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REGISTERED NUMBER: 01649646 (England and Wales)











Lol Summers Joinery Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024






Lol Summers Joinery Limited (Registered number: 01649646)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lol Summers Joinery Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: L R Summers





SECRETARY: Mrs M J Summers





REGISTERED OFFICE: Barlow Road
Aldermans Industrial Estate
Coventry
West Midlands
CV2 2LD





REGISTERED NUMBER: 01649646 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Lol Summers Joinery Limited (Registered number: 01649646)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 191,474 256,442

CURRENT ASSETS
Stocks 30,025 117,767
Debtors 5 145,303 116,059
Cash in hand 60 60
175,388 233,886
CREDITORS
Amounts falling due within one year 6 309,832 315,379
NET CURRENT LIABILITIES (134,444 ) (81,493 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,030

174,949

CREDITORS
Amounts falling due after more than one year 7 (30,192 ) (145,593 )

PROVISIONS FOR LIABILITIES (26,469 ) (28,626 )
NET ASSETS 369 730

CAPITAL AND RESERVES
Called up share capital 9 55 55
Capital redemption reserve 45 45
Retained earnings 269 630
SHAREHOLDERS' FUNDS 369 730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lol Summers Joinery Limited (Registered number: 01649646)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





L R Summers - Director


Lol Summers Joinery Limited (Registered number: 01649646)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Lol Summers Joinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to
exercise judgment in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- A provision is recognised when the company has a present legal or constructive obligation as a result of a
past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management's judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Depreciation and residual values. The Directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings, and have concluded that asset lives are appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Lol Summers Joinery Limited (Registered number: 01649646)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Lol Summers Joinery Limited (Registered number: 01649646)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 1,133,679
Additions 51,614
At 30 April 2024 1,185,293
DEPRECIATION
At 1 May 2023 877,237
Charge for year 116,582
At 30 April 2024 993,819
NET BOOK VALUE
At 30 April 2024 191,474
At 30 April 2023 256,442

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 91,046 93,741
Amounts owed by participating interests 14,458 -
Other debtors 39,799 22,318
145,303 116,059

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 68,322 18,011
Hire purchase contracts 26,736 53,605
Trade creditors 72,991 3,891
Amounts owed to participating interests 23,337 -
Taxation and social security 97,933 213,681
Other creditors 20,513 26,191
309,832 315,379

Lol Summers Joinery Limited (Registered number: 01649646)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 21,436 20,833
Hire purchase contracts 8,756 28,048
Other creditors - 96,712
30,192 145,593

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,568 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 64,105 8,011
Bank loans 25,653 30,833
Hire purchase contracts 35,492 81,653
125,250 120,497

Bank loans and overdrafts are secured by way of a fixed and floating charge over the undertaking and all assets present and future.

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
55 Ordinary £1 55 55