Liscomb Limited 31/07/2023 iXBRL

Liscomb Limited 31/07/2023 iXBRL

LISCOMB LIMITED - Company Information

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Company registration number: 06364628
Liscomb Limited
Unaudited filleted financial statements
31 July 2023
Liscomb Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Liscomb Limited
Directors and other information
Directors Mr M W Seaman-Hill
Mr J J Hill
Mr P K Shadbolt (Resigned 13 March 2023)
Mr T W Shadbolt (Appointed 13 March 2023)
Mr M A Shadbolt (Appointed 13 March 2023)
Secretary Mr J J Hill
Company number 06364628
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountants Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Liscomb Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Liscomb Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Liscomb Limited for the year ended 31 July 2023 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Liscomb Limited, as a body, in accordance with the terms of our engagement letter dated 18 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Liscomb Limited and state those matters that we have agreed to state to the board of directors of Liscomb Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Liscomb Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Liscomb 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 loss of Liscomb Limited. You consider that Liscomb 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 Liscomb 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.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
5 January 2024
Liscomb Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 201,000 201,000
_______ _______
201,000 201,000
Creditors: amounts falling due
within one year 5 ( 5,065) ( 3,606)
_______ _______
Net current liabilities ( 5,065) ( 3,606)
_______ _______
Total assets less current liabilities 195,935 197,394
_______ _______
Net assets 195,935 197,394
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account ( 4,065) ( 2,606)
_______ _______
Shareholders funds 195,935 197,394
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 January 2024 , and are signed on behalf of the board by:
Mr J J Hill Mr T W Shadbolt
Director Director
Company registration number: 06364628
Liscomb Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
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.
Turnover
Turnover represents income from fixed asset investments.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2022 and 31 July 2023 201,000 201,000
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 201,000 201,000
_______ _______
At 31 July 2022 201,000 201,000
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 5,065 3,606
_______ _______
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Messrs John Shilcock - Agent fees - ( 188) ( 1,500) ( 1,500)
_______ _______ _______ _______
At 31 July 2023 £ 1,165 (2022 £ 1,116 ) was owed to Messrs John Shilcock , a partnership in which certain directors have an interest. The amount owed represents the net of dividends collected by Messrs John Shilcock as managing agents, and expenses defrayed. The amount is unsecured, interest free and repayable on demand.
7. Controlling party
T he directors and their family members indirectly via their family companies own 80% of the share capital and therefore control the Company.