Registered number
NI064772
Lordwardens Consultancy Limited
Unaudited Filleted Accounts
for the year ended
31 May 2024
Lordwardens Consultancy Limited
Registered number: NI064772
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 63,038 215,264
Current assets
Stocks - 197,985
Debtors 5 319,265 565,758
Cash at bank and in hand 1,284,896 565,773
1,604,161 1,329,516
Creditors: amounts falling due within one year 6 (777,541) (724,646)
Net current assets 826,620 604,870
Total assets less current liabilities 889,658 820,134
Creditors: amounts falling due after more than one year 7 (10,893) (20,868)
Provisions for liabilities - (15,405)
Net assets 878,765 783,861
Capital and reserves
Called up share capital 102 102
Profit and loss account 878,663 783,759
Shareholders' funds 878,765 783,861
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. W. H. N. Thompson
Director
Approved by the board on 29 January 2025
Lordwardens Consultancy Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 commission income and the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold alterations over the lease term
Fixtures and fittings over 10 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 32 55
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 10,000
At 31 May 2024 10,000
Amortisation
At 1 June 2023 10,000
At 31 May 2024 10,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold alterations Fixture and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 170,299 645,370 209,900 1,025,569
Additions - 383 18,813 19,196
Disposals (170,299) (645,753) (35,475) (851,527)
At 31 May 2024 - - 193,238 193,238
Depreciation
At 1 June 2023 127,537 551,018 131,752 810,307
Charge for the year - - 15,760 15,760
On disposals (127,537) (551,018) (17,312) (695,867)
At 31 May 2024 - - 130,200 130,200
Net book value
At 31 May 2024 - - 63,038 63,038
At 31 May 2023 42,762 94,352 78,148 215,262
5 Debtors 2024 2023
£ £
Trade debtors 206,016 81,594
O2 Redeem - 24,364
Deferred tax asset 8,028 -
Directors loan accounts - 219,564
Other debtors 98,012 224,240
Staff loans - -
Prepayments and accrued income 7,209 15,996
319,265 565,758
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,649 10,649
Obligations under finance lease and hire purchase contracts - 5,734
Trade creditors 48,742 298,087
O2 Advances - 21,931
Corporation tax 192,561 64,448
Directors loan accounts 52,105 -
Other taxes and social security costs 319,695 292,816
Other creditors - 6,558
Accruals and deferred 153,789 24,423
777,541 724,646
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,893 20,868
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 247,250
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan to director
Director A 146,574 47,304 (193,971) (93)
Loan to directors
Director B 72,991 49,997 (175,000) (52,012)
219,565 97,301 (368,971) (52,105)
The loans to directors are interest-free and are repayable on demand.
10 Controlling party
Mr N Thompson and Mr S Dickson are joint controlling parties by virtue of their interest in the equity of the company and their position as directors.
11 Other information
Lordwardens Consultancy Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
74 Market Street
Downpatrick
Co. Down
BT30 6LZ
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