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Financial Statements for the Year Ended 31 December 2024

for

LMC Accountants Ltd

LMC Accountants Ltd (Registered number: SC254611)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LMC Accountants Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Miss L Carson





SECRETARY:





REGISTERED OFFICE: 73 Stirling Business Centre
Wellgreen Place
Stirling
FK8 2DZ





REGISTERED NUMBER: SC254611 (Scotland)





ACCOUNTANTS: LMC Accountants Ltd
Chartered Accountants
73 Stirling Business Centre
Wellgreen Place
Stirling
FK8 2DZ

LMC Accountants Ltd (Registered number: SC254611)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,046 1,698
2,046 1,698

CURRENT ASSETS
Stocks 26,733 25,918
Debtors 6 67,482 62,876
Cash at bank 11,713 25,007
105,928 113,801
CREDITORS
Amounts falling due within one year 7 76,987 69,043
NET CURRENT ASSETS 28,941 44,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,987

46,456

CREDITORS
Amounts falling due after more than one
year

8

(10,000

)

(22,000

)

PROVISIONS FOR LIABILITIES (352 ) (278 )
NET ASSETS 20,635 24,178

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 20,535 24,078
SHAREHOLDERS' FUNDS 20,635 24,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LMC Accountants Ltd (Registered number: SC254611)

Balance Sheet - continued
31 December 2024


The 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.

The financial statements were approved by the director and authorised for issue on 14 March 2025 and were signed by:





Miss L Carson - Director


LMC Accountants Ltd (Registered number: SC254611)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

LMC Accountants Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LMC Accountants Ltd (Registered number: SC254611)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 60,000
AMORTISATION
At 1 January 2024
and 31 December 2024 60,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 43,978
Additions 1,030
At 31 December 2024 45,008
DEPRECIATION
At 1 January 2024 42,280
Charge for year 682
At 31 December 2024 42,962
NET BOOK VALUE
At 31 December 2024 2,046
At 31 December 2023 1,698

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 12,163 22,413
Other debtors 55,319 40,463
67,482 62,876

LMC Accountants Ltd (Registered number: SC254611)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 12,711 12,652
Taxation and social security 23,903 24,795
Other creditors 40,373 31,596
76,987 69,043

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 10,000 22,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 January 2024 24,078
Profit for the year 76,457
Dividends (80,000 )
At 31 December 2024 20,535

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
Miss L Carson
Balance outstanding at start of year 37,787 11,661
Amounts advanced 52,073 26,126
Amounts repaid (37,787 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,073 37,787

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors' family.