Loading Bay Specialists Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01699363

Loading Bay Specialists Limited

Filleted Unaudited Financial Statements

31 December 2024

Loading Bay Specialists Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	778,119	773,533

Current assets

Stocks		27,102	34,730
Debtors	5	390,865	504,837
Cash at bank and in hand		530,802	353,097
		---------	---------
		948,769	892,664

Creditors: amounts falling due within one year	6	654,425	619,060
		---------	---------
Net current assets		294,344	273,604
		------------	------------
Total assets less current liabilities		1,072,463	1,047,137
		------------	------------
Net assets		1,072,463	1,047,137
		------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Revaluation reserve	332,167	332,167
Profit and loss account	730,296	704,970
	------------	------------
Shareholders funds	1,072,463	1,047,137
	------------	------------

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 31 December 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 .

Loading Bay Specialists Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 1 June 2025 , and are signed on behalf of the board by:

S Schubert

Director

Company registration number: 01699363

Loading Bay Specialists Limited

Accounting Policies

Year ended 31 December 2024

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets.

Revenue recognition

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers. For larger projects revenue is recognised in full when the project is substantially complete and is subject only to minor snagging. For projects only partially complete, costs incurred to date on the project are carried forward to the extent that they exceed amounts invoiced to customers. Where amounts invoiced to customers exceed costs incurred, these amounts are treated as deferred revenue.

Taxation

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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 Property	-	over 50 years
Plant, Equipment & Vehicles	-	over 3 - 10 years

Freehold land is not depreciated.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Loading Bay Specialists 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 England and Wales. The address of the registered office is Mark Road, Hemel Hempstead, Herts, HP2 7DN.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2023: 22 ).

4. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024	720,000	448,169	1,168,169
Additions	–	57,934	57,934
Disposals	–	( 50,631)	( 50,631)
	---------	---------	------------
At 31 December 2024	720,000	455,472	1,175,472
	---------	---------	------------
Depreciation
At 1 January 2024	50,903	343,733	394,636
Charge for the year	10,460	41,954	52,414
Disposals	–	( 49,697)	( 49,697)
	---------	---------	------------
At 31 December 2024	61,363	335,990	397,353
	---------	---------	------------
Carrying amount
At 31 December 2024	658,637	119,482	778,119
	---------	---------	------------
At 31 December 2023	669,097	104,436	773,533
	---------	---------	------------

Tangible assets held at valuation

Freehold land and buildings were valued on 5 April 2019 by Brasier Freeth, Chartered Surveyors. The basis of valuation was existing use with vacant possession. The directors are not aware of any material change in value since the valuation was carried out and therefore the valuation has not been updated. The net book value of freehold land and buildings determined by reference to historical cost is £354,781 (2023 : £360,415).

5. Debtors

	2024	2023
	£	£
Trade debtors	300,513	396,659
Other debtors	90,352	108,178
	---------	---------
	390,865	504,837
	---------	---------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	119,873	128,502
Amounts owed to group undertakings and undertakings in which the company has a participating interest	279,511	279,511
Social security and other taxes	101,665	97,548
Other creditors	153,376	113,499
	---------	---------
	654,425	619,060
	---------	---------

The amounts owed to group undertakings is payable to the parent company, Door & Door Components Ltd. Interest is payable at 3.5% above base rate. The interest charge for the year was £24,070 (2023 : £22,871). There is no fixed date for repayment. A provision has been recognised for expected claims against product guarantees. It is expected that most of this expenditure will be incurred in the next financial year. The provision, the amount of which has not been disclosed as it is considered to be commercially sensitive, has not been discounted since the effect of discounting is not material.

7. Directors' advances, credits and guarantees

During the year no advances, credits or guarantees were made in respect of the directors'.

8. Related party transactions

During the year there were no related party transactions that were not conducted under normal trading terms.