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Company registration number: NI636674
Lamont Industrial Limited
Unaudited filleted financial statements
31 December 2024
Lamont Industrial Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Lamont Industrial Limited
Directors and other information
Directors Mr Mervyn Lamont
Mrs Rhoda Lamont
Mr Trevor Dawson
Mrs Rachael Crooks
Secretary Rachael Crooks
Company number NI636674
Registered office 2 Old Mill Park
Cullybackey
Ballymena
Co Antrim
BT42 1FA
Business address 2 Old Mill Park
Cullybackey
Ballymena
Co Antrim
BT42 1FA
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Danske Bank
Branch Business
PO Box 183
Donegall Square West
Belfast
BT1 6JS
Lamont Industrial Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Lamont Industrial Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lamont Industrial Limited for the year ended 31 December 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Lamont Industrial Limited, as a body, in accordance with the terms of our engagement letter dated 9 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Lamont Industrial Limited and state those matters that we have agreed to state to the board of directors of Lamont Industrial Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lamont Industrial Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lamont Industrial Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lamont Industrial Limited. You consider that Lamont Industrial Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lamont Industrial Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
7 March 2025
Lamont Industrial Limited
Balance sheet
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 50,000 75,000
Tangible assets 5 58,546 70,908
_______ _______
108,546 145,908
Current assets
Stocks 6 207,102 220,018
Debtors 7 213,645 276,429
Cash at bank and in hand 316,873 272,746
_______ _______
737,620 769,193
Creditors: amounts falling due
within one year 8 ( 252,624) ( 308,856)
_______ _______
Net current assets 484,996 460,337
_______ _______
Total assets less current liabilities 593,542 606,245
_______ _______
Net assets 593,542 606,245
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 593,442 606,145
_______ _______
Shareholders funds 593,542 606,245
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2025 , and are signed on behalf of the board by:
Mr Trevor Dawson Mrs Rachael Crooks
Director Director
Company registration number: NI636674
Lamont Industrial Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lamont Industrial Limited, 2 Old Mill Park, Cullybackey, Ballymena, Co Antrim, BT42 1FA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2024 and 31 December 2024 250,000 250,000
_______ _______
Amortisation
At 1 January 2024 175,000 175,000
Charge for the year 25,000 25,000
_______ _______
At 31 December 2024 200,000 200,000
_______ _______
Carrying amount
At 31 December 2024 50,000 50,000
_______ _______
At 31 December 2023 75,000 75,000
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 36,016 108,743 144,759
Additions 1,400 - 1,400
_______ _______ _______
At 31 December 2024 37,416 108,743 146,159
_______ _______ _______
Depreciation
At 1 January 2024 30,423 43,428 73,851
Charge for the year 699 13,063 13,762
_______ _______ _______
At 31 December 2024 31,122 56,491 87,613
_______ _______ _______
Carrying amount
At 31 December 2024 6,294 52,252 58,546
_______ _______ _______
At 31 December 2023 5,593 65,315 70,908
_______ _______ _______
6. Stocks
2024 2023
£ £
Finished goods 207,102 220,018
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 206,924 269,993
Other debtors 6,721 6,436
_______ _______
213,645 276,429
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 157,516 214,226
Corporation tax 69,696 69,220
Social security and other taxes 19,061 19,673
Other creditors 6,351 5,737
_______ _______
252,624 308,856
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Rent of business premises from the directors 15,000 15,000
_______ _______
During the year the company rented its business premises from Mervyn and Rhoda Lamont. A rental agreement is in place and no amounts were outstanding at the year end.
11. Controlling party
The company is controlled by Mervyn and Rhoda Lamont.