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REGISTERED NUMBER: SC212659 (Scotland)










Unaudited Financial Statements

for the Year Ended

30 June 2024

for

L & W LIMITED

L & W LIMITED (REGISTERED NUMBER: SC212659)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L & W LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Ms C Y P Chui





REGISTERED OFFICE: Oakfield House
378 Brandon Street
Motherwell
ML1 1XA





REGISTERED NUMBER: SC212659 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

L & W LIMITED (REGISTERED NUMBER: SC212659)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 310,000 310,000

CURRENT ASSETS
Debtors 5 297,332 365,665
Cash at bank 263,213 192,663
560,545 558,328
CREDITORS
Amounts falling due within one year 6 (15,622 ) (13,282 )
NET CURRENT ASSETS 544,923 545,046
TOTAL ASSETS LESS CURRENT
LIABILITIES

854,923

855,046

CREDITORS
Amounts falling due after more than one
year

7

(9,675

)

(20,050

)

PROVISIONS FOR LIABILITIES (371 ) (371 )
NET ASSETS 844,877 834,625

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 8 1,583 1,583
Retained earnings 8 833,294 823,042
844,877 834,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

L & W LIMITED (REGISTERED NUMBER: SC212659)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 March 2025 and were signed by:





Ms C Y P Chui - Director


L & W LIMITED (REGISTERED NUMBER: SC212659)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

L & W Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment properties are shown at their fair value, The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties.Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

L & W LIMITED (REGISTERED NUMBER: SC212659)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 310,000
NET BOOK VALUE
At 30 June 2024 310,000
At 30 June 2023 310,000

The investment properties were revalued by the director on 30 June 2017. The director's valuation at 30 June 2024 remains unchanged.

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2017 1,954
Cost 308,046
310,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Related company loans 144,804 212,804
Prepayments 152,528 152,861
297,332 365,665

The loans to related companies are interest free and repayable on demand.

L & W LIMITED (REGISTERED NUMBER: SC212659)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,375 10,192
Tax 2,418 627
Directors' current accounts 603 603
Accrued expenses 2,226 1,860
15,622 13,282

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 9,675 10,375
Bank loans - 2-5 years - 9,675
9,675 20,050

8. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2023 823,042 1,583 824,625
Profit for the year 10,252 10,252
At 30 June 2024 833,294 1,583 834,877