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COMPANY REGISTRATION NUMBER: 06856012
J Lawes Limited
Unaudited financial statements
30 September 2024
J Lawes Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
260,685
158,950
Current assets
Stocks
340,840
242,635
Debtors
6
105,068
80,948
Cash at bank and in hand
230,818
369,625
---------
---------
676,726
693,208
Creditors: Amounts falling due within one year
7
( 434,624)
( 399,295)
---------
---------
Net current assets
242,102
293,913
---------
---------
Total assets less current liabilities
502,787
452,863
Creditors: Amounts falling due after more than one year
8
( 5,601)
Provisions
Taxation including deferred tax
( 65,171)
( 24,440)
---------
---------
Net assets
437,616
422,822
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
437,516
422,722
---------
---------
Shareholders funds
437,616
422,822
---------
---------
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 30 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 .
J Lawes Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
L Lawes
Director
Company registration number: 06856012
J Lawes Limited
Notes to the financial statements
Year ended 30 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The company's trading address is Finbows Yard, Station Road, Bacton, Stowmarket, Suffolk, IP14 4NH.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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:
Museum
-
Over 50 years
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 32 (2023: 30 ).
5. Tangible assets
Museum
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
71,153
304,851
61,547
437,551
Additions
246,780
14,752
261,532
Disposals
( 8,603)
( 74,900)
( 5,900)
( 89,403)
Transfers
( 62,550)
( 62,550)
-------
---------
-------
---------
At 30 September 2024
476,731
70,399
547,130
-------
---------
-------
---------
Depreciation
At 1 October 2023
9,961
231,841
36,799
278,601
Charge for the year
1,251
73,530
8,491
83,272
Disposals
( 1,204)
( 58,978)
( 5,238)
( 65,420)
Transfers
( 10,008)
( 10,008)
-------
---------
-------
---------
At 30 September 2024
246,393
40,052
286,445
-------
---------
-------
---------
Carrying amount
At 30 September 2024
230,338
30,347
260,685
-------
---------
-------
---------
At 30 September 2023
61,192
73,010
24,748
158,950
-------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
59,635
63,744
Other debtors
45,433
17,204
---------
-------
105,068
80,948
---------
-------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
160,212
163,803
Amounts owed to group undertakings and undertakings in which the company has a participating interest
171,448
79,308
Social security and other taxes
24,650
93,692
Other creditors
78,314
62,492
---------
---------
434,624
399,295
---------
---------
Obligations under hire purchase agreements amounting to £30,458 (2023: £7,468) are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,601
----
------
Obligations under hire purchase agreements amounting to £nil (2023: £5,601) are secured on the assets concerned.