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Registered number: 08571891
LTRAFFIC LIMITED
Unaudited Financial Statements
For The Year Ended 30 June 2024
ABSL
11 Bankside Close
Bexley
DA5 2HE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08571891
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 160,788 264,212
160,788 264,212
CURRENT ASSETS
Debtors 5 966,342 699,871
Cash at bank and in hand 2,951,613 3,017,765
3,917,955 3,717,636
Creditors: Amounts Falling Due Within One Year 6 (878,730 ) (738,449 )
NET CURRENT ASSETS (LIABILITIES) 3,039,225 2,979,187
TOTAL ASSETS LESS CURRENT LIABILITIES 3,200,013 3,243,399
NET ASSETS 3,200,013 3,243,399
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 3,200,011 3,243,397
SHAREHOLDERS' FUNDS 3,200,013 3,243,399
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Page 2
For the year ending 30 June 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 Anthony Louch
Director
23rd December 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
LTRAFFIC LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 08571891 . The registered office is Amhurst Bank, Cade Street, Heathfield, East Sussex, TN21 9BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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. 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%
Motor Vehicles 20%
2.4. 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:
2024 2023
Office and administration 6 6
6 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 323,955 302,798 626,753
Additions 14,977 - 14,977
Disposals - (30,033 ) (30,033 )
As at 30 June 2024 338,932 272,765 611,697
Depreciation
As at 1 July 2023 212,126 150,415 362,541
Provided during the period 62,561 51,834 114,395
Disposals - (26,027 ) (26,027 )
As at 30 June 2024 274,687 176,222 450,909
Net Book Value
As at 30 June 2024 64,245 96,543 160,788
As at 1 July 2023 111,829 152,383 264,212
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 913,992 400,309
Other debtors CIS Suffered 52,350 299,562
966,342 699,871
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 297,507 317,962
Corporation tax 23,214 219,242
Other taxes and social security PAYE/NIC 404,733 34,227
VAT 86,306 81,218
Other creditors 2 -
Other creditors CIS Payable 63,284 82,116
Accruals and deferred income 3,684 3,684
878,730 738,449
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7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Benjamin Louch 9,000 15,000
Mr Anthony Louch 9,000 15,000
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 18,000 30,000
Page 5