Lempress Construction Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07014356 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

LEMPRESS CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A G L Bufton Esq

Mrs C M Bufton

REGISTERED OFFICE:

Number 5

The Business Quarter

Eco Park Road

Ludlow

Shropshire

SY8 1FD

REGISTERED NUMBER:

07014356 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

Number 5

The Business Quarter

Eco Park Road

Ludlow

Shropshire

SY8 1FD

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

86,513

116,733

Investment property

7

485,972

485,972

572,485

602,705

CURRENT ASSETS

Stocks

66,062

67,897

Debtors

8

118,302

131,537

Cash at bank

567,581

446,535

751,945

645,969

CREDITORS

Amounts falling due within one year

9

104,600

79,886

NET CURRENT ASSETS

647,345

566,083

TOTAL ASSETS LESS CURRENT LIABILITIES

1,219,830

1,168,788

CREDITORS

Amounts falling due after more than one year

10

(58,981

)

(78,147

)

PROVISIONS FOR LIABILITIES

(21,628

)

(22,179

)

NET ASSETS

1,139,221

1,068,462

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,139,121

1,068,362

SHAREHOLDERS' FUNDS

1,139,221

1,068,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:

Mrs C M Bufton - Director

1.	STATUTORY INFORMATION

Lempress Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Turnover

Turnover represents net invoiced work done and services provided, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

40,000

AMORTISATION

At 1 April 2022

and 31 March 2023

40,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

15,640

145,846

7,575

169,061

Additions

2,037

-

1,857

3,894

At 31 March 2023

17,677

145,846

9,432

172,955

DEPRECIATION

At 1 April 2022

7,883

39,107

5,338

52,328

Charge for year

1,469

31,327

1,318

34,114

At 31 March 2023

9,352

70,434

6,656

86,442

NET BOOK VALUE

At 31 March 2023

8,325

75,412

2,776

86,513

At 31 March 2022

7,757

106,739

2,237

116,733

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

485,972

NET BOOK VALUE

At 31 March 2023

485,972

At 31 March 2022

485,972

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

108,665

96,016

Other debtors

8,680

22,497

Directors' current accounts

-

12,121

Prepayments

957

903

118,302

131,537

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

9,166

9,166

Trade creditors

2,545

7,175

Corporation tax

41,579

14,752

Social security and other taxes

5,411

5,266

VAT

21,848

28,594

Other creditors

-

2,383

Directors' current accounts

11,381

-

Accrued expenses

2,670

2,550

104,600

79,886

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

21,667

31,667

Hire purchase contracts

37,314

46,480

58,981

78,147

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

A G L Bufton Esq and Mrs C M Bufton

Balance outstanding at start of year

12,121

39,013

Amounts advanced

-

52,731

Amounts repaid

(12,121

)

(79,623

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

12,121

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lempress Construction Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lempress Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lempress Construction Limited and state those matters that we have agreed to state to the Board of Directors of Lempress Construction Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lempress Construction Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lempress Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lempress Construction Limited. You consider that Lempress Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lempress Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co. Limited

Chartered Accountants

Number 5

The Business Quarter

Eco Park Road

Ludlow

Shropshire

SY8 1FD

1 September 2023