9 9 Lack Funeral Services Limited 04736369 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the provision of funeral services. Digita Accounts Production Advanced 6.30.9574.0 true 04736369 2023-07-01 2024-06-30 04736369 2024-06-30 04736369 2 2024-06-30 04736369 core:FinanceLeases core:CurrentFinancialInstruments 2024-06-30 04736369 core:FinanceLeases core:Non-currentFinancialInstruments 2024-06-30 04736369 core:CurrentFinancialInstruments 2024-06-30 04736369 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04736369 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 04736369 core:Goodwill 2024-06-30 04736369 core:LandBuildings core:LongLeaseholdAssets 2024-06-30 04736369 core:MotorVehicles 2024-06-30 04736369 core:PlantMachinery 2024-06-30 04736369 1 2024-06-30 04736369 bus:SmallEntities 2023-07-01 2024-06-30 04736369 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04736369 bus:FilletedAccounts 2023-07-01 2024-06-30 04736369 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04736369 bus:RegisteredOffice 2023-07-01 2024-06-30 04736369 bus:Director1 2023-07-01 2024-06-30 04736369 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04736369 core:Goodwill 2023-07-01 2024-06-30 04736369 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 04736369 core:MotorVehicles 2023-07-01 2024-06-30 04736369 core:PlantMachinery 2023-07-01 2024-06-30 04736369 core:Vehicles 2023-07-01 2024-06-30 04736369 countries:England 2023-07-01 2024-06-30 04736369 1 2023-07-01 2024-06-30 04736369 2023-06-30 04736369 core:Goodwill 2023-06-30 04736369 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 04736369 core:MotorVehicles 2023-06-30 04736369 core:PlantMachinery 2023-06-30 04736369 1 2023-06-30 04736369 2022-07-01 2023-06-30 04736369 2023-06-30 04736369 2 2023-06-30 04736369 core:FinanceLeases core:CurrentFinancialInstruments 2023-06-30 04736369 core:FinanceLeases core:Non-currentFinancialInstruments 2023-06-30 04736369 core:CurrentFinancialInstruments 2023-06-30 04736369 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04736369 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04736369 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 04736369 core:MotorVehicles 2023-06-30 04736369 core:PlantMachinery 2023-06-30 04736369 1 2023-06-30 04736369 1 2022-07-01 2023-06-30 04736369 1 2022-06-30 xbrli:pure iso4217:GBP

Registration number: 04736369

Lack Funeral Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Lack Funeral Services Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Lack Funeral Services Limited

(Registration number: 04736369)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

87,902

117,203

Current assets

 

Stocks

6

7,500

7,500

Debtors

7

164,395

145,875

Cash at bank and in hand

 

5,264

26,322

 

177,159

179,697

Creditors: Amounts falling due within one year

8

(192,140)

(137,268)

Net current (liabilities)/assets

 

(14,981)

42,429

Total assets less current liabilities

 

72,921

159,632

Creditors: Amounts falling due after more than one year

8

(59,329)

(79,684)

Net assets

 

13,592

79,948

Capital and reserves

 

Called up share capital

186,800

186,800

Profit and loss account

(173,208)

(106,852)

Shareholders' funds

 

13,592

79,948

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 March 2025
 


Mr Kevin John Lack
Director

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is the provision of funeral services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Impairment

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.

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

250,000

250,000

At 30 June 2024

250,000

250,000

Amortisation

At 1 July 2023

250,000

250,000

At 30 June 2024

250,000

250,000

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

2,600

182,752

246,212

431,564

At 30 June 2024

2,600

182,752

246,212

431,564

Depreciation

At 1 July 2023

2,600

121,444

190,317

314,361

Charge for the year

-

15,327

13,974

29,301

At 30 June 2024

2,600

136,771

204,291

343,662

Carrying amount

At 30 June 2024

-

45,981

41,921

87,902

At 30 June 2023

-

61,308

55,895

117,203

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

7,500

7,500

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

120,716

101,798

Amounts owed by related parties

11

21,513

20,635

Other debtors

 

16,200

17,453

Prepayments

 

4,691

4,713

Income tax asset

1,275

1,276

 

164,395

145,875

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

49,736

18,179

Taxation and social security

 

134,070

111,893

Accruals and deferred income

 

4,890

4,550

Other creditors

 

3,444

2,646

 

192,140

137,268

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

59,329

79,684

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Lack Funeral Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

59,329

79,684

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

29,381

-

Finance lease liabilities

20,355

18,179

49,736

18,179

11

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Repayments by director
£

At 30 June 2024
£

Director

(55)

(3)

(58)

       
     

 

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

Director

(41)

(14)

(55)