 612,397 | (456,952 | ) | 155,445 |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Level Best Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
There are no significant judgements or estimates pertaining to these accounts that the directors feel need to be brought to the attention of users of these accounts. |
Turnover |
Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
The company is engaged on long term contracts and the turnover figure includes an apportionment of value for work done to the balance sheet at cost plus attributable profit less any foreseeable losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress on long term contracts is valued at cost plus profit earned to the balance sheet date less provision for foreseeable losses. |
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. |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic financial instruments comprising, debtors, bank and cash balances are recorded at fair value less any provision for impairment. . |
Functional currency |
The functional currency used by the company is £ Sterling. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 8 | 7 |
Project management & fulfilment | 17 | 16 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Sale of fixed assets | 1,879 | - |
Corporate tax rate adjustment | (1,682 | ) | - |
Total tax charge | 83,485 | 44,414 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary Shares shares of 1 each |
Final |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The freehold property purchase was funded by means of a mortgage with NatWest Bank Plc, the balance outstanding at the period end was £169,857. |
9. | INVENTORIES |
2024 | 2023 |
£ | £ |
Stocks & work in progress |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Due from related parties | 600 | 402 |
Directors' current accounts | 6,540 | - |
VAT |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Due to related parties |
Accruals and other creditors |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 13) |
13. | LOANS |
The company has an overdraft facility with NatWest Bank Plc in the sum of £350,000 and a credit card facility of £50,000. |
It also has a commercial mortgage with NatWest Bank Plc which is secured on the company's freehold premises, the balance at the period end was £169,857. |
Bank borrowings with NatWest Bank Plc are secured by way of debenture and legal charge over all the company's assets. |
In addition, the company had business loans outstanding at the period end as follows: |
£138,283 - IWOCA CIBLS loan |
The total value of all loans outstanding at the period end amounted to £308,140 with repayments due as follows: |
£83,956 due within one year |
£224,184 due after one year |
. |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 6,724 | 4,317 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | 1 | 107 | 107 |
The issued share capital of the company comprises 100 ordinary A shares, 4 ordinary B shares, 1 ordinary C share, 1 ordinary D share and 1 ordinary E share. |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 |
Profit for the year |
Dividends | ( |
) |
At 29 February 2024 |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors loan due from N Heasman was repaid after the year end. |
18. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors N Heasman and N Hamilton who own the majority of the shares. |
19. | BANK OVERDRAFT FACILITY |
The company has a bank overdraft facility of £350,000 and a credit card facility of £50,000. |
These facilities are secured by a debenture dated 3 September 2008 in favour of NatWest bank over all the company's assets. |
Level Best Solutions Limited (Registered number: 04089166) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
20. | RELATED PARTY DISCLOSURES |
At the period end, the company owed the following amounts to related parties: |
£139,260 - Hamilton Contracts Limited |
At the period end, the company was owed the following amounts by related parties: |
£600 - Fire Proof Solutions Limited |
Fire Proof Solutions Limited is a company owned and controlled by N Heasman and N Hamilton who are both directors and shareholders in the company. |
The company paid management fees during the period in the sum of £867,200 to Hamilton Contracts Limited and Jonic Ventures Limited. |
Hamilton Contracts Limited is controlled by N Hamilton, a director and shareholder in the company. |
Jonic Ventures Limited is controlled by N Heasman, a director and shareholder in the company. |