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Registered number: 05939692
L W Graphics Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05939692
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 199,234 270,261
199,234 270,261
CURRENT ASSETS
Stocks 16,189 18,000
Debtors 360,979 467,537
Cash at bank and in hand 39,668 20,432
416,836 505,969
Creditors: Amounts Falling Due Within One Year 5 (298,438 ) (306,440 )
NET CURRENT ASSETS (LIABILITIES) 118,398 199,529
TOTAL ASSETS LESS CURRENT LIABILITIES 317,632 469,790
Creditors: Amounts Falling Due After More Than One Year 6 (200,437 ) (230,935 )
NET ASSETS 117,195 238,855
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 117,095 238,755
SHAREHOLDERS' FUNDS 117,195 238,855
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Lee White
Director
03/12/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
L W Graphics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05939692 . The registered office is Unit 9 Sapper Jordan Rossi Park, Otley Road, Balidon, Bradford, West Yorkshire, BD17 7AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis
2.3. Turnover
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 amountof 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 15% Straight line
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Straight line
Computer Equipment 33% Straight line
2.5. Leasing and Hire Purchase Contracts
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and thepresent value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
...CONTINUED
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2.5. Leasing and Hire Purchase Contracts - continued
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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 years 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 assets reflect 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.
2.7. Pensions
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.
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2.8. 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.
2.9. 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.
2.10. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 17)
8 17
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 121,811 110,550 337,795 10,712
Additions - - 36,411 -
Disposals - (12,530 ) (121,562 ) -
As at 31 March 2024 121,811 98,020 252,644 10,712
Depreciation
As at 1 April 2023 102,554 73,161 130,628 9,298
Provided during the period 17,005 5,441 48,995 823
Disposals - (9,376 ) (92,410 ) -
As at 31 March 2024 119,559 69,226 87,213 10,121
...CONTINUED
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Net Book Value
As at 31 March 2024 2,252 28,794 165,431 591
As at 1 April 2023 19,257 37,389 207,167 1,414
Computer Equipment Total
£ £
Cost
As at 1 April 2023 50,126 630,994
Additions - 36,411
Disposals - (134,092 )
As at 31 March 2024 50,126 533,313
Depreciation
As at 1 April 2023 45,092 360,733
Provided during the period 2,868 75,132
Disposals - (101,786 )
As at 31 March 2024 47,960 334,079
Net Book Value
As at 31 March 2024 2,166 199,234
As at 1 April 2023 5,034 270,261
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 22,612
Trade creditors 30,659 46,398
Bank loans and overdrafts 74,051 64,154
Other creditors 165,481 116,926
Taxation and social security 28,247 56,350
298,438 306,440
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.
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6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 193,894 153,896
Bank loans 6,543 77,039
200,437 230,935
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Lee White (90,134 ) 917,660 (827,562 ) - (35 )
The above loan is unsecured, interest free and repayable on demand.
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 63,206 -
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.
10. 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.
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