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Registration number: 07791984

LHP Accountants Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

LHP Accountants Ltd

Company Information

Directors

Mr D E Humphreys Mrs J Collins Mr D A Rees Miss R L Ball Mr O R Jones Miss S Hart

Registered office

Llys Deri Parc Pensarn Carmarthen SA31 2NF

LHP Accountants Ltd

(Registration number: 07791984)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	1,163,730	1,195,577
Tangible assets	5	982,077	1,024,890
		2,145,807	2,220,467
Current assets
Stocks	6	18,000	18,000
Debtors	7	1,996,872	1,624,500
Cash at bank and in hand		25,914	144,067
		2,040,786	1,786,567
Creditors: Amounts falling due within one year	8	(1,151,146)	(865,456)
Net current assets		889,640	921,111
Total assets less current liabilities		3,035,447	3,141,578
Creditors: Amounts falling due after more than one year	8	(937,877)	(1,057,978)
Net assets		2,097,570	2,083,600
Capital and reserves
Called up share capital		1,015	1,013
Retained earnings		2,096,555	2,082,587
Shareholders' funds		2,097,570	2,083,600

For the financial year ending 31 January 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2025 and signed on its behalf by:
 

LHP Accountants Ltd

(Registration number: 07791984)
Balance Sheet as at 31 January 2025

......................................... Mr D E Humphreys Director ......................................... Miss R L Ball Director

......................................... Mrs J Collins Director ......................................... Mr O R Jones Director

......................................... Mr D A Rees Director ......................................... Miss S Hart Director

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 2 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Fixtures and fittings	20% reducing balance
Motor Vehicles	10% straight line

Goodwill

Goodwill acquired through third party purchases is written off over a 40 year period on a straight line basis.

Goodwill acquired on incorporation of the practice, is amortised over 40 years as it's useful life is believed reasonably to be over that period.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 40 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 87 (2024 - 89).

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2024	2,451,044	2,451,044
At 31 January 2025	2,451,044	2,451,044
Amortisation
At 1 February 2024	1,255,467	1,255,467
Amortisation charge	31,847	31,847
At 31 January 2025	1,287,314	1,287,314
Carrying amount
At 31 January 2025	1,163,730	1,163,730
At 31 January 2024	1,195,577	1,195,577

5	Tangible assets

	Land and buildings £	Long leasehold land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 February 2024	782,290	172,194	274,373	160,683	1,389,540
Additions	-	-	4,217	-	4,217
At 31 January 2025	782,290	172,194	278,590	160,683	1,393,757
Depreciation
At 1 February 2024	95,450	-	150,876	118,324	364,650
Charge for the year	19,090	-	17,361	10,579	47,030
At 31 January 2025	114,540	-	168,237	128,903	411,680
Carrying amount
At 31 January 2025	667,750	172,194	110,353	31,780	982,077
At 31 January 2024	686,840	172,194	123,497	42,359	1,024,890

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Included within the net book value of land and buildings above is £667,750 (2024 - £686,840) in respect of freehold land and buildings and £172,194 (2024 - £172,194) in respect of long leasehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Work in progress	18,000	18,000

7

Debtors

Current	2025 £	2024 £
Trade debtors	1,280,824	1,286,152
Prepayments	18,883	31,415
Other debtors	697,165	306,933
	1,996,872	1,624,500

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	9	250,045	66,235
Trade creditors		183,334	191,603
Taxation and social security		357,686	362,826
Outstanding defined contribution pension costs		30,844	33,637
Other creditors		36,364	75,103
Corporation tax liability		292,873	136,052
		1,151,146	865,456

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £250,045 (2024 - £66,235).

LHP Accountants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	848,277	961,978
Deferred income		89,600	96,000
		937,877	1,057,978

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £848,277 (2024 - £961,978).

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	436,254	471,136
Other borrowings	412,023	490,842
	848,277	961,978

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	40,800	40,800
Bank overdrafts	184,245	-
Other borrowings	25,000	25,435
	250,045	66,235

10	Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are guarantees of £477,054 (2024 - £511,936). The loans on the balance sheet are currently covered by a charge against the assets on the balance sheet and also personal guarantees given by the the directors.