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Registered number: 09822392
LCI Spraybooths Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Bourne and Bargery Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09822392
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 92,532 78,197
92,532 78,197
CURRENT ASSETS
Stocks 5 60,000 -
Debtors 6 59,319 73,115
Cash at bank and in hand 69,136 165,317
188,455 238,432
Creditors: Amounts Falling Due Within One Year 7 (141,387 ) (147,883 )
NET CURRENT ASSETS (LIABILITIES) 47,068 90,549
TOTAL ASSETS LESS CURRENT LIABILITIES 139,600 168,746
Creditors: Amounts Falling Due After More Than One Year 8 (28,762 ) (33,914 )
NET ASSETS 110,838 134,832
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 110,738 134,732
SHAREHOLDERS' FUNDS 110,838 134,832
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Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Lawrence Chant
Director
28/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LCI Spraybooths Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09822392 . The registered office is The Byres, Manor Farm, Chilcompton, Radstock, Somerset, BA3 4HP.
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:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Straightline
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
Manufacturing 4 3
5 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 57,085 80,630 8,947 1,683 148,345
Additions 28,105 3,000 13,222 958 45,285
As at 31 October 2024 85,190 83,630 22,169 2,641 193,630
Depreciation
As at 1 November 2023 34,152 28,670 5,643 1,683 70,148
Provided during the period 12,759 13,740 4,131 320 30,950
As at 31 October 2024 46,911 42,410 9,774 2,003 101,098
...CONTINUED
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Net Book Value
As at 31 October 2024 38,279 41,220 12,395 638 92,532
As at 1 November 2023 22,933 51,960 3,304 - 78,197
5. Stocks
2024 2023
£ £
Work in progress 60,000 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,319 73,115
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 88,707 48,459
Bank loans and overdrafts - 19
Corporation tax - 17,539
Other taxes and social security 3,625 4,278
VAT 20,510 37,295
Net wages 2,288 1,303
Director's loan account 26,257 38,990
141,387 147,883
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 28,762 33,914
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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