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REGISTERED NUMBER: 01469743 (England and Wales)















L S M Limited

Unaudited Financial Statements

For The Year Ended 31st March 2024






L S M Limited (Registered number: 01469743)






Contents of the Financial Statements
For The Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


L S M Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: M R McDonough
S McDonough





REGISTERED OFFICE: 9 Rothersthorpe Avenue
Northampton
NN4 8JH





REGISTERED NUMBER: 01469743 (England and Wales)





ACCOUNTANTS: Cheney & Co
310 Wellingborough Road
Northampton
NN1 4EP

L S M Limited (Registered number: 01469743)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,903 7,139

CURRENT ASSETS
Stocks 419,500 449,700
Debtors 6 54,317 29,720
Cash at bank 44,432 114,465
518,249 593,885
CREDITORS
Amounts falling due within one year 7 197,077 225,850
NET CURRENT ASSETS 321,172 368,035
TOTAL ASSETS LESS CURRENT
LIABILITIES

327,075

375,174

CAPITAL AND RESERVES
Called up share capital 9 2,000 2,000
Retained earnings 325,075 373,174
SHAREHOLDERS' FUNDS 327,075 375,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 17th October 2024 and were signed on its behalf by:





S McDonough - Director


L S M Limited (Registered number: 01469743)

Notes to the Financial Statements
For The Year Ended 31st March 2024

1. STATUTORY INFORMATION

L S M 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company was the retail sale of musical instruments.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

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.

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 the profit and loss account in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

L S M Limited (Registered number: 01469743)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2023
and 31st March 2024 58,976 5,038 80,453 144,467
DEPRECIATION
At 1st April 2023 54,470 4,140 78,718 137,328
Charge for year 671 132 433 1,236
At 31st March 2024 55,141 4,272 79,151 138,564
NET BOOK VALUE
At 31st March 2024 3,835 766 1,302 5,903
At 31st March 2023 4,506 898 1,735 7,139

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,714 13,507
Other debtors 34,603 16,213
54,317 29,720

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,041 30,829
Taxation and social security 4,548 216
Other creditors 183,488 194,805
197,077 225,850

8. DEFERRED TAX
£   
Balance at 1st April 2023 (14,800 )
Provided during year (18,300 )
Balance at 31st March 2024 (33,100 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary £1 2,000 2,000

10. CONTINGENT LIABILITIES

There were no contingent liabilities existing as at 31st March 2024 or 31st March 2023.

11. CAPITAL COMMITMENTS

There were no capital commitments existing as at 31st March 2024 or 31st March 2023.