Registered number
04498203
Laker Property Maintenance Limited
Filleted Accounts
31 July 2024
Laker Property Maintenance Limited
Registered number: 04498203
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,013 3,349
Current assets
Stocks 50 450
Debtors 5 114,079 117,718
114,129 118,168
Creditors: amounts falling due within one year 6 (108,146) (112,658)
Net current assets 5,983 5,510
Total assets less current liabilities 8,996 8,859
Creditors: amounts falling due after more than one year 7 (5,350) (7,865)
Provisions for liabilities (537) (593)
Net assets 3,109 401
Capital and reserves
Called up share capital 6 6
Profit and loss account 3,103 395
Shareholders' funds 3,109 401
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 statement of income and retained earnings has not been delivered to the Registrar of Companies.
……………………………………
B J Laker
Director
Approved by the board on 23 January 2025
Laker Property Maintenance Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied:
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, Section 1A (small entities). There have been no material departures from that standard.
Fundamental accounting concept
The financial statements have been prepared under the going concern concept because the directors have agreed to provide adequate funds to ensure the company is able to meet its liabilities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and 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:
Plant and machinery 10% on reducing balance
Motor vehicles 10% on reducing balance
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.
Government-backed loans
Government-backed loans provided in response to COVID-19 are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method. Loan interest paid by Government, in accordance with the terms of these loans, is included in the accounts as interest payable and as government grants received.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1.50 2.58
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 90,000
At 31 July 2024 90,000
Amortisation
At 1 August 2023 90,000
At 31 July 2024 90,000
Net book value
At 31 July 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 August 2023 3,778 12,312 16,090
At 31 July 2024 3,778 12,312 16,090
Depreciation
At 1 August 2023 2,482 10,259 12,741
Charge for the year 131 205 336
At 31 July 2024 2,613 10,464 13,077
Net book value
At 31 July 2024 1,165 1,848 3,013
At 31 July 2023 1,296 2,053 3,349
5 Debtors 2024 2023
£ £
Trade debtors 3,660 12,979
Other debtors 110,419 104,739
114,079 117,718
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,347 24,984
Trade creditors - 12,827
Taxation and social security costs 29,921 25,659
Other creditors 50,878 49,188
108,146 112,658
7 Creditors: amounts falling due after more than one year 2024 2023
£ £
Bank loans 5,350 7,865
8 Loans to directors
During the year the company made advances to directors. No interest was paid on these amounts, and no significant conditions were stipulated. These advances, together with amounts repaid, are set out below: B/fwd Paid Repaid C/fwd
£ £ £ £
A Laker (died January 2024)
Total loans to director 43,215 8,852 (52,067) -
The above amounts include no individually material advances. A material repayment was made in the sum of £45,205, by virtue of the debt being taken on by the Executors of the Estate of A Laker (deceased). The maximum balance during the year was £45,205.
B J Laker
Total loans to director 31,309 23,133 (62,003) (7,561)
The above amounts include no individually material advances. Material repayments were made in the sums of £10,000 and £36,241, the latter by virtue of the debt being taken on by the Executors of the Estate of A Laker (deceased). The maximum balance during the year was £36,241.
9 Other information
Laker Property Maintenance Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Ralls House, Parklands Business Park, Forest Road, Denmead, Waterlooville, Hants, PO7 6XP.
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