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Registered number: 07768574
L&P 242 Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07768574
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 82,758 92,708
Tangible Assets 5 11,817 14,771
94,575 107,479
CURRENT ASSETS
Stocks 6 26,723 37,513
Debtors 7 355,571 294,600
Cash at bank and in hand 182,957 245,720
565,251 577,833
Creditors: Amounts Falling Due Within One Year 8 (349,919 ) (310,757 )
NET CURRENT ASSETS (LIABILITIES) 215,332 267,076
TOTAL ASSETS LESS CURRENT LIABILITIES 309,907 374,555
Creditors: Amounts Falling Due After More Than One Year 9 (70,810 ) (70,810 )
NET ASSETS 239,097 303,745
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 238,997 303,645
SHAREHOLDERS' FUNDS 239,097 303,745
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Asad Ali
Director
21/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
L&P 242 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07768574 . The registered office is 210b Wellgate, Rotherham, S60 2PD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2023: 35)
35 35
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 199,000
As at 28 February 2024 199,000
Amortisation
As at 1 March 2023 106,292
Provided during the period 9,950
As at 28 February 2024 116,242
Net Book Value
As at 28 February 2024 82,758
As at 1 March 2023 92,708
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 51,270 6,275 57,545
As at 28 February 2024 51,270 6,275 57,545
Depreciation
As at 1 March 2023 38,144 4,630 42,774
Provided during the period 2,625 329 2,954
As at 28 February 2024 40,769 4,959 45,728
Net Book Value
As at 28 February 2024 10,501 1,316 11,817
As at 1 March 2023 13,126 1,645 14,771
6. Stocks
2024 2023
£ £
Finished goods 26,723 37,513
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 283,495 240,354
Other debtors 54,246 54,246
VAT 17,830 -
355,571 294,600
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 276,637 187,983
Corporation tax 37,397 20,777
Other taxes and social security 3,656 -
Other creditors 32,229 101,996
Directors' loan accounts - 1
349,919 310,757
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 70,810 70,810
10. Deferred Taxation
The provision for deferred tax is made up as follows:
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5