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COMPANY REGISTRATION NUMBER: 4009550
Larkmans Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2024
Larkmans Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
73,246
67,660
Current assets
Stocks
102,426
115,557
Debtors
6
78,573
45,448
Cash at bank and in hand
158,354
190,182
---------
---------
339,353
351,187
Creditors: amounts falling due within one year
7
217,554
161,932
---------
---------
Net current assets
121,799
189,255
---------
---------
Total assets less current liabilities
195,045
256,915
Provisions
Taxation including deferred tax
14,217
11,682
---------
---------
Net assets
180,828
245,233
---------
---------
Capital and reserves
Called up share capital
8
120
120
Profit and loss account
180,708
245,113
---------
---------
Shareholders funds
180,828
245,233
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Larkmans Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
Mr L J McKinnon
Director
Company registration number: 4009550
Larkmans Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The registered office is The Old Emporium, Bow Street, Langport, Somerset, TA10 9PQ. The trading address is 59 Station Road, Ilminster, Somerset TA19 9BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Lease, Forecourt & Improvements
-
straight line basis over term of the lease
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 17 ).
5. Tangible assets
Forecourt & Improvement
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
46,920
168,318
24,178
13,500
252,916
Additions
18,165
6,000
24,165
--------
---------
--------
--------
---------
At 30 November 2024
46,920
186,483
24,178
19,500
277,081
--------
---------
--------
--------
---------
Depreciation
At 1 December 2023
36,879
118,961
20,187
9,229
185,256
Charge for the year
2,007
13,506
798
2,268
18,579
--------
---------
--------
--------
---------
At 30 November 2024
38,886
132,467
20,985
11,497
203,835
--------
---------
--------
--------
---------
Carrying amount
At 30 November 2024
8,034
54,016
3,193
8,003
73,246
--------
---------
--------
--------
---------
At 30 November 2023
10,041
49,357
3,991
4,271
67,660
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
3,319
20,011
Other debtors
75,254
25,437
--------
--------
78,573
45,448
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
136,068
115,323
Corporation tax
47,109
12,428
Social security and other taxes
22,108
19,003
Other creditors
12,269
15,178
---------
---------
217,554
161,932
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
100
100
100
100
Ordinary B Shares shares of £ 1 each
10
10
10
10
Ordinary C Shares shares of £ 1 each
10
10
10
10
----
----
----
----
120
120
120
120
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
160,000
200,000
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs L McKinnon
( 471)
24,465
23,994
Mr L J McKinnon
( 1,249)
25,746
24,497
-------
--------
----
--------
( 1,720)
50,211
48,491
-------
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs L McKinnon
Mr L J McKinnon
50,000
( 50,000)
--------
----
--------
----
50,000
( 50,000)
--------
----
--------
----
Amounts advanced to directors are repayable on demand. No interest is charged on the amounts advanced.