Registered number
07779397
Lee Chamberlain Lofts Limited
Filleted Accounts
for the year ended
31 March 2024
Lee Chamberlain Lofts Limited
Registered number: 07779397
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,758 3,214
Current assets
Stocks 17,395 28,989
Debtors 4 1,001 732
Cash at bank and in hand 8,254 19,364
26,650 49,085
Creditors: amounts falling due within one year 5 (76,873) (38,233)
Net current (liabilities)/assets (50,223) 10,852
Total assets less current liabilities (47,465) 14,066
Creditors: amounts falling due after more than one year 6 (26,926) (29,420)
Net liabilities (74,391) (15,354)
Capital and reserves
Called up share capital 2 2
Profit and loss account (74,393) (15,356)
Shareholders' funds (74,391) (15,354)
The director is 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 director acknowledges his 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.
L Chamberlain
Director
Approved by the board on 5 February 2025
Lee Chamberlain Lofts Limited
Notes to the Accounts
for the year ended 31 March 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 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.
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:
Plant and machinery 15% reducing balance basis
Computer equipment 33.3% reducing balance basis
Motor vehicles 25% reducing balance basis
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 4,640 10,100 14,740
Additions 324 - 324
At 31 March 2024 4,964 10,100 15,064
Depreciation
At 1 April 2023 3,489 8,037 11,526
Charge for the year 264 516 780
At 31 March 2024 3,753 8,553 12,306
Net book value
At 31 March 2024 1,211 1,547 2,758
At 31 March 2023 1,151 2,063 3,214
4 Debtors 2024 2023
£ £
Other debtors 1,001 732
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,500 9,506
Trade creditors 32,900 26,839
Corporation tax - 1,833
Other taxes and social security costs 15,750 22,012
Other creditors 23,723 (21,957)
76,873 38,233
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 26,926 29,420
7 Other information
Lee Chamberlain Lofts Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Quorn Close
Loughborough
Leicestershire
LE11 2AW
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