Registered number
02146767
LIP SERVICE CASTING LIMITED
Filleted Accounts
30 September 2024
LIP SERVICE CASTING LIMITED
Registered number: 02146767
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 540 -
Current assets
Debtors 4 217,157 193,032
Cash at bank and in hand 90,509 33,778
307,666 226,810
Creditors: amounts falling due within one year 5 (217,194) (147,074)
Net current assets 90,472 79,736
Total assets less current liabilities 91,012 79,736
Creditors: amounts falling due after more than one year 6 (7,500) (17,500)
Provisions for liabilities (103) -
Net assets 83,409 62,236
Capital and reserves
Called up share capital 70 70
Share premium 30 30
Profit and loss account 83,309 62,136
Shareholders' funds 83,409 62,236
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Maxine Davies Kirstie Fletcher
Director Director
Approved by the board on 27 February 2025
LIP SERVICE CASTING LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
LIP SERVICE CASTING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
The financial statements are prepared in Sterling (£) which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the provision of services, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

The assets' 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 within the profit and loss account.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 840
Additions 748
At 30 September 2024 1,588
Depreciation
At 1 October 2023 840
Charge for the year 208
At 30 September 2024 1,048
Net book value
At 30 September 2024 540
4 Debtors 2024 2023
£ £
Trade debtors 139,142 115,239
Amounts owed by group undertakings 77,914 77,601
Other debtors 101 192
217,157 193,032
Amounts due after more than one year included above 77,400 77,400
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 138,962 104,121
Taxation and social security costs 24,557 19,475
Other creditors 43,675 13,478
217,194 147,074
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,500 17,500
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 17,500 27,500
The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan.
8 Pension commitments
The company operates a defined contribution pension scheme, for the directors. The assets of the scheme are held seperately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £581 (2023: £581) were due to the fund. They are included in other creditors.
9 Related party transactions
During the year, the company operated loan accounts to companies where there are directors in common. The total amount advanced during the year amount to £313 (2023: £201), there were no amounts repaid. At 30 September 2024, the balance on the loan account amounted to £77,914 (2023: £77,601) and is included in debtors.
10 Controlling party
The company is a wholly owned subsidiary of Davies and Fletcher Management Ltd, a company incorporated in England and Wales, whose registered address is 69 Loughborough Road, West Bridgford, Nottingham, NG2 6LA. The companies form a small group and consolidated accounts are not prepared.

Davies and Fletcher Management Ltd is ultimately controlled by Maxine Davies and Kirstie Fletcher, directors of Lip Service Casting Limited.
LIP SERVICE CASTING LIMITED 02146767 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts July 2024 Maxine Davies Kirstie Fletcher No description of principal activity 02146767 2022-10-01 2023-09-30 02146767 core:WithinOneYear 2023-09-30 02146767 core:AfterOneYear 2023-09-30 02146767 core:ShareCapital 2023-09-30 02146767 core:SharePremium 2023-09-30 02146767 core:RetainedEarningsAccumulatedLosses 2023-09-30 02146767 2023-10-01 2024-09-30 02146767 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02146767 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 02146767 bus:Director40 2023-10-01 2024-09-30 02146767 1 2023-10-01 2024-09-30 02146767 2 2023-10-01 2024-09-30 02146767 core:PlantMachinery 2023-10-01 2024-09-30 02146767 bus:FRS102 2023-10-01 2024-09-30 02146767 bus:FilletedAccounts 2023-10-01 2024-09-30 02146767 2024-09-30 02146767 core:WithinOneYear 2024-09-30 02146767 core:AfterOneYear 2024-09-30 02146767 core:ShareCapital 2024-09-30 02146767 core:SharePremium 2024-09-30 02146767 core:RetainedEarningsAccumulatedLosses 2024-09-30 02146767 core:PlantMachinery 2024-09-30 02146767 2023-09-30 02146767 core:PlantMachinery 2023-09-30 iso4217:GBP xbrli:pure