Lo Carbon Ltd 31/03/2023 iXBRL

Lo Carbon Ltd 31/03/2023 iXBRL

LO CARBON LTD - Company Information

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Company registration number: 11611908
Lo Carbon Ltd
Unaudited filleted financial statements
31 March 2023
LO CARBON LTD
DIRECTORS AND OTHER INFORMATION
Director Mr J Roome
Company number 11611908
Registered office Rosemead
Exeter Road
Braunton
Devon
EX33 2BJ
Accountants Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
LO CARBON LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
31/03/23 31/10/21
Note £ £ £ £
Fixed assets
Tangible assets 5 61,304 38,005
_______ _______
61,304 38,005
Current assets
Debtors 6 12,643 20,193
Cash at bank and in hand 67,860 26,592
_______ _______
80,503 46,785
Creditors: amounts falling due
within one year 7 ( 39,928) ( 26,530)
_______ _______
Net current assets 40,575 20,255
_______ _______
Total assets less current liabilities 101,879 58,260
Creditors: amounts falling due
after more than one year 8 ( 48,004) ( 51,771)
Provisions for liabilities ( 15,326) -
_______ _______
Net assets 38,549 6,489
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 9 38,548 6,488
_______ _______
Shareholder funds 38,549 6,489
_______ _______
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:
Mr J Roome
Director
Company registration number: 11611908
LO CARBON LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rosemead, Exeter Road, Braunton, Devon, EX33 2BJ.
Principal activity
The principal activity of the company is that of engineering services for energy efficient equipment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2021 4,829 7,841 45,352 58,022
Additions 1,536 2,652 50,380 54,568
Disposals - - ( 17,500) ( 17,500)
_______ _______ _______ _______
At 31 March 2023 6,365 10,493 78,232 95,090
_______ _______ _______ _______
Depreciation
At 1 November 2021 1,231 3,175 15,611 20,017
Charge for the year 1,274 2,099 15,646 19,019
Disposals - - ( 5,250) ( 5,250)
_______ _______ _______ _______
At 31 March 2023 2,505 5,274 26,007 33,786
_______ _______ _______ _______
Carrying amount
At 31 March 2023 3,860 5,219 52,225 61,304
_______ _______ _______ _______
At 31 October 2021 3,598 4,666 29,741 38,005
_______ _______ _______ _______
6. Debtors
31/03/23 31/10/21
£ £
Trade debtors 5,943 15,664
Other debtors 6,700 4,529
_______ _______
12,643 20,193
_______ _______
7. Creditors: amounts falling due within one year
31/03/23 31/10/21
£ £
Bank loans and overdrafts 6,000 -
Trade creditors 10,377 10,379
Accruals and deferred income 2,000 800
Social security and other taxes 10,052 8,521
Other creditors 11,499 6,830
_______ _______
39,928 26,530
_______ _______
Included in other creditors are hire purchase liabilities of £4,668 (2021 : £5,809) which are secured against the asset to which they relate.
8. Creditors: amounts falling due after more than one year
31/03/23 31/10/21
£ £
Bank loans and overdrafts 13,000 27,508
Other creditors 35,004 24,263
_______ _______
48,004 51,771
_______ _______
Included in other creditors are hire purchase liabilities of £35,004 (2021 : £24,263) which are secured against the asset to which they relate.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/03/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 435) 21,704 ( 17,500) 3,769
_______ _______ _______ _______
Year ended 31/10/21
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director - 6,565 ( 7,000) ( 435)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.