LIGHTWOOD PROPERTY SOLUTIONS LIMITED
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Stocks 102,042 96,425
Cash at bank and in hand 5,260 6,579
107,302 103,004
Creditors: amounts falling due within one year 3 (104,029) (103,180)
Net current assets/(liabilities) 3,273 (176)
Total assets less current liabilities 3,273 (176)
Provisions for liabilities - -
Net assets/(liabilities) 3,273 (176)
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,173 (276)
Shareholders' funds 3,273 (176)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. CHAPMAN
Director
Approved by the board on 21 March 2025
LIGHTWOOD PROPERTY SOLUTIONS LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets and hire purchase commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,220 1,180
Corporation tax 809 -
Directors' loan accounts 102,000 102,000
104,029 103,180
4 Controlling party
Mr. J. Chapman and Mr. C. Beardmore, the directors of the company at the Balance Sheet date, each own 50% respectively of the issued share capital of the company.
5 Other information
LIGHTWOOD PROPERTY SOLUTIONS LIMITED is a private company limited by shares and incorporated in England (Company Number 11441075). Its registered office is 7, Mosedale Avenue, Stoke-on-Trent, Staffordshire, ST3 7UD.
LIGHTWOOD PROPERTY SOLUTIONS LIMITED 11441075 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2025 J. CHAPMAN No description of principal activity 11441075 2022-07-01 2023-06-30 11441075 core:WithinOneYear 2023-06-30 11441075 core:ShareCapital 2023-06-30 11441075 core:RetainedEarningsAccumulatedLosses 2023-06-30 11441075 2023-07-01 2024-06-30 11441075 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11441075 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 11441075 bus:Director40 2023-07-01 2024-06-30 11441075 1 2023-07-01 2024-06-30 11441075 2 2023-07-01 2024-06-30 11441075 countries:England 2023-07-01 2024-06-30 11441075 bus:FRS102 2023-07-01 2024-06-30 11441075 bus:FilletedAccounts 2023-07-01 2024-06-30 11441075 2024-06-30 11441075 core:WithinOneYear 2024-06-30 11441075 core:ShareCapital 2024-06-30 11441075 core:RetainedEarningsAccumulatedLosses 2024-06-30 11441075 2023-06-30 iso4217:GBP xbrli:pure