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Registration number: 13616740

Laybrook Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Laybrook Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Laybrook Group Limited

Company Information

Directors

Mr Michael Kavanagh

Mr Brett Gilham

Registered office

Faveo House, 2 Somerville Court
Banbury Business Park
Adderbury
Oxfordshire
OX17 3SN

Accountants

Periscope Group Limited
Faveo House, 2 Somerville Court
Banbury Business Park
Adderbury
Oxfordshire
OX17 3SN

 

Laybrook Group Limited

(Registration number: 13616740)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

196,377

131,147

Current assets

 

Stocks

5

601,923

490,351

Debtors

6

169,392

236,084

Cash at bank and in hand

 

556,007

156,876

 

1,327,322

883,311

Creditors: Amounts falling due within one year

7

(829,126)

(998,297)

Net current assets/(liabilities)

 

498,196

(114,986)

Total assets less current liabilities

 

694,573

16,161

Creditors: Amounts falling due after more than one year

7

(400,000)

-

Provisions for liabilities

(17,974)

(7,581)

Net assets

 

276,599

8,580

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

276,499

8,480

Shareholders' funds

 

276,599

8,580

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.

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 Profit and Loss Account.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Michael Kavanagh
Director

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Faveo House, 2 Somerville Court
Banbury Business Park
Adderbury
Oxfordshire
OX17 3SN

These financial statements were authorised for issue by the Board on 25 June 2025.

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.

Going concern

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

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 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.

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:

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 merchandise 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 27).

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

25,166

116,716

12,550

154,432

Additions

5,868

120,615

800

127,283

Disposals

-

(36,118)

-

(36,118)

At 30 September 2024

31,034

201,213

13,350

245,597

Depreciation

At 1 October 2023

3,750

17,443

2,092

23,285

Charge for the year

4,689

25,160

2,105

31,954

Eliminated on disposal

-

(6,019)

-

(6,019)

At 30 September 2024

8,439

36,584

4,197

49,220

Carrying amount

At 30 September 2024

22,595

164,629

9,153

196,377

At 30 September 2023

21,416

99,273

10,458

131,147

5

Stocks

2024
£

2023
£

Other inventories

601,923

490,351

6

Debtors

Current

2024
£

2023
£

Trade debtors

73,618

68,576

Prepayments

18,188

12,906

Other debtors

77,586

154,602

 

169,392

236,084

7

Creditors

Creditors: amounts falling due within one year

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Due within one year

Trade creditors

393,275

962,724

Taxation and social security

95,887

18,293

Other creditors

339,964

17,280

829,126

998,297

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

400,000

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

400,000

-

10

Dividends

2024

2023

£

£

Interim dividend of £200.00 (2023 - £Nil) per ordinary share

20,000

-

 

 

11

Related party transactions

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

66,283

10,510

Contributions paid to money purchase schemes

7,290

-

73,573

10,510

Dividends paid to directors

2024
£

2023
£

Mr Michael Kavanagh

Dividend

20,000

-

 

 

Summary of transactions with entities with joint control or significant interest


Intercompany accounts

 
During the year, the company sold to Laybrook Limited, a company of which M Kavanagh is also a director, goods to the value of £nil (2023 £321,850) and purchased from them, goods to the value of £nil (2023 £127,990). At the year end, Laybrook Limited owed the company, £nil (2022 £51,333) by way of an intercompany loan.

During the year, Laybrook Care Limited, a company of which M Kavanagh is also a director, sold to the company,
goods to the value of £nil (2023 £140,596) and owed the company £2,733 (2023 was owed £3,350 by Laybrook Group Ltd) by way of an intercompany loan.

During the year, the company rented property from Kavanagh Property, of which M Kavanagh is a partner, amounting to £76,910 (2023 £30,000) and was owed £nil (2023 £5,400) by way of an intercompany loan.

Eazy Beds & Chairs Limited, a company of which M Kavanagh is also a director, owed £427 (2023 £427) to the company at the year end by way of an intercompany loan.

During the year, Freshstart Mobility Limited, a company of which M Kavanagh is also a director, sold to the company, goods to the value of £204,587 (2023 £nil) and was owed by the company £4,341 (2023 £nil) by way of an intercompany loan.

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Sale of goods

10,784

 

Laybrook Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2023

Entities with joint control or significant influence
£

Sale of goods

321,850

Sale of property or other assets

9,680

331,530

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Purchase of goods

134,533

Rendering of services

76,910

Purchase of property or other assets

70,054

281,497

2023

Entities with joint control or significant influence
£

Purchase of goods

799,625

Rendering of services

30,000

Purchase of property or other assets

125,555

955,180

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

53,811

53,811

Advanced

74,011

74,011

Repaid

(75,641)

(75,641)

At end of period

52,181

52,181

2023

Entities with joint control or significant influence
£

Total
£

Advanced

337,587

337,587

Repaid

(283,776)

(283,776)

At end of period

53,811

53,811