Registered number
11377088
Lorich Developments Limited
Filleted Accounts
31 May 2024
Lorich Developments Limited
Registered number: 11377088
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,062 1,112
Current assets
Debtors 4 81,167 66,808
Cash at bank and in hand 15,588 22,093
96,755 88,901
Creditors: amounts falling due within one year 5 (43,465) (31,246)
Net current assets 53,290 57,655
Total assets less current liabilities 54,352 58,767
Provisions for liabilities (202) (212)
Net assets 54,150 58,555
Capital and reserves
Called up share capital 4 4
Profit and loss account 54,146 58,551
Shareholders' funds 54,150 58,555
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.
L Etheridge
Director
Approved by the board on 13 February 2025
Lorich Developments 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 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:
Motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 165 1,500 1,665
Additions 243 - 243
At 31 May 2024 408 1,500 1,908
Depreciation
At 1 June 2023 14 539 553
Charge for the year 53 240 293
At 31 May 2024 67 779 846
Net book value
At 31 May 2024 341 721 1,062
At 31 May 2023 151 961 1,112
4 Debtors 2024 2023
£ £
Trade debtors 49,921 39,014
Other debtors 31,246 27,794
81,167 66,808
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 17,782 17,304
Taxation and social security costs 17,931 11,058
Other creditors 7,752 2,884
43,465 31,246
6 Other information
Lorich Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bakery
Portsmouth Road
Bursledon
Southampton
SO31 8EQ
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