Acorah Software Products - Accounts Production 16.2.850 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 02925192 Mr Ian Jolley Mrs Linda Jolley Mrs Amanda Hacking Mrs Linda Jolley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02925192 2023-08-31 02925192 2024-08-31 02925192 2023-09-01 2024-08-31 02925192 frs-core:CurrentFinancialInstruments 2024-08-31 02925192 frs-core:FurnitureFittings 2024-08-31 02925192 frs-core:FurnitureFittings 2023-09-01 2024-08-31 02925192 frs-core:FurnitureFittings 2023-08-31 02925192 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-08-31 02925192 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 02925192 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-31 02925192 frs-core:MotorVehicles 2024-08-31 02925192 frs-core:MotorVehicles 2023-09-01 2024-08-31 02925192 frs-core:MotorVehicles 2023-08-31 02925192 frs-core:PlantMachinery 2024-08-31 02925192 frs-core:PlantMachinery 2023-09-01 2024-08-31 02925192 frs-core:PlantMachinery 2023-08-31 02925192 frs-core:ShareCapital 2024-08-31 02925192 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 02925192 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02925192 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 02925192 frs-bus:SmallEntities 2023-09-01 2024-08-31 02925192 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 02925192 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02925192 frs-bus:Director1 2023-09-01 2024-08-31 02925192 frs-bus:Director2 2023-09-01 2024-08-31 02925192 frs-bus:Director3 2023-09-01 2024-08-31 02925192 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 02925192 frs-countries:EnglandWales 2023-09-01 2024-08-31 02925192 2022-08-31 02925192 2023-08-31 02925192 2022-09-01 2023-08-31 02925192 frs-core:CurrentFinancialInstruments 2023-08-31 02925192 frs-core:ShareCapital 2023-08-31 02925192 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 02925192
L.I.J. Fluid Power Ltd.
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02925192
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,291,138 1,232,461
1,291,138 1,232,461
CURRENT ASSETS
Stocks 5 41,450 39,500
Debtors 6 347,416 555,867
Cash at bank and in hand 1,405,368 854,916
1,794,234 1,450,283
Creditors: Amounts Falling Due Within One Year 7 (547,062 ) (435,983 )
NET CURRENT ASSETS (LIABILITIES) 1,247,172 1,014,300
TOTAL ASSETS LESS CURRENT LIABILITIES 2,538,310 2,246,761
NET ASSETS 2,538,310 2,246,761
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 2,538,210 2,246,661
SHAREHOLDERS' FUNDS 2,538,310 2,246,761
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Linda Jolley
Director
21/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
L.I.J. Fluid Power Ltd. Registered number 02925192 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 1 Centurion Court, Wheelton Lane, Leyland, Lancashire, PR25 3UQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation charged
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 26)
22 26
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 September 2023 1,000,539 519,705 364,517 84,195 1,968,956
Additions - 69,909 84,476 4,569 158,954
Disposals - - (32,420 ) - (32,420 )
As at 31 August 2024 1,000,539 589,614 416,573 88,764 2,095,490
Depreciation
As at 1 September 2023 - 416,471 242,304 77,720 736,495
Provided during the period - 43,289 50,826 2,765 96,880
Disposals - - (29,023 ) - (29,023 )
As at 31 August 2024 - 459,760 264,107 80,485 804,352
Net Book Value
As at 31 August 2024 1,000,539 129,854 152,466 8,279 1,291,138
As at 1 September 2023 1,000,539 103,234 122,213 6,475 1,232,461
5. Stocks
2024 2023
£ £
Stock 41,450 39,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 337,363 548,114
Prepayments and accrued income 10,053 7,753
347,416 555,867
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 236,839 151,499
Corporation tax 95,946 80,584
Other taxes and social security - 1,707
VAT 65,589 51,112
Warranties 129,234 131,627
Accruals and deferred income 6,237 6,237
Directors' loan accounts 13,217 13,217
547,062 435,983
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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