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Lce(N8) Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Company Information
Director Ms Matifa Easmon-George
Company Number 08011089
Registered Office C/O Holden Thomas Chartered Accountants
Springfield House
23 Oatlands Drive
Surrey
KT13 9LZ
Accountants Holden Thomas Chartered Accountants
Springfield House
23 Oatlands Drive
Surrey
KT13 9LZ
Page 1
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Balance Sheet
Registered number: 08011089
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 729,694 731,910
729,694 731,910
CURRENT ASSETS
Stocks 6 19,780 20,250
Debtors 7 6,920 7,797
Cash at bank and in hand 75,075 81,978
101,775 110,025
Creditors: Amounts Falling Due Within One Year 8 (54,682 ) (55,410 )
NET CURRENT ASSETS (LIABILITIES) 47,093 54,615
TOTAL ASSETS LESS CURRENT LIABILITIES 776,787 786,525
Creditors: Amounts Falling Due After More Than One Year 9 (620,815 ) (683,352 )
NET ASSETS 155,972 103,173
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 155,872 103,073
SHAREHOLDERS' FUNDS 155,972 103,173
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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
Ms Matifa Easmon-George
Director
14/02/2025
The notes on pages 4 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Lce(N8) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08011089 . The registered office is C/O Holden Thomas Chartered Accountants, Springfield House, 23 Oatlands Drive, Surrey, KT13 9LZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 £ 
2.2. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in
the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the 'goods have passed to the buyer (usually on dispatch of the goods). the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value
of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost
less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite
useful life and is amortised on a systematic basis over its remaining expected life. which is four years.
2.4. Tangible Fixed Assets and Depreciation
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:
Freehold At Fair Value Not provided
Plant & Machinery At Cost 25% pa on cost
Fixtures & Fittings At Cost 25% pa on cost
Computer Equipment At Cost 25% pa on cost
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.
2.5. Stocks and Work in Progress


Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost
and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss
in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6 Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
...CONTINUED
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2.5. Stocks and Work in Progress - continued
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.
2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1. Accounting policies
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a 
market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course
of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7. 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 and 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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relateto taxes levied by the same tax authority.
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2.8.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.9.
Leases
Rentals payable under operating leases, including any lease incentives received. are charged to profit or
loss on a straight line basis over the term of the relevant lease except where another more systematic
basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2.10. Trade Freehold and Investment Properties
Freehold property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. 
3. Average Number of Employees
The average monthly number of persons (including directors) employed by the company during the year
was  8 (2023: 7)
8 7
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 150,000
As at 31 May 2024 150,000
Amortisation
As at 1 June 2023 150,000
As at 31 May 2024 150,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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5. Tangible Assets
Land & Property
Freehold At Fair Value Plant & Machinery At Cost Fixtures & Fittings At Cost Computer Equipment At Cost Total
£ £ £ £ £
Cost
As at 1 June 2023 728,298 6,199 23,470 3,918 761,885
Additions - 270 - 112 382
As at 31 May 2024 728,298 6,469 23,470 4,030 762,267
Depreciation
As at 1 June 2023 - 4,114 23,470 2,391 29,975
Provided during the period - 1,617 - 981 2,598
As at 31 May 2024 - 5,731 23,470 3,372 32,573
Net Book Value
As at 31 May 2024 728,298 738 - 658 729,694
As at 1 June 2023 728,298 2,085 - 1,527 731,910
Freehold property comprises of the shop where the trade is carried out and the flat above which is rented out. The Freehold valuation has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices of similar properties.
6. Stocks
2024 2023
£ £
Finished goods 19,780 20,250
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,295 5,172
Other debtors 2,625 2,625
6,920 7,797
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 23,303 26,901
Corporation tax 15,689 10,495
Other taxes and social security 10,714 11,439
Other creditors 4,976 6,575
54,682 55,410
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,917 36,801
Other loans 593,898 646,551
620,815 683,352
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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