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Registered number: 07072047
LBC Express Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Stephen Hill Partnership Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07072047
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,444 20,393
2,444 20,393
CURRENT ASSETS
Stocks 5 8,495 3,205
Debtors 6 969,862 697,987
Cash at bank and in hand 637,424 886,371
1,615,781 1,587,563
Creditors: Amounts Falling Due Within One Year 7 (667,985 ) (366,935 )
NET CURRENT ASSETS (LIABILITIES) 947,796 1,220,628
TOTAL ASSETS LESS CURRENT LIABILITIES 950,240 1,241,021
PROVISIONS FOR LIABILITIES
Deferred Taxation - (2,824 )
NET ASSETS 950,240 1,238,197
CAPITAL AND RESERVES
Called up share capital 8 31,080 31,080
Profit and Loss Account 919,160 1,207,117
SHAREHOLDERS' FUNDS 950,240 1,238,197
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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 Lawrence Domingo
Director
29th August 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
LBC Express Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07072047 . The registered office is Office F5, Silverbox House, 56 Magnet Road, Silverbox House, 56 Magnet Road, Wembley, London, HA9 7FP.
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, excluding discounts, rebates and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised when the services are rendered.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.
Freehold 3-5 years
Motor Vehicles 3-5 years
Fixtures & Fittings 1-3 years
Computer Equipment 1-3 years
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. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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.
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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Debtors
Short term debtors are measured at transaction price, less any impairments for bad and doubtful debts.
2.11. Creditors
Short term creditors are measured at the transaction price.
2.12. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 11)
9 11
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2023 10,000 96,380 7,647 5,788 119,815
Additions - 10,174 334 - 10,508
As at 30 November 2024 10,000 106,554 7,981 5,788 130,323
Depreciation
As at 1 December 2023 5,809 80,664 7,610 5,339 99,422
Provided during the period 2,286 25,437 332 402 28,457
As at 30 November 2024 8,095 106,101 7,942 5,741 127,879
...CONTINUED
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Page 5
Net Book Value
As at 30 November 2024 1,905 453 39 47 2,444
As at 1 December 2023 4,191 15,716 37 449 20,393
5. Stocks
2024 2023
£ £
Stock 8,495 3,205
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 837,914 587,287
Amounts owed by group undertakings 1,906 1,906
Other debtors 130,042 108,794
969,862 697,987
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,296 17,965
Other creditors 582,968 339,909
Taxation and social security 22,721 9,061
667,985 366,935
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 31,080 31,080
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