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REGISTERED NUMBER: 07957058 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

E. A. LANE & SONS LIMITED

E. A. LANE & SONS LIMITED (REGISTERED NUMBER: 07957058)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


E. A. LANE & SONS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTOR: G E Nichols





REGISTERED OFFICE: 100 Regent Road
Leicester
LE1 7DG





REGISTERED NUMBER: 07957058 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

E. A. LANE & SONS LIMITED (REGISTERED NUMBER: 07957058)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,969 5,847

CURRENT ASSETS
Debtors 5 35,063 82,622
Cash at bank 572,862 339,479
607,925 422,101
CREDITORS
Amounts falling due within one year 6 (133,281 ) (50,449 )
NET CURRENT ASSETS 474,644 371,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

479,613

377,499

CAPITAL AND RESERVES
Called up share capital 8 8
Capital redemption reserve 92 92
Retained earnings 479,513 377,399
SHAREHOLDERS' FUNDS 479,613 377,499

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 4 March 2025 and were signed by:





G E Nichols - Director


E. A. LANE & SONS LIMITED (REGISTERED NUMBER: 07957058)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2024


1. STATUTORY INFORMATION

E. A. Lane & Sons Limited is a limited company, registered in England and Wales. The registered office address is 100 Regent Road, Leicester, LE1 7DG and the registered number is 07957058.

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.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures & fittings - 15%reducing balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.


E. A. LANE & SONS LIMITED (REGISTERED NUMBER: 07957058)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2023
and 31 October 2024 23,970
DEPRECIATION
At 1 November 2023 18,123
Charge for year 878
At 31 October 2024 19,001
NET BOOK VALUE
At 31 October 2024 4,969
At 31 October 2023 5,847

E. A. LANE & SONS LIMITED (REGISTERED NUMBER: 07957058)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,063 39,700
Amounts due from Market
Harborough Auctions Limited 12,000 38,849
Directors' current accounts 10,000 -
Prepayments and accrued income - 4,073
35,063 82,622

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,797 5,199
Corporation tax 65,934 17,080
Social security and other taxes 432 744
VAT 61,994 22,596
Other creditors 139 829
Accruals and deferred income 2,985 4,001
133,281 50,449

7. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £2,530 (2023 - £3,469).