Lantex Manufacturing Company Limited 00150264 false 2023-03-01 2024-02-28 2024-02-28 The principal activity of the company is manufacture of textiles. Digita Accounts Production Advanced 6.30.9574.0 true false true 00150264 2023-03-01 2024-02-28 00150264 2024-02-28 00150264 core:CapitalRedemptionReserve 2024-02-28 00150264 core:RetainedEarningsAccumulatedLosses 2024-02-28 00150264 core:ShareCapital 2024-02-28 00150264 core:SharePremium 2024-02-28 00150264 core:CurrentFinancialInstruments 2024-02-28 00150264 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-28 00150264 core:Non-currentFinancialInstruments 2024-02-28 00150264 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-28 00150264 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-28 00150264 core:PatentsTrademarksLicencesConcessionsSimilar 2024-02-28 00150264 core:FurnitureFittingsToolsEquipment 2024-02-28 00150264 core:OtherPropertyPlantEquipment 2024-02-28 00150264 bus:SmallEntities 2023-03-01 2024-02-28 00150264 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 00150264 bus:FilletedAccounts 2023-03-01 2024-02-28 00150264 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 00150264 bus:RegisteredOffice 2023-03-01 2024-02-28 00150264 bus:Director1 2023-03-01 2024-02-28 00150264 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 00150264 1 2023-03-01 2024-02-28 00150264 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-28 00150264 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2023-03-01 2024-02-28 00150264 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-28 00150264 core:PatentsTrademarksLicencesConcessionsSimilar 1 2023-03-01 2024-02-28 00150264 core:ComputerEquipment 2023-03-01 2024-02-28 00150264 core:FurnitureFittings 2023-03-01 2024-02-28 00150264 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-28 00150264 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-28 00150264 core:PlantMachinery 2023-03-01 2024-02-28 00150264 1 2023-03-01 2024-02-28 00150264 countries:EnglandWales 2023-03-01 2024-02-28 00150264 2023-02-28 00150264 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00150264 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 00150264 core:FurnitureFittingsToolsEquipment 2023-02-28 00150264 core:OtherPropertyPlantEquipment 2023-02-28 00150264 2022-03-01 2023-02-28 00150264 2023-02-28 00150264 core:CapitalRedemptionReserve 2023-02-28 00150264 core:RetainedEarningsAccumulatedLosses 2023-02-28 00150264 core:ShareCapital 2023-02-28 00150264 core:SharePremium 2023-02-28 00150264 core:CurrentFinancialInstruments 2023-02-28 00150264 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00150264 core:Non-currentFinancialInstruments 2023-02-28 00150264 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 00150264 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00150264 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 00150264 core:FurnitureFittingsToolsEquipment 2023-02-28 00150264 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 00150264

Lantex Manufacturing Company Limited

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 28 February 2024

 

Lantex Manufacturing Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Lantex Manufacturing Company Limited

(Registration number: 00150264)
Balance Sheet as at 28 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,680

15,640

Tangible assets

5

6,049

2,762

 

22,729

18,402

Current assets

 

Stocks

6

420,903

399,778

Debtors

7

294,525

345,755

Investments

8

4,500

4,500

Cash at bank and in hand

 

79,643

121,408

 

799,571

871,441

Creditors: Amounts falling due within one year

9

(335,884)

(332,680)

Net current assets

 

463,687

538,761

Total assets less current liabilities

 

486,416

557,163

Creditors: Amounts falling due after more than one year

9

(13,380)

(23,380)

Net assets

 

473,036

533,783

Capital and reserves

 

Called up share capital

13,042

13,042

Share premium reserve

450

450

Capital redemption reserve

500

500

Retained earnings

459,044

519,791

Shareholders' funds

 

473,036

533,783

 

Lantex Manufacturing Company Limited

(Registration number: 00150264)
Balance Sheet as at 28 February 2024

For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 November 2024
 

.........................................
J Parker
Director

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 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:
Oxford Court
Oxford Street
Accrington
Lancashire
BB5 1QX
England

These financial statements were authorised for issue by the director on 19 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) 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.

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.

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

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

Plant and Machinery

20% straight line

Fixtures and fittings

10% straight line

Computer Equipment

20% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 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. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

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 the director) during the period, was 32 (2023 - 31).

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 March 2023

3,600

14,200

17,800

Additions internally developed

-

1,400

1,400

At 28 February 2024

3,600

15,600

19,200

Amortisation

At 1 March 2023

2,160

-

2,160

Amortisation charge

360

-

360

At 28 February 2024

2,520

-

2,520

Carrying amount

At 28 February 2024

1,080

15,600

16,680

At 28 February 2023

1,440

14,200

15,640

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

74,452

125,725

200,177

Additions

-

5,190

5,190

At 28 February 2024

74,452

130,915

205,367

Depreciation

At 1 March 2023

71,690

125,725

197,415

Charge for the period

1,286

617

1,903

At 28 February 2024

72,976

126,342

199,318

Carrying amount

At 28 February 2024

1,476

4,573

6,049

At 28 February 2023

2,762

-

2,762

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

6

Stocks

2024
£

2023
£

Other inventories

420,903

399,778

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

238,438

307,133

Amounts owed by related parties

44,304

36,420

Prepayments

 

10,420

2,202

Other debtors

 

1,363

-

   

294,525

345,755

8

Current asset investments

2024
£

2023
£

Shares in group undertakings

4,500

4,500

 

Lantex Manufacturing Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

267,223

225,886

Taxation and social security

 

31,592

43,002

Accruals and deferred income

 

10,732

45,594

Other creditors

 

16,337

8,198

 

335,884

332,680

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

13,380

23,380

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,380

23,380

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

11

Parent and ultimate parent undertaking

The company's immediate parent is Lantex Holdings Limited, incorporated in England.