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Registration number: 14857568

LPVC Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Period from 9 May 2023 to 31 May 2024

 

LPVC Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

LPVC Ltd

(Registration number: 14857568)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

115,489

Tangible assets

5

91,490

 

206,979

Current assets

 

Stocks

29,789

Debtors

62,270

Cash at bank and in hand

 

37,927

 

129,986

Creditors: Amounts falling due within one year

(319,949)

Net current liabilities

 

(189,963)

Total assets less current liabilities

 

17,016

Provisions for liabilities

(13,955)

Net assets

 

3,061

Capital and reserves

 

Called up share capital

100

Profit and loss account

2,961

Total equity

 

3,061

For the financial period ending 31 May 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 of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

LPVC Ltd

(Registration number: 14857568)
Abridged Balance Sheet as at 31 May 2024

Approved and authorised by the Board on 28 December 2024 and signed on its behalf by:
 

Ms A M Marshall

Director

Mrs C Queen

Director

Mr J Queen

Director

Ms J C Martin

Director

 

LPVC Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 9 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 28 December 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis. Of the company's current liabilities an amount is owed to related companies controlled by the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

LPVC Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 9 May 2023 to 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold

10% straight line

Plant & machinery

25% reducing balance

Fixtures & Fittings

25% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Leases

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 18.

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

119,989

At 31 May 2024

119,989

Amortisation

Amortisation charge

4,500

At 31 May 2024

4,500

Carrying amount

At 31 May 2024

115,489

 

LPVC Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 9 May 2023 to 31 May 2024

5

Tangible assets

Total
£

Cost or valuation

Additions

108,573

At 31 May 2024

108,573

Depreciation

Charge for the period

17,083

At 31 May 2024

17,083

Carrying amount

At 31 May 2024

91,490

Included within the net book value of land and buildings above is £26,923 in respect of long leasehold land and buildings.
 

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,834.

7

Related party transactions

Summary of transactions with other related parties
Included within other creditors is the balance of £72,497 being the amount owed to Lupin Property Limited, a company controlled by one of the directors.

Included within other creditors is the balance of £57,247 being the amount owed to JC Martin Property Ltd, a company controlled by one of the directors.

Included within other creditors is the balance of £26,280 being the amount owed to Little Redwood Limited, a company controlled by one of the directors.