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Registered Number: 09576157
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 October 2024

for

LAM GROUP LTD

Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Lam Group Ltd for the year ended 31 October 2024.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lam Group Ltd for the year ended 31 October 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Lam Group Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lam Group Ltd and state those matters that we have agreed to state to the Board of Directors of Lam Group Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lam Group Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lam Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lam Group Ltd . You consider that Lam Group Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lam Group Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Breslins Birmingham Ltd
Chartered Accountants
28 George Street
Birmingham
West Midlands
B3 1QG
11 April 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 2,450,523    2,513,556 
2,450,523    2,513,556 
Current assets      
Stocks 4 26,790    15,550 
Debtors 5 123,524    149,864 
Cash at bank and in hand 580,298    525,559 
730,612    690,973 
Creditors: amount falling due within one year 6 (518,331)   (569,054)
Net current assets 212,281    121,919 
 
Total assets less current liabilities 2,662,804    2,635,475 
Creditors: amount falling due after more than one year 7 (2,005,979)   (1,994,451)
Net assets 656,825    641,024 
 

Capital and reserves
     
Called up share capital 8 200,000    200,000 
Profit and loss account 456,825    441,024 
Shareholders' funds 656,825    641,024 
 


For the year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 April 2025 and were signed on its behalf by:


-------------------------------
S Lam
Director
2
General Information
Lam Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 09576157, registration address 8 Oaklands, Worcester, WR5 1SL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in the other administrative expenses.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts at a discounted at a market rate of interest.
Financial assets are classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimate future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event accruing after impairment was recognized, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised.
The impairment reversal is recognised in the profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has been transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designed as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instrument are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 20% Reducing Balance
Improvements to property 10% Straight Line
Land and Buildings 0% Straight Line
Plant and Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 66 (2023 : 70).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Improvements to property   Total
  £   £   £   £   £   £
At 01 November 2023 1,914,222    78,758    32,024    915,856    294,686    3,235,546 
Additions   30,833      10,858    11,684    53,375 
Disposals          
At 31 October 2024 1,914,222    109,591    32,024    926,714    306,370    3,288,921 
Depreciation
At 01 November 2023   45,808    8,000    555,827    112,355    721,990 
Charge for year   8,238    6,006    72,006    30,158    116,408 
On disposals          
At 31 October 2024   54,046    14,006    627,833    142,513    838,398 
Net book values
Closing balance as at 31 October 2024 1,914,222    55,545    18,018    298,881    163,857    2,450,523 
Opening balance as at 01 November 2023 1,914,222    78,758    24,024    314,221    182,331    2,513,556 


4.

Stocks

2024
£
  2023
£
Stocks 26,790    15,550 
26,790    15,550 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 115,989    142,099 
Other Debtors 7,535    7,765 
123,524    149,864 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 248,547    302,890 
Bank Loans & Overdrafts   32,561 
Covid Loan 18,469    29,760 
Corporation Tax 15,830    12,590 
PAYE & Social Security 23,070    16,991 
VAT 111,956    121,798 
Accrued Expenses 91,896    46,787 
Other Creditors 1,839    1,963 
Obligations under HP/Financial Leases 3,890   
Wages & Salaries Control Account   1,006 
Pensions Payable 2,834    2,708 
518,331    569,054 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Obligations Under HP/Financial Leases 20,503   
Intercompany Loans 14,682    23,657 
Loan Account - S. S. Lam 1,970,794    1,970,794 
2,005,979    1,994,451 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
200,000 Ordinary shares of £1.00 each 200,000    200,000 
200,000    200,000 

3