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REGISTERED NUMBER: 07223402 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

LB SPECIALIST CARS LTD

LB SPECIALIST CARS LTD (REGISTERED NUMBER: 07223402)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LB SPECIALIST CARS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr C White
Mrs L White





REGISTERED OFFICE: 17 Sandhill Road
Farndon
Newark
NG24 4TE





REGISTERED NUMBER: 07223402 (England and Wales)





ACCOUNTANTS: Temporal Lennon & Company Limited
Chartered Accountants
Suite 1
1 The Crescent
Adel
Leeds
West Yorkshire
LS16 6AA

LB SPECIALIST CARS LTD (REGISTERED NUMBER: 07223402)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,015 9,885

CURRENT ASSETS
Stocks 251,824 158,124
Debtors 5 28,526 28,595
Cash at bank and in hand 6,526 4,969
286,876 191,688
CREDITORS
Amounts falling due within one year 6 145,965 64,577
NET CURRENT ASSETS 140,911 127,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

150,926

136,996

PROVISIONS FOR LIABILITIES 1,903 1,878
NET ASSETS 149,023 135,118

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 149,021 135,116
149,023 135,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 24 January 2025 and were signed on its behalf by:





Mrs L White - Director


LB SPECIALIST CARS LTD (REGISTERED NUMBER: 07223402)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

LB Specialist Cars Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and equipment - 20% 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.

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 9 (2023 - 8 ) .

LB SPECIALIST CARS LTD (REGISTERED NUMBER: 07223402)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery equipment Totals
£    £    £   
COST
At 1 May 2023 16,006 5,670 21,676
Additions 1,168 561 1,729
Disposals - (230 ) (230 )
At 30 April 2024 17,174 6,001 23,175
DEPRECIATION
At 1 May 2023 6,653 5,138 11,791
Charge for year 1,354 245 1,599
Eliminated on disposal - (230 ) (230 )
At 30 April 2024 8,007 5,153 13,160
NET BOOK VALUE
At 30 April 2024 9,167 848 10,015
At 30 April 2023 9,353 532 9,885

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 26,194 23,524
Other debtors 2,332 5,071
28,526 28,595

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 32,353 23,400
Taxation and social security 5,685 17,010
Other creditors 107,927 24,167
145,965 64,577