REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
LICHFIELD MACHINE TOOLS 1990 LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
LICHFIELD MACHINE TOOLS 1990 LIMITED |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
LICHFIELD MACHINE TOOLS 1990 LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
34 Waterloo Road |
Wolverhampton |
West Midlands |
WV1 4DG |
BANKERS: |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Fair value reserve |
Investment property fair value reserve |
Retained earnings | 2,559,899 | 2,628,590 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Lichfield Machine Tools 1990 Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has confirmed continued support from the subsidiary undertakings, and the directors consider the company retains sufficient working capital to continue trading for the foreseeable future |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
(a) Depreciation |
Depreciation is provided on all tangible fixed assets other than freehold land and investment properties at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:- |
Freehold buildings | over 35 years |
Plant and machinery | over 20 years |
Fixtures and fittings | over 10 years |
Motor vehicles | over 4 years |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Investments |
Long term investments are described as participating interests and are classified as fixed assets. |
Participating interests are stated at cost. |
Provision is made for any permanent diminution in the value of fixed asset investments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 |
Revaluations | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 May 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2009 | 420,875 | - | 420,875 |
Valuation in 2016 | 29,485 | - | 29,485 |
Valuation in 2024 | (64,329 | ) | - | (64,329 | ) |
Cost | 1,092,936 | 1,374,031 | 2,466,967 |
1,478,967 | 1,374,031 | 2,852,998 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Disposals | ( |
) |
Revaluations | 1,351,798 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Deferred tax of £458,756 arose on the Other reserves. |
The valuation of investment property was undertaken on 30 January 2024 based on an open market value by a consultant of KWB Property Management Limited who is a RICS Registered valuer. |
The Directors have considered the fair value at the reporting date and confirmed no change. |
LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2009 | 1,255,103 |
Valuation in 2016 | 411,325 |
Valuation in 2024 | 1,351,798 |
Cost | 2,296,986 |
5,315,212 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Other timing differences | 458,756 | 259,855 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Movement | 198,901 |
Balance at 31 May 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | OTHER FINANCIAL COMMITMENTS |
The company has given a guarantee on behalf of related parties in relation to bank liabilities. |