Registration number:
LRI Solutions Ltd
for the Year Ended 30 September 2024
LRI Solutions Ltd
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
LRI Solutions Ltd
Company Information
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Director |
S W Leadbeter |
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Registered office |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
LRI Solutions Ltd
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LRI Solutions Ltd for the year ended 30 September 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at:
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of LRI Solutions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of LRI Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of LRI Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LRI Solutions Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LRI Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of LRI Solutions Ltd. You consider that LRI Solutions Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LRI Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
Chequers Hill
Bough Beech
Kent
TN8 7PD
LRI Solutions Ltd
(Registration number: 07815544)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
987,091 |
950,672 |
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Shareholders' funds |
987,191 |
950,772 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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 preparation of financial statements requires the use of certain critical accounting estimates. It also requires directors to exercise judgement in applying accounting policies.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is from the sale of goods which is recognised when goods are delivered and legal title has passed.
Tax
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.
LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Accounting policies (continued) |
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 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.
Tangible assets
Tangible assets are stated in the balance sheet 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. The short leasehold land and buildings cost represents the present value obligation of restoring the leasehold property to its original position come end of the lease.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Short leasehold land and buildings |
Over the term of the lease |
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Fixtures and fittings |
15% on reducing balance |
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Plant and machinery |
15% on reducing balance |
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Motor vehicles |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Loans are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Tangible assets |
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Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
- |
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- |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors include a bank loan of £33,333 (2023 - £33,333) secured by a fixed and floating charge over the assets of the company.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include a bank loan of £91,667 (2023 - £127,778 ) secured by a fixed and floating charge over the assets of the company.
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
LRI Solutions Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Related party transactions |
Loans to related parties
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2024 |
Key management |
Total |
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At start of period |
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Repaid |
( |
( |
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At end of period |
- |
- |
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2023 |
Key management |
Total |
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Advanced |
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At end of period |
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Terms of loans to related parties