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REGISTERED NUMBER: 11982349 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st May 2024

for

Lqnb Limited

Lqnb Limited (Registered number: 11982349)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Lqnb Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: Mr A T Tariq
Mr Z Tariq





REGISTERED OFFICE: 11 Sandringham Road
Halesowen
United Kingdom
West Midlands
B62 8TJ





REGISTERED NUMBER: 11982349 (England and Wales)





ACCOUNTANTS: Sterling Accounting Services
122 Wrottesley Road
Tettenhall
Wolverhampton
WV6 8UR

Lqnb Limited (Registered number: 11982349)

Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,000 5,000
Tangible assets 5 110,771 120,820
115,771 125,820

CURRENT ASSETS
Stocks 6 9,994 9,937
Debtors 7 23,588 20,650
Cash in hand 696 599
34,278 31,186
CREDITORS
Amounts falling due within one year 8 242,891 174,000
NET CURRENT LIABILITIES (208,613 ) (142,814 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(92,842

)

(16,994

)

CREDITORS
Amounts falling due after more than
one year

9

(50,569

)

(72,298

)

PROVISIONS FOR LIABILITIES 10 (20,716 ) (13,848 )
NET LIABILITIES (164,127 ) (103,140 )

Lqnb Limited (Registered number: 11982349)

Balance Sheet - continued
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
RESERVES
Retained earnings (164,127 ) (103,140 )
(164,127 ) (103,140 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 10th September 2024 and were signed on its behalf by:





Mr A T Tariq - Director


Lqnb Limited (Registered number: 11982349)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Lqnb 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
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. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

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.

Lqnb Limited (Registered number: 11982349)

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

2. ACCOUNTING POLICIES - continued

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2023
and 31st May 2024 5,000
NET BOOK VALUE
At 31st May 2024 5,000
At 31st May 2023 5,000

Lqnb Limited (Registered number: 11982349)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st June 2023 40,190 29,347 111,241 10,036 190,814
Additions - - 8,924 - 8,924
At 31st May 2024 40,190 29,347 120,165 10,036 199,738
DEPRECIATION
At 1st June 2023 4,791 10,217 47,368 7,618 69,994
Charge for year 3,673 1,410 11,381 2,509 18,973
At 31st May 2024 8,464 11,627 58,749 10,127 88,967
NET BOOK VALUE
At 31st May 2024 31,726 17,720 61,416 (91 ) 110,771
At 31st May 2023 35,399 19,130 63,873 2,418 120,820

6. STOCKS
31.5.24 31.5.23
£    £   
Stocks 9,994 9,937

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.5.24 31.5.23
£    £   
Trade debtors 9,072 8,036
Other debtors 11,623 9,803
Prepayments 2,893 2,811
23,588 20,650

Lqnb Limited (Registered number: 11982349)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 59,256 53,070
Trade creditors 56,521 12,257
Tax - 1,144
Social security and other taxes 3,116 889
VAT 7,575 36,559
Other creditors 11,623 7,981
Directors' current accounts 100,500 60,000
Accrued expenses 4,300 2,100
242,891 174,000

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 36,476 29,333
Bank loans - 2-5 years 14,093 42,965
50,569 72,298

10. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 20,716 13,848

Deferred
tax
£   
Balance at 1st June 2023 13,848
Provided during year 6,868
Balance at 31st May 2024 20,716