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Registered number: 09301826
LBFS Accountants Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2024
LBFS Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09301826
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,105 181,770
25,105 181,770
CURRENT ASSETS
Debtors 5 90,889 133,450
Cash at bank and in hand 76,308 99,176
167,197 232,626
Creditors: Amounts Falling Due Within One Year 6 (112,822 ) (86,810 )
NET CURRENT ASSETS (LIABILITIES) 54,375 145,816
TOTAL ASSETS LESS CURRENT LIABILITIES 79,480 327,586
Creditors: Amounts Falling Due After More Than One Year 7 - (107,944 )
NET ASSETS 79,480 219,642
CAPITAL AND RESERVES
Called up share capital 9 1,600 1,600
Profit and Loss Account 77,880 218,042
SHAREHOLDERS' FUNDS 79,480 219,642
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For the year ending 30 November 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 Lee Banks
Director
21/08/2025
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
LBFS Accountants Ltd Registered number 09301826 is a limited by shares company incorporated in England & Wales. The Registered Office is Woodland Place, Hurricane Way, Wickford, Essex, SS11 8YB.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 233,248 45,220 41,466 319,934
Additions - 96 2,878 2,974
Disposals (233,248 ) (27,236 ) (15,229 ) (275,713 )
As at 30 November 2024 - 18,080 29,115 47,195
Depreciation
As at 1 December 2023 92,827 29,464 15,873 138,164
Provided during the period 10,737 3,090 5,363 19,190
Disposals (103,564 ) (21,612 ) (10,088 ) (135,264 )
As at 30 November 2024 - 10,942 11,148 22,090
Net Book Value
As at 30 November 2024 - 7,138 17,967 25,105
As at 1 December 2023 140,421 15,756 25,593 181,770
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 82,547 73,572
Prepayments and accrued income 2,900 5,436
Other debtors 4,842 53,842
Called up share capital not paid 600 600
90,889 133,450
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 16,525
Trade creditors 2,371 (2,676 )
Corporation tax 81,194 43,995
Other taxes and social security 1,797 3,814
VAT 26,755 24,095
Other creditors 654 432
Accruals and deferred income - 625
Directors' loan accounts 51 -
112,822 86,810
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 107,944
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8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 16,525
Later than one year and not later than five years - 107,944
- 124,469
- 124,469
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,500 Ordinary Shares of £ 1.0005 each 1,500 1,500
2024 2023
Allotted, called up but not fully paid £ £
100 Ordinary C shares of £ 1.0000 each 100 100
10. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 300,500 132,250
11. Ultimate Controlling Party
The company's ultimate controlling party is Lee Banks by virtue of his ownership of 100% of the issued share capital in the company.
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