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Unaudited Financial Statements for the Year Ended 31 May 2022 |
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Lambs Car & Commercial Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2022 |
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for |
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Lambs Car & Commercial Ltd |
Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Lambs Car & Commercial Ltd |
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Company Information |
for the Year Ended 31 May 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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6 Station View |
Bramhall Moor Lane |
Hazel Grove |
Stockport |
Cheshire |
SK7 5ER |
Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Balance Sheet |
31 May 2022 |
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31.5.22 | 31.5.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Balance Sheet - continued |
31 May 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
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1. | STATUTORY INFORMATION |
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Lambs Car & Commercial Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
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A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2021 |
and 31 May 2022 |
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AMORTISATION |
At 1 June 2021 |
and 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2021 |
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Additions |
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Disposals |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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The net book value of assets held under a hire purchase lease totalled £57,750 at the year end. The charge for the year on those assets was £19,250. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.22 | 31.5.21 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Lambs Car & Commercial Ltd (Registered number: 03582368) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.22 | 31.5.21 |
£ | £ |
Hire purchase contracts | 44,200 | - |
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Hire purchase creditors are secured against the relevant asset. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Included within creditors are amount owed to the directors of: £8,355 (2021: £12,855). |