LGX ROOFING & CONSTRUCTION LTD
LGX ROOFING & CONSTRUCTION LTD
Registered number: 08168768
Unaudited Financial Statements
For The Year Ended
31 December 2022
LGX ROOFING & CONSTRUCTION LTD
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Page 1
LGX ROOFING & CONSTRUCTION LTD
Statement of Financial Position
As At
31 December 2022
Statement of Financial Position
Registered number:
08168768
For the year ending 31 December 2022 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 Income Statement.
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 5 |
|
|
||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
( |
||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
( |
( |
|||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
|
|
||
| Income Statement |
|
|
|||
| SHAREHOLDERS' FUNDS | 376,097 | 345,516 | |||
Page 1
Page 2
LGX ROOFING & CONSTRUCTION LTD
Statement of Financial Position (continued)
As At
31 December 2022
On behalf of the board
|
Director
|
Director
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
LGX ROOFING & CONSTRUCTION LTD
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
LGX ROOFING & CONSTRUCTION LTD
is a private company, limited by shares, incorporated in England & Wales, registered number
08168768
. The registered office is Building 53a Bay15 Third Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6 7XQ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain assets.
2.2.
Turnover
Turnover is the total amount receivable by the Company in the ordinary course of business for work executed and services provided, excluding VAT.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
|
| Computer Equipment |
|
2.4.
Leases
Where assets are financed by leasing or hire purchase agreements which give risks and rewards approximating to ownership they are treated as if they had been purchased outright on credit. They are therefore initially recorded as a fixed asset and a liability, at a sum equal to the fair value of the asset. Payments on such assets are regarded as consisting of a capital element which reduces the outstanding liability and an interest element which is charged to the profit and loss account.
2.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
2.7.
Government Grant
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 7 (2021: 7)
Page 3
Page 4
LGX ROOFING & CONSTRUCTION LTD
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
4.
Tangible Assets
| Motor Vehicles | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
|
|
|
|
| As at
|
|
|
|
| Depreciation | |||
| As at
|
|
|
|
| Provided during the period |
|
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
5.
Stocks
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Work in progress |
|
|
|
|
|
|
||
6.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 64,971 | 45,754 | |
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance leases |
|
|
|
| Trade creditors |
|
|
|
| Other creditors | 15,842 | 16,138 | |
| Taxation and social security |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance leases |
|
|
|
|
|
|
||
Hire purchase accounts amounting to £17,761 are secured by a charge on a motor vehicle with a net book value of £22,304.
Page 4
Page 5
LGX ROOFING & CONSTRUCTION LTD
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
9.
Obligations Under Finance Leases
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
10.
Share Capital
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
|
|
|
11.
Related Party Transactions
Mr L Greatrex and Mr N J Bennett are directors of the Company and each own 24% of the share capital.
Mr L Greatrex and Mr N J Bennett are directors of the Company and each own 24% of the share capital.
Mr L Greatrex and Mr N J Bennett both have a directors loan with the Company. At 31st December 2022, Mr L Greatrex was owed £2065 and Mr N Bennett was owed £1998 . No interest has been charged in respect of these loans.
Page 5