Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3080The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falseNo description of principal activity59falsetruefalse 00997279 2023-10-01 2024-09-30 00997279 2022-10-01 2023-09-30 00997279 2024-09-30 00997279 2023-09-30 00997279 c:Director2 2023-10-01 2024-09-30 00997279 d:Buildings 2023-10-01 2024-09-30 00997279 d:Buildings 2024-09-30 00997279 d:Buildings 2023-09-30 00997279 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00997279 d:Buildings d:ShortLeaseholdAssets 2023-10-01 2024-09-30 00997279 d:Buildings d:ShortLeaseholdAssets 2024-09-30 00997279 d:Buildings d:ShortLeaseholdAssets 2023-09-30 00997279 d:PlantMachinery 2023-10-01 2024-09-30 00997279 d:PlantMachinery 2024-09-30 00997279 d:PlantMachinery 2023-09-30 00997279 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00997279 d:MotorVehicles 2023-10-01 2024-09-30 00997279 d:MotorVehicles 2024-09-30 00997279 d:MotorVehicles 2023-09-30 00997279 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00997279 d:FurnitureFittings 2023-10-01 2024-09-30 00997279 d:FurnitureFittings 2024-09-30 00997279 d:FurnitureFittings 2023-09-30 00997279 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00997279 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 00997279 d:CurrentFinancialInstruments 2024-09-30 00997279 d:CurrentFinancialInstruments 2023-09-30 00997279 d:Non-currentFinancialInstruments 2024-09-30 00997279 d:Non-currentFinancialInstruments 2023-09-30 00997279 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 00997279 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00997279 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 00997279 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00997279 d:ShareCapital 2024-09-30 00997279 d:ShareCapital 2023-09-30 00997279 d:SharePremium 2024-09-30 00997279 d:SharePremium 2023-09-30 00997279 d:RetainedEarningsAccumulatedLosses 2024-09-30 00997279 d:RetainedEarningsAccumulatedLosses 2023-09-30 00997279 c:FRS102 2023-10-01 2024-09-30 00997279 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 00997279 c:FullAccounts 2023-10-01 2024-09-30 00997279 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 00997279 d:WithinOneYear 2024-09-30 00997279 d:WithinOneYear 2023-09-30 00997279 d:BetweenOneFiveYears 2024-09-30 00997279 d:BetweenOneFiveYears 2023-09-30 00997279 d:MoreThanFiveYears 2024-09-30 00997279 d:MoreThanFiveYears 2023-09-30 00997279 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 00997279 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 00997279 d:LeasedAssetsHeldAsLessee 2024-09-30 00997279 d:LeasedAssetsHeldAsLessee 2023-09-30 00997279 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 00997279










LAM-PLAS (DURHAM) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
LAM-PLAS (DURHAM) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAM-PLAS (DURHAM) LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 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 Lam-plas (Durham) 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 Lam-plas (Durham) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lam-plas (Durham) Limited and state those matters that we have agreed to state to the Board of Directors of Lam-plas (Durham) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lam-plas (Durham) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Lam-plas (Durham) 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 Lam-plas (Durham) Limited. You consider that Lam-plas (Durham) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lam-plas (Durham) 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.

  



Kinnair Associates Limited
 
Chartered Accountants
  
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
27 February 2025
Page 1

 
LAM-PLAS (DURHAM) LIMITED
REGISTERED NUMBER: 00997279

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
470,488
483,563

  
470,488
483,563

Current assets
  

Stocks
 5 
408,946
508,379

Debtors: amounts falling due within one year
 6 
966,874
1,248,243

Cash at bank and in hand
  
60,640
28,816

  
1,436,460
1,785,438

Creditors: amounts falling due within one year
 7 
(631,425)
(953,592)

Net current assets
  
 
 
805,035
 
 
831,846

Total assets less current liabilities
  
1,275,523
1,315,409

Creditors: amounts falling due after more than one year
  
(60,397)
(119,378)

  

Net assets
  
1,215,126
1,196,031


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Share premium account
  
1,060
1,060

Profit and loss account
  
1,204,066
1,184,971

  
1,215,126
1,196,031


Page 2

 
LAM-PLAS (DURHAM) LIMITED
REGISTERED NUMBER: 00997279
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 February 2025.




K J Siddle
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Lam-Plas (Durham) Limited  is a private company (registration number 00997279) limited by shares and incorporated in England and Wales. The registered office is Valley Road, Castleside Industrial Estate, Consett, Durham, DH8 8JA. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 £ Sterling.
The financial statements have been prepared under the historical cost convention. The principal 
accounting policies adopted are set out below.

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements, and the continued support of the company's directors, bankers and other lending agents.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model 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, as follows.


Freehold property
-
5% reducing balance
Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance and 20% straight line

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 in profit or loss.

Page 6

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 stock to its present location and condition.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity.  Provision is made for any foreseeable losses where appropriate.  No element of profit is included in the valuation of work in progress.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 59 (2023 - 80).

Page 7

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
567,480
80,741
898,153
67,217
265,663
1,879,254


Additions
-
-
39,593
11,000
2,342
52,935


Disposals
-
-
(27,463)
(8,228)
(62,459)
(98,150)



At 30 September 2024

567,480
80,741
910,283
69,989
205,546
1,834,039



Depreciation


At 1 October 2023
317,683
75,712
723,113
47,231
231,952
1,395,691


Charge for the year on owned assets
12,490
914
30,454
7,442
8,944
60,244


Disposals
-
-
(22,107)
(7,817)
(62,460)
(92,384)



At 30 September 2024

330,173
76,626
731,460
46,856
178,436
1,363,551



Net book value



At 30 September 2024
237,307
4,115
178,823
23,133
27,110
470,488



At 30 September 2023
249,797
5,029
175,040
19,986
33,711
483,563

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
25,864
30,428

25,864
30,428

Page 8

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
187,982
345,263

Work in progress (goods to be sold)
220,964
163,116

408,946
508,379





6.


Debtors

2024
2023
£
£


Trade debtors
703,941
1,098,539

Other debtors
212,468
103,450

Prepayments and accrued income
50,465
45,773

Deferred taxation
-
481

966,874
1,248,243



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
51,189
62,435

Trade creditors
413,527
558,692

Other taxation and social security
85,078
159,066

Obligations under finance lease and hire purchase contracts
5,895
7,974

Other creditors
9,275
13,308

Accruals and deferred income
66,461
152,117

631,425
953,592


The bank loans, included in creditors: amounts falling due within one year, are secured by a fixed and floating charge over all the property or undertaking of the company.
The sales invoice finance account forms part of the bank borrowing included in creditors: amounts falling due within one year, and is secured against the trade debtors of the company.
Hire purchase contracts, included within creditors falling due within one year, are secured against the assets purchased under such agreements.

Page 9

 
LAM-PLAS (DURHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
36,000
87,189

Net obligations under finance leases and hire purchase contracts
16,701
22,596

Other creditors
7,696
9,593

60,397
119,378


The bank loans, included in creditors: amounts falling due within one year, are secured by a fixed and floating charge over all the property or undertaking of the company.
Hire purchase contracts, included within creditors falling due within one year, are secured against the assets purchased under such agreements.


9.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
90,000
90,000

Later than 1 year and not later than 5 years
315,000
360,000

Later than 5 years
-
45,000

405,000
495,000

 
Page 10