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Registered number: 07773633
L & G Ventures Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07773633
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,302,651 1,323,789
Investments 5 40,000 40,000
1,342,651 1,363,789
CURRENT ASSETS
Debtors 6 21,239 14,572
Cash at bank and in hand 130,202 106,502
151,441 121,074
Creditors: Amounts Falling Due Within One Year 7 (181,710 ) (138,461 )
NET CURRENT ASSETS (LIABILITIES) (30,269 ) (17,387 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,312,382 1,346,402
Creditors: Amounts Falling Due After More Than One Year 8 (30,000 ) (30,000 )
NET ASSETS 1,282,382 1,316,402
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 70,649 70,649
Profit and Loss Account 1,211,633 1,245,653
SHAREHOLDERS' FUNDS 1,282,382 1,316,402
Page 1
Page 2
For the 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.
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
Mr Leslie Brookes
Director
14th February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
L & G Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07773633 . The registered office is 11b Boundary Road Brackley Northants Buckingham, Road Industrial Estate, Brackley, NN13 7ES.
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 0%
Plant & Machinery 15% per annum reducing balance basis
Motor Vehicles 20% per annum reducing balance basis
2.4. 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 years 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.
...CONTINUED
Page 3
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2.4. Taxation - continued
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 assets reflect 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: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 October 2023 1,249,391 65,574 58,190 1,373,155
Additions 18,334 13,243 - 31,577
Disposals - - (58,190 ) (58,190 )
As at 30 September 2024 1,267,725 78,817 - 1,346,542
Depreciation
As at 1 October 2023 - 37,728 11,638 49,366
Provided during the period - 6,163 - 6,163
Disposals - - (11,638 ) (11,638 )
As at 30 September 2024 - 43,891 - 43,891
Net Book Value
As at 30 September 2024 1,267,725 34,926 - 1,302,651
As at 1 October 2023 1,249,391 27,846 46,552 1,323,789
Page 4
Page 5
5. Investments
Unlisted
£
Cost
As at 1 October 2023 40,000
As at 30 September 2024 40,000
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 40,000
As at 1 October 2023 40,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,239 11,531
Other debtors 3,000 3,041
21,239 14,572
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,660 2,319
Corporation tax 164,330 131,425
Other taxes and social security 7,170 2,424
Net wages 1,544 685
Other creditors 479 1,077
Accruals and deferred income 527 531
181,710 138,461
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 30,000 30,000
Page 5
Page 6
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 October 2023 70,649
As at 30 September 2024 70,649
Page 6