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Registered number: 14091793
L & Y Midlands Ltd
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 14091793
31 May 2024 31 May 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 1,250 450
Debtors 5 - 459
Cash at bank and in hand 8,965 5,299
10,215 6,208
Creditors: Amounts Falling Due Within One Year 6 (6,395 ) (4,085 )
NET CURRENT ASSETS (LIABILITIES) 3,820 2,123
TOTAL ASSETS LESS CURRENT LIABILITIES 3,820 2,123
NET ASSETS 3,820 2,123
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 3,720 2,023
SHAREHOLDERS' FUNDS 3,820 2,123
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Xuan Yu
Director
24/02/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
L & Y Midlands Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14091793 . The registered office is 46 Daventry Road, Coventry, CV3 5DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for account purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Stocks
31 May 2024 31 May 2023
£ £
Stock 1,250 450
5. Debtors
31 May 2024 31 May 2023
£ £
Due within one year
Prepayments and accrued income - 459
6. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 May 2023
£ £
Corporation tax 750 986
Accruals and deferred income 3,975 1,429
Director's loan account 1,670 1,670
6,395 4,085
Page 2
Page 3
7. Share Capital
31 May 2024 31 May 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
During the year, the director received dividends of £1,500 from the company.
Page 3