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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of LW Air and Sea Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 14318096
LW AIR AND SEA LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2024
LW AIR AND SEA LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF LW AIR AND SEA LIMITED
YEAR ENDED 31 AUGUST 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of LW Air and Sea Limited for the year ended 31 August 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
21 January 2025
LW AIR AND SEA LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
14,238
14,576
Investments
6
23,527
17,260
------------
------------
37,765
31,836
Current assets
Debtors
16,320
Cash at bank and in hand
65,444
66,338
------------
------------
65,444
82,658
Creditors: amounts falling due within one year
20,198
37,618
------------
------------
Net current assets
45,246
45,040
------------
------------
Total assets less current liabilities
83,011
76,876
------------
------------
Net assets
83,011
76,876
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
82,911
76,776
------------
------------
Shareholders funds
83,011
76,876
------------
------------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
LW AIR AND SEA LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
L J Walkden
Director
Company registration number: 14318096
LW AIR AND SEA LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible Assets
£
Cost
At 1 September 2023
19,435
Additions
4,407
------------
At 31 August 2024
23,842
------------
Depreciation
At 1 September 2023
4,859
Charge for the year
4,745
------------
At 31 August 2024
9,604
------------
Carrying amount
At 31 August 2024
14,238
------------
At 31 August 2023
14,576
------------
6. Investments
£
Cost
At 1 September 2023
17,260
Additions
6,267
------------
At 31 August 2024
23,527
------------
Impairment
At 1 September 2023 and 31 August 2024
------------
Carrying amount
At 31 August 2024
23,527
------------
At 31 August 2023
17,260
------------
7. Director's Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £Nil (£20 2023).