1 December 2023 v2025.56.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP125842142023-12-012024-11-30125842142024-11-30125842142023-11-3012584214core:WithinOneYear2024-11-3012584214core:WithinOneYear2023-11-3012584214core:AfterOneYear2024-11-3012584214core:AfterOneYear2023-11-3012584214core:ShareCapital2024-11-3012584214core:ShareCapital2023-11-3012584214core:RetainedEarningsAccumulatedLosses2024-11-3012584214core:RetainedEarningsAccumulatedLosses2023-11-3012584214bus:Director12023-12-012024-11-3012584214bus:RegisteredOffice2023-12-012024-11-3012584214core:OfficeEquipment2023-12-012024-11-3012584214core:PlantMachinery2023-12-012024-11-3012584214core:MotorVehicles2023-12-012024-11-30125842142022-12-012023-11-3012584214core:LandBuildings2024-11-3012584214core:PlantMachinery2024-11-3012584214core:LandBuildings2023-12-0112584214core:PlantMachinery2023-12-01125842142023-12-0112584214core:LandBuildings2023-12-012024-11-3012584214core:LandBuildings2023-11-3012584214core:PlantMachinery2023-11-301258421412023-12-012024-11-3012584214countries:EnglandWales2023-12-012024-11-3012584214bus:AuditExemptWithAccountantsReport2023-12-012024-11-3012584214bus:PrivateLimitedCompanyLtd2023-12-012024-11-3012584214bus:SmallEntities2023-12-012024-11-3012584214bus:FullAccounts2023-12-012024-11-30
Company registration number:
12584214
Local Building Supplies Ltd
Unaudited Filleted Financial Statements for the year ended
30 November 2024
Local Building Supplies Ltd
Statement of Financial Position
30 November 2024
20242023
Note££
Fixed assets    
Tangible assets 5
21,365
 
27,156
 
Current assets    
Stocks
100,000
 
128,500
 
Debtors 6
92,422
 
117,241
 
Cash at bank and in hand
20,785
 
13,400
 
213,207
 
259,141
 
Creditors: amounts falling due within one year 7
(308,108
)
(257,024
)
Net current (liabilities)/assets
(94,901
)
2,117
 
Total assets less current liabilities (73,536 ) 29,273  
Creditors: amounts falling due after more than one year 8
(10,396
)
(33,132
)
Net liabilities
(83,932
)
(3,859
)
Capital and reserves    
Called up share capital
200
 
102
 
Profit and loss account
(84,132
)
(3,961
)
Shareholders deficit
(83,932
)
(3,859
)
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.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
26 August 2025
, and are signed on behalf of the board by:
Mr Denis Ryan
Director
Company registration number:
12584214
Local Building Supplies Ltd
Notes to the Financial Statements
Year ended
30 November 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Suite 131
,
80 Churchill Square
,
West Malling
,
Kent
,
ME19 4YU
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

At 30 November 2024, the company had excess liabilities over assets totalling £83,932. The company is dependant upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
25% Reducing Balance
Plant and machinery
25% Reducing Balance
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.

Stocks

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

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
4.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 December 2023
and
30 November 2024
14,981
 
24,883
 
39,864
 
Depreciation      
At
1 December 2023
4,994
 
7,714
 
12,708
 
Charge
1,498
 
4,293
 
5,791
 
At
30 November 2024
6,492
 
12,007
 
18,499
 
Carrying amount      
At
30 November 2024
8,489
 
12,876
 
21,365
 
At 30 November 2023
9,987
 
17,169
 
27,156
 

6 Debtors

20242023
££
Trade debtors
89,505
 
116,941
 
Other debtors
2,917
 
300
 
92,422
 
117,241
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
32,933
 
21,870
 
Trade creditors
151,642
 
141,793
 
Taxation and social security
12,321
 
6,618
 
Other creditors
111,212
 
86,743
 
308,108
 
257,024
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts -  
13,800
 
Other creditors
10,396
 
19,332
 
10,396
 
33,132
 

9 Share capital

During the period, the company had ordinary share capital (£1 per share) of £200 Allotted, called up and fully paid (2023: £102).