Registered number
08304876
LT Racking Limited
Filleted Accounts
31 March 2025
LT Racking Limited
Registered number: 08304876
Balance Sheet
as at 31 March 2025
Notes 2025 2024
Fixed assets
Tangible assets 3 21,308 8,778
Current assets
Debtors 4 31,663 36,337
Cash at bank and in hand 15,825 21,227
47,488 57,564
Creditors: amounts falling due within one year 5 (10,550) (13,216)
Net current assets 36,938 44,348
Total assets less current liabilities 58,246 53,126
Creditors: amounts falling due after more than one year 6 (19,388) (807)
Provisions for liabilities (4,047) (1,666)
Net assets 34,811 50,653
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,711 50,553
Shareholder's funds 34,811 50,653
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Wright
Director
Approved by the board on 28 April 2025
LT Racking Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
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 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost
At 1 April 2024 2,618 27,482 30,100
Additions - 24,300 24,300
Disposals - (14,749) (14,749)
At 31 March 2025 2,618 37,033 39,651
Depreciation
At 1 April 2024 1,528 19,794 21,322
Charge for the year 273 6,831 7,104
On disposals - (10,083) (10,083)
At 31 March 2025 1,801 16,542 18,343
Net book value
At 31 March 2025 817 20,491 21,308
At 31 March 2024 1,090 7,688 8,778
4 Debtors 2025 2024
Trade debtors 10,420 18,724
Other debtors 21,243 17,613
31,663 36,337
5 Creditors: amounts falling due within one year 2025 2024
Obligations under finance lease and hire purchase contracts 4,845 2,988
Trade creditors 1,020 266
Taxation and social security costs 3,669 8,956
Other creditors 1,016 1,006
10,550 13,216
6 Creditors: amounts falling due after one year 2025 2024
Obligations under finance lease and hire purchase contracts 19,388 807
7 Loans 2025 2024
Creditors include:
Secured hire purchase contract 24,233 3,795
The hire purchase contract is secured on a specifc asset owned by the company.
8 Controlling party
C Wright owns 100% of the issued share capital of the company and is therefore the controlling party.
9 Other information
LT Racking Limited is a private company limited by shares and incorporated in England. Its registered office is:
20a Racecommon Road
Barnsley
South Yorkshire
S70 1BH
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