Company registration number 05276614 (England and Wales)
LAMINATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LAMINATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LAMINATES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
409,675
536,349
Current assets
Stocks
437,085
376,119
Debtors
5
1,064,757
1,284,186
Cash at bank and in hand
2,482,326
1,911,675
3,984,168
3,571,980
Creditors: amounts falling due within one year
6
(1,258,179)
(828,650)
Net current assets
2,725,989
2,743,330
Total assets less current liabilities
3,135,664
3,279,679
Creditors: amounts falling due after more than one year
7
(193,000)
Provisions for liabilities
(90,500)
(117,100)
Net assets
3,045,164
2,969,579
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,045,064
2,969,479
Total equity
3,045,164
2,969,579
LAMINATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 February 2025 and are signed on its behalf by:
A C Ruddiforth
Director
Company Registration No. 05276614
LAMINATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information
Laminates Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 8 Parkway Close, Sheffield, S9 4WJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention,. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
Not depreciated
Plant and machinery
1 - 15% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straightline
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stock is valued at the lower of cost and net realisable value.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LAMINATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Government grants
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
42
LAMINATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
76,378
Amortisation and impairment
At 1 December 2023 and 30 November 2024
76,378
Carrying amount
At 30 November 2024
At 30 November 2023
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2023
21,500
2,030,617
2,052,117
Additions
49,349
49,349
Disposals
(20,190)
(20,190)
At 30 November 2024
21,500
2,059,776
2,081,276
Depreciation and impairment
At 1 December 2023
1,515,768
1,515,768
Depreciation charged in the year
155,833
155,833
At 30 November 2024
1,671,601
1,671,601
Carrying amount
At 30 November 2024
21,500
388,175
409,675
At 30 November 2023
21,500
514,849
536,349
The net book value of tangible fixed assets included £nil (2023 - £25,943 ) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £nil (2023 - £9,202) for the year.
LAMINATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
487,856
709,990
Other debtors
69,716
116,734
Prepayments and accrued income
44,491
36,768
602,063
863,492
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
462,694
420,694
Total debtors
1,064,757
1,284,186
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
60,049
Trade creditors
352,401
230,294
Corporation tax
91,207
20,729
Other taxation and social security
111,434
163,616
Other creditors
467,680
85,547
Accruals and deferred income
235,457
268,415
1,258,179
828,650
The aggregate amount of creditors for which security has been given amounted to £nil (2023: £60,049).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
193,000