Company registration number 05355956 (England and Wales)
LSD PROMOTIONS (MARKET PLACE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LSD PROMOTIONS (MARKET PLACE) LIMITED
COMPANY INFORMATION
Directors
Mr D J McGillicuddy
Mrs L J McGillicuddy
Mr T D McGillicuddy
Mr T P Jones
Mr L S Hillyard
(Appointed 29 January 2024)
Company number
05355956
Registered office
Stamford Mews
Enville
Stourbridge
West Midlands
DY7 5HD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
31 Church Street
Kidderminster
Worcestershire
DY10 2AY
LSD PROMOTIONS (MARKET PLACE) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LSD PROMOTIONS (MARKET PLACE) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LSD PROMOTIONS (MARKET PLACE) LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LSD Promotions (Market Place) Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of LSD Promotions (Market Place) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of LSD Promotions (Market Place) Limited and state those matters that we have agreed to state to the board of directors of LSD Promotions (Market Place) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LSD Promotions (Market Place) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that LSD Promotions (Market Place) 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 loss of LSD Promotions (Market Place) Limited. You consider that LSD Promotions (Market Place) 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 LSD Promotions (Market Place) 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.
Ormerod Rutter Limited
3 February 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LSD PROMOTIONS (MARKET PLACE) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,114
9,891
Current assets
Debtors
4
193,492
243,268
Cash at bank and in hand
213
4,980
193,705
248,248
Creditors: amounts falling due within one year
5
(253,343)
(278,325)
Net current liabilities
(59,638)
(30,077)
Total assets less current liabilities
(51,524)
(20,186)
Creditors: amounts falling due after more than one year
6
(25,176)
(31,129)
Provisions for liabilities
8
(1,262)
Net liabilities
(76,700)
(52,577)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(76,800)
(52,677)
Total equity
(76,700)
(52,577)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LSD PROMOTIONS (MARKET PLACE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Mr D J McGillicuddy
Director
Company registration number 05355956 (England and Wales)
LSD PROMOTIONS (MARKET PLACE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
LSD Promotions (Market Place) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stamford Mews, Enville, Stourbridge, West Midlands, United Kingdom, DY7 5HD.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
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:
Plant and equipment
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
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 end date.
LSD PROMOTIONS (MARKET PLACE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
20
LSD PROMOTIONS (MARKET PLACE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
9,555
40,707
11,176
1,160
62,598
Depreciation and impairment
At 1 October 2023
9,035
35,871
6,641
1,160
52,707
Depreciation charged in the year
130
967
680
1,777
At 30 September 2024
9,165
36,838
7,321
1,160
54,484
Carrying amount
At 30 September 2024
390
3,869
3,855
8,114
At 30 September 2023
520
4,836
4,535
9,891
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
163,090
243,268
Other debtors
25,750
188,840
243,268
Deferred tax asset
4,652
193,492
243,268
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
13,774
5,806
Trade creditors
32,899
33,058
Amounts owed to group undertakings
164,621
228,319
Taxation and social security
40,050
9,045
Other creditors
1,999
2,097
253,343
278,325
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,176
31,129
LSD PROMOTIONS (MARKET PLACE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
7,821
Bank loans
31,129
36,935
38,950
36,935
Bank loans are secured by way of a government-backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,262
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is LSD Markets Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party by virtue of there being no controlling interest in the ultimate parent company.