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COMPANY REGISTRATION NUMBER: 10895552
LC Plant Services Ltd
Filleted unaudited financial statements
30 September 2024
LC Plant Services Ltd
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
325,073
44,596
Current assets
Debtors
6
191,767
204,212
Cash at bank and in hand
144,014
123,235
---------
---------
335,781
327,447
Creditors: amounts falling due within one year
7
359,042
112,410
---------
---------
Net current (liabilities)/assets
( 23,261)
215,037
---------
---------
Total assets less current liabilities
301,812
259,633
---------
---------
Net assets
301,812
259,633
---------
---------
Capital and reserves
Called up share capital
2
Profit and loss account
301,810
259,633
---------
---------
Shareholders funds
301,812
259,633
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30th September 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 were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr L E Clark
Mrs S E Clark
Director
Director
Company registration number: 10895552
LC Plant Services Ltd
Notes to the financial statements
Year ended 30th September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Kershaw Lane, Knottingley, WF11 0PG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised once the value of the transaction can be reliably measured and the significant risks and rewards of ownership of the goods have transferred.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Long leasehold property
-
Straight line over the remaining life of lease
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Basic financial instruments are recognised at amortised cost. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Cash in the balance sheet comprises cash at bank. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st October 2023
83,694
37,750
121,444
Additions
298,583
3,000
301,583
Disposals
( 4,300)
( 6,850)
( 11,150)
Transfers
( 39,365)
39,365
---------
--------
--------
---------
At 30th September 2024
298,583
43,029
70,265
411,877
---------
--------
--------
---------
Depreciation
At 1st October 2023
39,098
37,750
76,848
Charge for the year
3,177
4,465
9,841
17,483
Disposals
( 677)
( 6,850)
( 7,527)
Transfers
( 7,546)
7,546
---------
--------
--------
---------
At 30th September 2024
3,177
35,340
48,287
86,804
---------
--------
--------
---------
Carrying amount
At 30th September 2024
295,406
7,689
21,978
325,073
---------
--------
--------
---------
At 30th September 2023
44,596
44,596
---------
--------
--------
---------
The leashold property is held under lease on a peppercorn rent basis, due to expire 18th December 2117.
6. Debtors
2024
2023
£
£
Trade debtors
121,035
120,347
Other debtors
70,732
83,865
---------
---------
191,767
204,212
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
265,335
Trade creditors
17,142
48,425
Corporation tax
42,841
38,065
Social security and other taxes
28,311
25,420
Other creditors
5,413
500
---------
---------
359,042
112,410
---------
---------
On 10th June 2024 a loan agreement was signed to secure finance of £280,000 towards the purchase of the leasehold property. As of 30th September 2024, £260,000 had been drawn down on this loan. The loan is subject to an interest charge of 1.35% per month and is repayable 12 months from the date of the initial drawdown. The security for the loan is a charge on the leasehold property, a company debenture, and directors' personal guarantees
8. Directors' advances, credits and guarantees
The joint Directors' loan account was overdrawn by £12,004 as of 1st October 2023 and became overdrawn to the extent of £17,850 in March 2024 before being repaid in April 2024. No interest was charged on the overdrawn balance.
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
SLI Properties Ltd
34
68,400
68,434
68,400
--------
--------
--------
--------
Two of the company directors are also directors of SLI Properties Ltd with which the company operates a loan account. The loan is interest free and repayable on demand. As of 30th September 2024 the outstanding balance owed by SLI Properties on the loan was £68,434 (2023 - £68,400).