Lisclare Limited 31/12/2024 iXBRL

Company registration number: NI031180

Lisclare Limited

Abridged filleted financial statements

31 December 2024

Lisclare Limited

Contents

Directors and other information

Directors responsibilities statement

Abridged statement of financial position

Notes to the financial statements

Lisclare Limited

Directors and other information


	Directors	Stephen Graham Hall
		Colin James Johnston
		Catherine Hall
		Eamonn Drayne


	Secretary	Stephen Graham Hall


	Company number	NI031180


	Registered office	Unit 4-5, Montgomery Business Park
		38 Montgomery Road
		Belfast
		BT6 9HL


	Auditor	Hill Vellacott
		22 Great Victoria Street
		Belfast
		BT2 7BA




	Bankers	Danske Bank Limited
		Donegall Square West
		Belfast
		BT1 6JS


	Solicitors	Tughans
		The Ewart
		3 Bedford St
		Belfast
		BT2 7EP

Lisclare Limited

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lisclare Limited

Abridged statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	366,980		426,273
		_______		_______
			366,980		426,273

Current assets
Stocks		1,110,895		927,668
Debtors		5,451,182		5,359,664
Cash at bank and in hand		1,175,226		395,743
		_______		_______
		7,737,303		6,683,075
Creditors: amounts falling due
within one year	6	( 783,367)		( 476,666)
		_______		_______
Net current assets			6,953,936		6,206,409
			_______		_______
Total assets less current liabilities			7,320,916		6,632,682


Provisions for liabilities			( 98,622)		( 88,934)

			_______		_______
Net assets			7,222,294		6,543,748
			_______		_______

Capital and reserves
Called up share capital			150,000		150,000
Profit and loss account			7,072,294		6,393,748
			_______		_______
Shareholders funds			7,222,294		6,543,748
			_______		_______

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 abridged statement of income and retained earnings has not been delivered.

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:

Stephen Graham Hall

Director

Company registration number: NI031180

Lisclare Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 4-5, Montgomery Business Park, 38 Montgomery Road, Belfast, BT6 9HL.The principal activity of the company is the sale and distribution of rehabilitation equipment.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold and leasehold properties	-	Straight line over the life of the asset
Plant and machinery	-	33% & 20% Straight Line
Fittings fixtures and equipment	-	33% & 25% Straight Line
Motor vehicles	-	20% Straight Line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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.

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 in finance costs 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 or 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 in finance costs 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 37 (2023: 32 ).

5. Tangible assets


		£
	Cost
	At 1 January 2024	1,143,450
	Additions	67,019
	Disposals	( 42,205)
		_______
	At 31 December 2024	1,168,264
		_______
	Depreciation
	At 1 January 2024	717,177
	Charge for the year	123,064
	Disposals	( 38,957)
		_______
	At 31 December 2024	801,284
		_______
	Carrying amount
	At 31 December 2024	366,980
		_______
	At 31 December 2023	426,273
		_______

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	6,722	-
Trade creditors	220,648	172,926
Amounts owed to group undertakings and undertakings in which the company has a participating interest	178,342	-
Corporation tax	170,876	95,601
Social security and other taxes	199,046	124,738
Other creditors	7,733	83,401
	_______	_______
	783,367	476,666
	_______	_______

Bank overdraft and loans are secured on the following:Fixed and floating charge, where floating charge covers all the property or undertaking of the company.

7. Limitation of auditors liability

The company has entered into a liability limitation agreement with the company's auditor which was approved on 12 March 2025. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.

8. Summary audit opinion

The auditor's report dated 19 May 2025 was unqualified.

The senior statutory auditor was Eoin McMullan ACA for and on behalf of Hill Vellacott

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Stephen Graham Hall	-	-	-
	Colin James Johnston	-	-	-
		_______	_______	_______

2023
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Stephen Graham Hall	10,828	( 10,828)	-
	Colin James Johnston	10,828	( 10,828)	-
		_______	_______	_______
		21,656	( 21,656)	-
		_______	_______	_______

Lisclare Limited paid rent of £55,000 to the directors in the period.

10. Related party transactions

Lisclare Holdings Limited owns 100% of the shares in Lisclare Limited . During the period Lisclare Limited made payments of £218,063 (2023: £161,435) on behalf of Lisclare Holdings Limited and paid a management charge of £60,000 (2023: £60,000) to Lisclare Holdings Limited . Lisclare Limited was owed £1,547,421 (2023: £1,389,357) by Lisclare Holdings Limited at the balance sheet date. Lisclare Limited is related to OMC Couriers Limited by way of common control. At the balance sheet date Lisclare Limited owed £178,343 (2023: £NIL) to OMC Couriers Limited. Lisclare Limited is related to Davidson & Hardy (Laboratory Supplies) Limited by way of common control. At the balance sheet date Lisclare Limited was owed £241,736 (2023: £Nil) by Davidson & Hardy (Laboratory Supplies) Limited. Lisclare Limited is related to Expedia Capital Limited and Lisbull Limited by way of common control. At the balance sheet date Lisclare Limited was owed £2,600,000 (2023: £2,600,000) by Expedia Capital Limited. At the balance sheet date Lisclare Limited was owed £155,249 (2023: £152,249) by Lisbull Limited.

11. Controlling party

The ultimate parent company is Lisclare Holdings Limited. Registered OfficeUnit 4-5 Montgomery Business Park38 Montgomery Road BelfastBT6 9HL