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Company registration number: 6581727
L.T.G. (Cheshire) Limited
Unaudited filleted financial statements
30 June 2024
L.T.G. (Cheshire) Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
L.T.G. (Cheshire) Limited
Directors and other information
Directors J E McHugh
Company number 6581727
Registered office Grosvenor House
22 Grafton Street
Altrincham
Cheshire
WA14 1DU
Accountant Hailwood & Co.
392-394 Hoylake Road
Moreton
Wirral
CH46 6DF
L.T.G. (Cheshire) Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of L.T.G. (Cheshire) Limited
Year ended 30 June 2024
As described on the Statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2024, as set out on pages 3 to 8.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Hailwood & Co.
Chartered Accountants
392-394 Hoylake Road
Moreton
Wirral
CH46 6DF
24 January 2025
L.T.G. (Cheshire) Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 119,240 58,993
_______ _______
119,240 58,993
Current assets
Stocks 44,819 46,338
Debtors 6 46,514 200,259
Cash at bank and in hand 414,218 85,826
_______ _______
505,551 332,423
Creditors: amounts falling due
within one year 7 ( 494,826) ( 358,835)
_______ _______
Net current assets/(liabilities) 10,725 ( 26,412)
_______ _______
Total assets less current liabilities 129,965 32,581
Creditors: amounts falling due
after more than one year 8 ( 10,475) ( 20,715)
Provisions for liabilities ( 29,810) ( 11,209)
_______ _______
Net assets 89,680 657
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 89,580 557
_______ _______
Shareholders funds 89,680 657
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
J E McHugh
Director
Company registration number: 6581727
L.T.G. (Cheshire) Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Grosvenor House, 22 Grafton Street, Altrincham, Cheshire, WA14 1DU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis, although the company is currently seeking a creditors voluntary arrangement in order to manage its debts. Should this be unsuccessful then the going concern basis would no longer be appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Office equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Fixtures and fittings - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 18 ).
5. Tangible assets
Plant and machinery Office equipment Motor vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 1 July 2023 107,260 13,496 93,199 11,712 225,667
Additions 5,190 3,787 92,866 - 101,843
Disposals - - ( 20,908) - ( 20,908)
_______ _______ _______ _______ _______
At 30 June 2024 112,450 17,283 165,157 11,712 306,602
_______ _______ _______ _______ _______
Depreciation
At 1 July 2023 93,295 11,118 52,736 9,525 166,674
Charge for the year 4,790 1,726 32,896 437 39,849
Disposals - - ( 19,161) - ( 19,161)
_______ _______ _______ _______ _______
At 30 June 2024 98,085 12,844 66,471 9,962 187,362
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 14,365 4,439 98,686 1,750 119,240
_______ _______ _______ _______ _______
At 30 June 2023 13,965 2,378 40,463 2,187 58,993
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 40,385 194,130
Other debtors 6,129 6,129
_______ _______
46,514 200,259
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,247 9,994
Trade creditors 175,431 69,456
Corporation tax 12,575 595
Social security and other taxes 176,328 122,860
Other creditors 120,245 155,930
_______ _______
494,826 358,835
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 10,475 20,715
_______ _______
9. Controlling party
The company is controlled by its directors whose names are disclosed in the directors report.
10. Directors' advances, credits and guarantees
All movements on directors' advances, credits and guarantees, were as would be expected under normal market conditions, not material in terms of risk or benefits arising and would therefore not influence the users of these accounts when assessing the financial position of the company.