Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Public Houses and bars2023-04-01false3038truetruefalse 08472640 2023-04-01 2024-03-31 08472640 2024-03-31 08472640 2022-04-01 2023-03-31 08472640 2023-03-31 08472640 c:Director2 2023-04-01 2024-03-31 08472640 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 08472640 d:Buildings d:ShortLeaseholdAssets 2024-03-31 08472640 d:Buildings d:ShortLeaseholdAssets 2023-03-31 08472640 d:PlantMachinery 2023-04-01 2024-03-31 08472640 d:PlantMachinery 2024-03-31 08472640 d:PlantMachinery 2023-03-31 08472640 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08472640 d:FurnitureFittings 2023-04-01 2024-03-31 08472640 d:FurnitureFittings 2024-03-31 08472640 d:FurnitureFittings 2023-03-31 08472640 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08472640 d:OfficeEquipment 2023-04-01 2024-03-31 08472640 d:OfficeEquipment 2024-03-31 08472640 d:OfficeEquipment 2023-03-31 08472640 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08472640 d:ComputerEquipment 2023-04-01 2024-03-31 08472640 d:ComputerEquipment 2024-03-31 08472640 d:ComputerEquipment 2023-03-31 08472640 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08472640 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08472640 d:CurrentFinancialInstruments 2024-03-31 08472640 d:CurrentFinancialInstruments 2023-03-31 08472640 d:Non-currentFinancialInstruments 2024-03-31 08472640 d:Non-currentFinancialInstruments 2023-03-31 08472640 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08472640 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08472640 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08472640 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08472640 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08472640 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08472640 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08472640 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08472640 d:ShareCapital 2024-03-31 08472640 d:ShareCapital 2023-03-31 08472640 d:RetainedEarningsAccumulatedLosses 2024-03-31 08472640 d:RetainedEarningsAccumulatedLosses 2023-03-31 08472640 c:FRS102 2023-04-01 2024-03-31 08472640 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08472640 c:FullAccounts 2023-04-01 2024-03-31 08472640 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08472640 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 08472640


THE LAMBETH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
THE LAMBETH LIMITED
REGISTERED NUMBER: 08472640

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,605
42,887

  
23,605
42,887

Current assets
  

Stocks
 5 
19,546
49,347

Debtors: amounts falling due within one year
 6 
157,428
109,141

Cash at bank and in hand
 7 
41,879
54,282

  
218,853
212,770

Creditors: amounts falling due within one year
 8 
(1,070,625)
(708,081)

Net current liabilities
  
 
 
(851,772)
 
 
(495,311)

Total assets less current liabilities
  
(828,167)
(452,424)

Creditors: amounts falling due after more than one year
 9 
(37,500)
(67,500)

  

Net liabilities
  
(865,667)
(519,924)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(865,668)
(519,925)

  
(865,667)
(519,924)


Page 1

 
THE LAMBETH LIMITED
REGISTERED NUMBER: 08472640
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Alexander McCubbin
Director

Date: 31 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Lambeth Limited is a Limited company incorporated within the United Kingdom, domiciled in England and Wales. The registered office is 467 - 469 Brixton Road, London, England, SW9 8HH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company recorded net liabilities of £865,667 (2023: £519,921)  at the balance sheet date.
The company continues to meet its day to day working requirements from loans leveraged by the directors and shareholders from associated business interests. The company is therefore dependent upon the support of these loan facilities in order to continue as a going concern.
The directors are satisfied that they can continue to finance the operations of the business in this manner and enable the company to achieve profitability. Accordingly, the directors consider it appropriate to prepare these accounts on a going concern basis.

Page 3

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Plant and machinery
-
20%
per annum on cost
Fixtures and fittings
-
20%
per annum on cost
Office equipment
-
20%
per annum on cost
Computer equipment
-
50%
per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 38).

Page 6

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 April 2023
64,797
181,564
426,471
2,741
2,186


Additions
-
-
900
2,728
1,057



At 31 March 2024

64,797
181,564
427,371
5,469
3,243



Depreciation


At 1 April 2023
64,797
147,999
418,298
2,741
1,037


Charge for the year on owned assets
-
19,746
2,544
359
1,318



At 31 March 2024

64,797
167,745
420,842
3,100
2,355



Net book value



At 31 March 2024
-
13,819
6,529
2,369
888



At 31 March 2023
-
33,565
8,173
-
1,149
Page 7

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
677,759


Additions
4,685



At 31 March 2024

682,444



Depreciation


At 1 April 2023
634,872


Charge for the year on owned assets
23,967



At 31 March 2024

658,839



Net book value



At 31 March 2024
23,605



At 31 March 2023
42,887


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
19,546
49,347

19,546
49,347


Page 8

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
6,320
4,269

Other debtors
2,829
-

Prepayments and accrued income
148,279
104,872

157,428
109,141



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,879
54,282

41,879
54,282



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
30,000
30,000

Trade creditors
112,493
385,243

Other taxation and social security
14,840
65,591

Other creditors
904,980
208,661

Accruals and deferred income
8,312
18,586

1,070,625
708,081



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
37,500
67,500

37,500
67,500


Page 9

 
THE LAMBETH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
30,000
30,000


30,000
30,000

Amounts falling due 1-2 years

Bank loans
37,500
30,000


37,500
30,000

Amounts falling due 2-5 years

Bank loans
-
37,500


-
37,500


67,500
97,500



11.


Pension commitments

The company contributes to a defined contribution scheme where it contributes the statutory pension. At the balance sheet date an amount of £1,885 (2023: £865) was due to be paid to the scheme.


12.


Related party transactions

At the balance sheet date, an amount of £901,747 (2023: £486,747) was owed to a director of the Company. No interest has been charged and no repayment terms have been agreed on this loan. 
The company was also invoiced £400,000 (2023: £400,000) of rental costs during the year by a director of the company.

Page 10