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LGB SERVICES LIMITED

Registered Number
06128765
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

LGB SERVICES LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

L Beard

Company Secretary

B Beard

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

06128765 (England and Wales)
LGB SERVICES LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,7872,384
1,7872,384
Current assets
Stocks650650
Debtors5786972
Cash at bank and on hand11,5787,257
13,0148,879
Creditors amounts falling due within one year6(5,588)(3,812)
Net current assets (liabilities)7,4265,067
Total assets less current liabilities9,2137,451
Provisions for liabilities7(22)(22)
Accruals and deferred income(1,016)(960)
Net assets8,1756,469
Capital and reserves
Called up share capital200200
Profit and loss account7,9756,269
Shareholders' funds8,1756,469
The financial statements were approved and authorised for issue by the Director on 27 November 2024, and are signed on its behalf by:
L Beard
Director
Registered Company No. 06128765
LGB SERVICES LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover represents net invoiced sales of goods and services. The company is not registered for value added tax.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been amortised evenly over its estimated useful life of ten years.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 236,0006,000
At 29 February 246,0006,000
Amortisation and impairment
At 01 March 236,0006,000
At 29 February 246,0006,000
Net book value
At 29 February 24--
At 28 February 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 March 2363324,0762,16826,877
At 29 February 2463324,0762,16826,877
Depreciation and impairment
At 01 March 2352421,9392,03024,493
Charge for year2753535597
At 29 February 2455122,4742,06525,090
Net book value
At 29 February 24821,6021031,787
At 28 February 231092,1371382,384
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables280450
Other debtors506522
Total786972
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables1,499515
Taxation and social security2,1721,377
Other creditors1,9171,920
Total5,5883,812
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)2222
Total2222
8.Related party transactions
During the year, total dividends of £7,500 (2023 - £6,625) were paid to the director.