Company Registration No. 07047526 (England and Wales)
LATERAL DESIGN PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
LATERAL DESIGN PROJECTS LIMITED
COMPANY INFORMATION
Director
Mr S W Pugh
Company number
07047526
Registered office
13 Aubyns Wood Avenue
Ashley
Tiverton
Devon
EX16 5DE
Accountants
Aspen Waite South West
21 Bampton Street
Tiverton
Devon
EX16 6AA
LATERAL DESIGN PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LATERAL DESIGN PROJECTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,136
86
Current assets
Debtors
5
1,381
20,959
Cash at bank and in hand
23,028
1,397
24,409
22,356
Creditors: amounts falling due within one year
6
(10,615)
(4,489)
Net current assets
13,794
17,867
Total assets less current liabilities
15,930
17,953
Creditors: amounts falling due after more than one year
7
(14,700)
(16,913)
Net assets
1,230
1,040
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
230
40
Total equity
1,230
1,040
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 26 May 2022
Mr S W Pugh
Director
LATERAL DESIGN PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
Company Registration No. 07047526
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Lateral Design Projects Limited is a
private
company
limited by shares
incorporated in
England and Wales within the United Kingdom
.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Going concern
Following the global impact of 'Covid-19', a
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover
represents amounts receivable for services.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1
).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
20,000
Amortisation and impairment
At 1 April 2021 and 31 March 2022
20,000
Carrying amount
At 31 March 2022
At 31 March 2021
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2021
8,190
Additions
2,589
Disposals
(2,575)
At 31 March 2022
8,204
Depreciation and impairment
At 1 April 2021
8,104
Depreciation charged in the year
539
Eliminated in respect of disposals
(2,575)
At 31 March 2022
6,068
Carrying amount
At 31 March 2022
2,136
At 31 March 2021
86
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,381
1,530
Other debtors
19,429
1,381
20,959
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
4,050
3,338
Corporation tax
5,535
Other creditors
1,030
1,151
10,615
4,489
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
14,700
16,913
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr S W Pugh -
-
19,428
(19,428)
-
19,428
(19,428)
-