REGISTERED NUMBER: |
LBH Accountancy Services Limited |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
LBH Accountancy Services Limited |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
LBH Accountancy Services Limited (Registered number: 05467056) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
LBH Accountancy Services Limited |
Company Information |
for the Year Ended 31 May 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
LBH Accountancy Services Limited (Registered number: 05467056) |
Statement of Financial Position |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
LBH Accountancy Services Limited (Registered number: 05467056) |
Statement of Financial Position - continued |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 10 |
Other reserves |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LBH Accountancy Services Limited (Registered number: 05467056) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | Statutory information |
LBH Accountancy Services Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of fees receivable from accountancy services provided and from commissions receivable during the year. |
Goodwill |
Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. The accounting policy departs from the requirement of FRS 102 to amortise goodwill over a finite period. The effect of the departure is the amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation has been accounted for the charge for the year would have amounted to £60,000 and the profit for the year reduced accordingly. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
LBH Accountancy Services Limited (Registered number: 05467056) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | Accounting policies - continued |
Taxation |
The taxation expense represents the aggregate amount of current tax recognised in the reporting year . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year. |
Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 June 2023 |
and 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
LBH Accountancy Services Limited (Registered number: 05467056) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
LBH Accountancy Services Limited (Registered number: 05467056) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loan |
Hire purchase contracts |
Other creditors |
9. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Other timing differences | 7,835 | (837 | ) |
Deferred tax | 2,639 | 3,476 |
10,474 | 2,639 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Provided during year |
Balance at 31 May 2024 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1.00 | 3,520 | 3,520 |
Ordinary B shares | £1.00 | 1,880 | 1,880 |
5,400 | 5,400 |