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Registration number: 09231565

Lympsham Concrete Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Lympsham Concrete Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Lympsham Concrete Limited

(Registration number: 09231565)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,667

47,667

Tangible assets

5

209,935

210,264

 

213,602

257,931

Current assets

 

Stocks

23,211

21,101

Debtors

6

160,761

185,060

Cash at bank and in hand

 

533,796

640,903

 

717,768

847,064

Creditors: Amounts falling due within one year

7

(283,837)

(389,784)

Net current assets

 

433,931

457,280

Total assets less current liabilities

 

647,533

715,211

Creditors: Amounts falling due after more than one year

7

(7,739)

(25,348)

Provisions for liabilities

(52,484)

(52,566)

Net assets

 

587,310

637,297

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

587,010

636,997

Shareholders' funds

 

587,310

637,297

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

 

Lympsham Concrete Limited

(Registration number: 09231565)
Statement of Financial Position as at 31 October 2024 (continued)


Mr P M Godfrey
Director

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Wharf
Wharfside
Lympsham
Somerset
BS24 0EZ

Principal activity

The principal activity of the company is the manufacture and supply of ready mixed concrete.

2

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 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.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

15% reducing balance

Plant and machinery

15% reducing balance

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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.

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 10).

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

440,000

440,000

At 31 October 2024

440,000

440,000

Amortisation

At 1 November 2023

392,333

392,333

Amortisation charge

44,000

44,000

At 31 October 2024

436,333

436,333

Carrying amount

At 31 October 2024

3,667

3,667

At 31 October 2023

47,667

47,667

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

11,583

92,857

423,908

528,348

Additions

1,174

2,800

58,500

62,474

At 31 October 2024

12,757

95,657

482,408

590,822

Depreciation

At 1 November 2023

7,548

47,046

263,490

318,084

Charge for the year

781

7,292

54,730

62,803

At 31 October 2024

8,329

54,338

318,220

380,887

Carrying amount

At 31 October 2024

4,428

41,319

164,188

209,935

At 31 October 2023

4,035

45,811

160,418

210,264

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

136,900

161,243

Prepayments

23,861

23,817

160,761

185,060

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

17,609

24,536

Trade creditors

83,289

112,217

Taxation and social security

75,566

71,287

Accruals and deferred income

8,105

9,205

Other creditors

99,268

172,539

283,837

389,784

Creditors include net obligations under hire purchase contracts which are secured of £17,609 (2023 - £24,536).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

7,739

25,348

Creditors include net obligations under hire purchase contracts which are secured of £7,739 (2023 - £25,348).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Lympsham Concrete Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Director's loan

(38,514)

42,063

(30,979)

(27,430)

Director's loan

(91,586)

102,311

(35,360)

(24,635)

Director's loan

(33,868)

95,079

(101,244)

(40,033)

 

(163,968)

239,453

(167,583)

(92,098)

       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Director's loan

(41,009)

33,819

(31,324)

(38,514)

Director's loan

(84,697)

28,727

(35,616)

(91,586)

Director's loan

70,777

70,944

(175,589)

(33,868)

(54,929)

133,490

(242,529)

(163,968)