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Registered number: 04734600
LGS Projects Ltd
Financial Statements
For The Year Ended 31 March 2025
Townend English
Chartered Accountants
81-83 Market Street
Pocklington
YO42 2AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04734600
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,826 4,240
Tangible Assets 5 1,922 1,874
4,748 6,114
CURRENT ASSETS
Stocks 6 - 600
Debtors 7 25,296 274,180
Cash at bank and in hand 381,797 539,383
407,093 814,163
Creditors: Amounts Falling Due Within One Year 8 (239,980 ) (549,246 )
NET CURRENT ASSETS (LIABILITIES) 167,113 264,917
TOTAL ASSETS LESS CURRENT LIABILITIES 171,861 271,031
Creditors: Amounts Falling Due After More Than One Year 9 (1,769 ) (12,231 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (365 ) -
NET ASSETS 169,727 258,800
CAPITAL AND RESERVES
Called up share capital 10 70 70
Profit and Loss Account 169,657 258,730
SHAREHOLDERS' FUNDS 169,727 258,800
Page 1
Page 2
For the year ending 31 March 2025 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
Mrs Jacquie Garvey
Director
21 November 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
LGS Projects Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04734600 . The registered office is Unit Y15 Handley Park,, Elvington Industrial Estate, Elvington, York, YO41 4AR.
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
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.
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2.6. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 6)
6 6
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 April 2024 14,136
As at 31 March 2025 14,136
Amortisation
As at 1 April 2024 9,896
Provided during the period 1,414
As at 31 March 2025 11,310
Net Book Value
As at 31 March 2025 2,826
As at 1 April 2024 4,240
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 6,390 15,966 22,356
Additions 634 470 1,104
As at 31 March 2025 7,024 16,436 23,460
Depreciation
As at 1 April 2024 5,343 15,139 20,482
Provided during the period 526 530 1,056
As at 31 March 2025 5,869 15,669 21,538
Net Book Value
As at 31 March 2025 1,155 767 1,922
As at 1 April 2024 1,047 827 1,874
6. Stocks
2025 2024
£ £
Stock - 600
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 24,754 168,382
Other debtors 542 105,798
25,296 274,180
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 7,470 263,813
Bank loans and overdrafts 10,462 38,449
Other creditors 155,946 82,793
Taxation and social security 66,102 164,191
239,980 549,246
Page 5
Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 1,769 12,231
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 70 70
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