Lenson Select (U.K.) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02451475 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Lenson Select (U.K.) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Griffiths

REGISTERED OFFICE:

Brandon Way

West Bromwich

West Midlands

B70 8JA

REGISTERED NUMBER:

02451475 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

FIXED ASSETS

Property, plant and equipment

5

72,132

43,807

CURRENT ASSETS

Inventories

6

94,893

89,913

Debtors

7

303,638

485,613

Cash at bank and in hand

288,402

293,574

686,933

869,100

CREDITORS

Amounts falling due within one year

8

247,271

226,590

NET CURRENT ASSETS

439,662

642,510

TOTAL ASSETS LESS CURRENT LIABILITIES

511,794

686,317

CREDITORS

Amounts falling due after more than one year

9

(35,509

)

-

PROVISIONS FOR LIABILITIES

(17,884

)

(5,154

)

NET ASSETS

458,401

681,163

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

458,301

681,063

SHAREHOLDERS' FUNDS

458,401

681,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 March 2024 and were signed by:

S Griffiths - Director

1.	STATUTORY INFORMATION

Lenson Select (U.K.) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods and services provided, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Loans from directors

As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2022

-

28,876

92,047

120,923

Additions

600

4,820

55,675

61,095

Disposals

-

-

(25,440

)

(25,440

)

At 30 June 2023

600

33,696

122,282

156,578

DEPRECIATION

At 1 July 2022

-

25,381

51,735

77,116

Charge for year

60

831

21,370

22,261

Eliminated on disposal

-

-

(14,931

)

(14,931

)

At 30 June 2023

60

26,212

58,174

84,446

NET BOOK VALUE

At 30 June 2023

540

7,484

64,108

72,132

At 30 June 2022

-

3,495

40,312

43,807

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

55,675

At 30 June 2023

55,675

DEPRECIATION

Charge for year

13,919

At 30 June 2023

13,919

NET BOOK VALUE

At 30 June 2023

41,756

6.	INVENTORIES

30.6.23

30.6.22

£

£

Stocks

94,893

89,913

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

280,344

211,700

Amounts owed by group undertakings

1,829

257,758

Other debtors

9,630

-

Prepayments and accrued income

11,835

16,155

303,638

485,613

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts (see note 10)

11,655

-

Trade creditors

152,868

144,304

Tax

37,753

31,051

Social security and other taxes

33,950

41,289

Other creditors

361

556

Directors' current accounts

229

2,440

Accruals and deferred income

10,455

6,950

247,271

226,590

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts (see note 10)

35,509

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.6.23

30.6.22

£

£

Net obligations repayable:

Within one year

11,655

-

Between one and five years

35,509

-

47,164

-

Non-cancellable operating

leases

30.6.23

30.6.22

£

£

Within one year

21,000

21,000

Between one and five years

84,000

84,000

In more than five years

78,750

99,750

183,750

204,750

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Hire purchase contracts

47,164

-

Obligations under finance leases and hire purchase contracts are secured by the related lease assets.

There is a charge over all the issued share capital of Lenson Select (UK) Limited dated 10 June 2022 in favour of Mr. and Mrs. Crofts.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

£

100

Ordinary

£1

100

100

13.	CAPITAL COMMITMENTS

30.6.23

30.6.22

£

£

Contracted but not provided for in the

financial statements

-

-

14.	RELATED PARTY DISCLOSURES

In the year under review the company received loans from members of key management personnel and at the balance sheet date the company owed £229 (2022 - £2,440) in respect of these loans. These loans are unsecured and interest free with no specific repayment terms and is presented within creditors due within one year.

In the year under review, the company voted a dividend of £425,000 (2022 - £Nil) to a group undertaking.

At the balance sheet date the company was owed £1,829 (2022 - £257,758) by group undertakings. This debtor is unsecured and interest free with no specific repayment terms and is presented within debtors amounts falling due within one year.