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REGISTERED NUMBER: 07234769 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Lanson Polymers Limited

Lanson Polymers Limited (Registered number: 07234769)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lanson Polymers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: A M Lane





SECRETARY: A M Lane





REGISTERED OFFICE: Unit C1
Lakeside Business Park
South Cerney
Gloucestershire
GL7 5XL





REGISTERED NUMBER: 07234769 (England and Wales)

Lanson Polymers Limited (Registered number: 07234769)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,301 72,719

CURRENT ASSETS
Stocks 5 149,109 131,364
Debtors 6 624,971 668,339
Cash at bank and in hand 5,494 62,988
779,574 862,691
CREDITORS
Amounts falling due within one year 7 564,939 686,359
NET CURRENT ASSETS 214,635 176,332
TOTAL ASSETS LESS CURRENT
LIABILITIES

335,936

249,051

CREDITORS
Amounts falling due after more than one
year

8

(140,478

)

(79,487

)

PROVISIONS FOR LIABILITIES (19,283 ) (18,180 )
NET ASSETS 176,175 151,384

CAPITAL AND RESERVES
Called up share capital 1,620 1,620
Share premium 84,592 84,592
Retained earnings 89,963 65,172
SHAREHOLDERS' FUNDS 176,175 151,384

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2024 and were signed by:




A M Lane - Director


Lanson Polymers Limited (Registered number: 07234769)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lanson Polymers 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
The financial statements are presented in sterling which is the functional currency of the company.

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

Turnover and other income
Turnover from the sale of engineering systems and components is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.
.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over period of lease
Plant and machinery - 20% on straight line basis
Fixtures and fittings - 20% on straight line basis
Motor vehicles - 20% on reducing balance
Computer equipment - 50% on straight line basis

Tangible fixed assets are stated at cost. Cost includes costs directly attributable to making the asset capable for operating as intended.

Assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 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.

Lanson Polymers Limited (Registered number: 07234769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions during a month are initially recognised by applying to the foreign currency amount the spot exchange rate from the last day of the previous month between the functional currency and the foreign currency.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Assets acquired under finance leases or hire purchase contracts are capitalised and depreciated. The related obligation, net of future finance charges, are included in creditors.

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

Lanson Polymers Limited (Registered number: 07234769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 13,178 3,860 10,647
Additions - - 814
Disposals - - -
At 31 March 2024 13,178 3,860 11,461
DEPRECIATION
At 1 April 2023 7,570 2,594 9,982
Charge for year 1,388 469 294
Eliminated on disposal - - 54
At 31 March 2024 8,958 3,063 10,330
NET BOOK VALUE
At 31 March 2024 4,220 797 1,131
At 31 March 2023 5,608 1,266 665

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 92,156 33,742 153,583
Additions 97,360 2,566 100,740
Disposals (44,490 ) - (44,490 )
At 31 March 2024 145,026 36,308 209,833
DEPRECIATION
At 1 April 2023 31,094 29,624 80,864
Charge for year 23,126 3,621 28,898
Eliminated on disposal (21,284 ) - (21,230 )
At 31 March 2024 32,936 33,245 88,532
NET BOOK VALUE
At 31 March 2024 112,090 3,063 121,301
At 31 March 2023 61,062 4,118 72,719

5. STOCKS
2024 2023
£    £   
Stocks 149,109 131,364

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 437,511 584,165
Other debtors 21,546 17,857
Directors' loan accounts 10,000 10,000
Prepayments and accrued income 45,334 48,662
514,391 660,684

Lanson Polymers Limited (Registered number: 07234769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 110,580 7,655

Aggregate amounts 624,971 668,339

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 11,064 6,300
Other loans (see note 9) 60,000 100,000
Hire purchase contracts (see note 10) 42,525 17,068
Trade creditors 48,672 42,544
Tax - 41,745
Social security and other taxes 59,452 60,066
Other creditors 312,518 380,063
Accruals and deferred income 30,708 38,573
564,939 686,359

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 75,543 41,120
Hire purchase contracts (see note 10) 64,935 38,367
140,478 79,487

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,754 15,920

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 11,064 6,300
Other loans 60,000 100,000
71,064 106,300

Amounts falling due between one and two years:
Bank loans - 1-2 years 11,571 6,300

Amounts falling due between two and five years:
Bank loans - 2-5 years 46,218 18,900

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 17,754 15,920

Lanson Polymers Limited (Registered number: 07234769)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 42,525 17,068
Between one and five years 64,935 38,367
107,460 55,435

Non-cancellable operating leases
2024 2023
£    £   
Within one year 43,606 43,705
Between one and five years 111,200 131,742
In more than five years 13,530 28,290
168,336 203,737

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 86,607 47,420
Hire purchase contracts 107,460 55,435
Other creditors 310,520 377,564
504,587 480,419

Other creditors includes £310,520 (2023 - £377,564) relating to factored debts. The liability is secured against the book debts.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A M Lane
Balance outstanding at start of year 10,000 -
Amounts advanced 10,000 10,000
Amounts repaid (10,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000

The maximum loan outstanding during the year was £10,000 (2023- £10,000).