Lam Plan Industries Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03561850 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2023

FOR

LAM PLAN INDUSTRIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

40,011

34,013

CURRENT ASSETS

Stocks

160,552

170,473

Debtors

6

206,330

188,528

Cash at bank and in hand

502,432

509,297

869,314

868,298

CREDITORS

Amounts falling due within one year

7

106,485

85,957

NET CURRENT ASSETS

762,829

782,341

TOTAL ASSETS LESS CURRENT LIABILITIES

802,840

816,354

PROVISIONS FOR LIABILITIES

9

9,863

5,878

NET ASSETS

792,977

810,476

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

792,877

810,376

SHAREHOLDERS' FUNDS

792,977

810,476

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:

Mr J Broad - Director

1.	STATUTORY INFORMATION

Lam Plan Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03561850

Registered office:

Unit 5

Pettings Court Farm

Hodsoll Street

Sevenoaks

Kent

TN15 7LH

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

25% straight line

Fixtures and fittings

-

25% straight line

Motor vehicles

-

25% straight line

Equipment

-

25% straight line

All fixed assets are initially recorded at cost.

Stocks

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 October 2022

12,413

155,147

16,943

Additions

-

18,426

3,018

Disposals

-

(9,950

)

-

At 30 September 2023

12,413

163,623

19,961

DEPRECIATION

At 1 October 2022

9,930

148,404

15,964

Charge for year

2,483

4,725

1,215

Eliminated on disposal

-

(9,950

)

-

At 30 September 2023

12,413

143,179

17,179

NET BOOK VALUE

At 30 September 2023

-

20,444

2,782

At 30 September 2022

2,483

6,743

979

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1 October 2022

31,559

27,219

243,281

Additions

-

1,564

23,008

Disposals

-

-

(9,950

)

At 30 September 2023

31,559

28,783

256,339

DEPRECIATION

At 1 October 2022

8,547

26,423

209,268

Charge for year

7,890

697

17,010

Eliminated on disposal

-

-

(9,950

)

At 30 September 2023

16,437

27,120

216,328

NET BOOK VALUE

At 30 September 2023

15,122

1,663

40,011

At 30 September 2022

23,012

796

34,013

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

187,507

171,089

Directors' current accounts

944

1,706

Tax

5,331

-

Prepayments and accrued income

12,548

15,733

206,330

188,528

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

88,372

58,243

Corporation tax

-

9,882

PAYE and social security

6,815

10,342

Pensions

1,012

1,281

VAT

6,311

1,435

Other creditors

429

808

Accruals and deferred income

3,546

3,966

106,485

85,957

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

12,175

12,175

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

9,863

5,878

Deferred

tax

£

Balance at 1 October 2022

5,878

Provided during year

3,985

Balance at 30 September 2023

9,863

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023

2022

£

£

Mr J Broad

Balance outstanding at start of year

1,706

6,482

Amounts advanced

-

1,797

Amounts repaid

(762

)

(6,573

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

944

1,706

Included in debtors is a director's overdrawn current account balance of £944 (2022: £1,706) This account is interest free and repayable on demand.