Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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609,209 | 363,013 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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1,037,569 | 875,153 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 542,018 | 474,479 | ||
Total assets less current liabilities | 1,151,227 | 837,492 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Luke and Dingle Limited (registered number:
Mr J M Richards
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Luke and Dingle Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Linhay Trevanger, St Minver, Wadebridge, PL27 6QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
There have been no significant departures from FRS102.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Office equipment |
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Other property, plant and equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Government grants are recognised on the accrual model and are measured at the fair value of the asset received or receivable. The company received a Government secured Bounce Back Loan in 2020 for which the company has not provided any security.
During the year, the company received £2,000 (2023: £1,000) in apprenticeship grants, and grants of £5,000 (2023: £16,585) from the CITB Construction Skills Fund.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Office equipment | Other property, plant and equipment |
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£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Accumulated depreciation | |||||||||||
At 01 January 2024 |
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Charge for the financial year |
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Disposals |
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At 31 December 2024 |
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Net book value | |||||||||||
At 31 December 2024 |
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At 31 December 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured £
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Trade creditors |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured £
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Obligations under finance leases and hire purchase contracts |
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Bank loans include a Bounce Back Loan of £14,167, (2023: £24,167) which is guaranteed by the Government. Interest is payable on the 5 year bank loan at a rate of 2.5% on the principal amount,.
Bank loans also include other bank loans of £59,384, (2023: £68,629) which are secured on the assets of the company. Interest is payable on the 10 year bank loan at a rate of 3.95% on the principal amount.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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23 | 23 |
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Mr J M Richards | 0 | 5,771 |
At 31 December 2024, the company did not have an outstanding directors loan balance. Interest is charged on the loan at a rate of 2.25%. The loan is repayable on demand.