Lightwater Business Development Limited 31/12/2023 iXBRL

Lightwater Business Development Limited 31/12/2023 iXBRL

LIGHTWATER BUSINESS DEVELOPMENT LTD - Company Information

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Company registration number: 08656194
Lightwater Business Development Limited
Unaudited filleted financial statements
31 December 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Lightwater Business Development Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Lightwater Business Development Limited
Directors and other information
Director S D Treasure
Company number 08656194
Registered office 17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Lightwater Business Development Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Lightwater Business Development Limited
Year ended 31 December 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 Lightwater Business Development Limited for the year ended 31 December 2023 which comprise the Balance sheet 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 director of Lightwater Business Development Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lightwater Business Development Limited and state those matters that we have agreed to state to them, 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 Lightwater Business Development Limited and its director as a body for our work or for this report.
It is your duty to ensure that Lightwater Business Development 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 Lightwater Business Development Limited. You consider that Lightwater Business Development 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 Lightwater Business Development 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.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
19 February 2024
Lightwater Business Development Limited
Balance sheet
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,892 3,856
Investments 6 24,000 24,000
_______ _______
26,892 27,856
Current assets
Debtors 7 98 1,150
Cash at bank and in hand 68,814 42,147
_______ _______
68,912 43,297
Creditors: amounts falling due
within one year 8 ( 33,723) ( 27,773)
_______ _______
Net current assets 35,189 15,524
_______ _______
Total assets less current liabilities 62,081 43,380
Creditors: amounts falling due
after more than one year 9 ( 4,817) ( 8,217)
Provisions for liabilities ( 549) ( 733)
_______ _______
Net assets 56,715 34,430
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 56,714 34,429
_______ _______
Shareholders funds 56,715 34,430
_______ _______
For the year ending 31 December 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 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 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
S D Treasure
Director
Company registration number: 08656194
Lightwater Business Development Limited
Notes to the financial statements
Year ended 31 December 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 17 Central Buildings, Market Place, Thirsk, North Yorkshire, YO7 1HD.The principal activity of the company is that of business consultancy.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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:
Fittings fixtures and equipment - 25 % reducing balance
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.
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.
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 Balance sheet 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 7,389 7,389
_______ _______
Depreciation
At 1 January 2023 3,533 3,533
Charge for the year 964 964
_______ _______
At 31 December 2023 4,497 4,497
_______ _______
Carrying amount
At 31 December 2023 2,892 2,892
_______ _______
At 31 December 2022 3,856 3,856
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2023 and 31 December 2023 24,000 24,000
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 24,000 24,000
_______ _______
At 31 December 2022 24,000 24,000
_______ _______
7. Debtors
2023 2022
£ £
Other debtors 98 1,150
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,400 3,400
Trade creditors - 1,380
Corporation tax 11,654 9,213
Social security and other taxes 15,894 11,761
Other creditors 2,775 2,019
_______ _______
33,723 27,773
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 4,817 8,217
_______ _______
10. Related party transactions
At the year end an amount of £1,525 was due to the director in respect of his director's current account (2022 £819).