Registration number:
The Light Yard Ltd
for the Year Ended 30 November 2024
The Light Yard Ltd
(Registration number: 09894396)
Balance Sheet as at 30 November 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
2,170 |
423 |
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Shareholders' funds |
2,172 |
425 |
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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The Light Yard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover represents the invoice value of goods sold net of VAT and trade discounts. It is recognised when the risks and rewards of ownership have been transferred to the customer, usually at the point of sale or on delivery.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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 Light Yard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Office Equipment |
25% straight line |
Fixtures and fittings |
20% straight line |
The Light Yard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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 profit and loss account 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Light Yard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Tangible assets |
Fixtures and fittings |
Office equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2023 |
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- |
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Additions |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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- |
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Charge for the year |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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- |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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The Light Yard Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank overdrafts |
- |
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