Company Registration No. 07047526 (England and Wales)
LATERAL DESIGN PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
LATERAL DESIGN PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LATERAL DESIGN PROJECTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,597
2,136
Current assets
Debtors
5
388
1,381
Cash at bank and in hand
26,162
23,028
26,550
24,409
Creditors: amounts falling due within one year
6
(13,844)
(10,615)
Net current assets
12,706
13,794
Total assets less current liabilities
14,303
15,930
Creditors: amounts falling due after more than one year
7
(9,750)
(14,700)
Net assets
4,553
1,230
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,553
230
Total equity
4,553
1,230
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 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
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 24 May 2023
Mr S W Pugh
Director
LATERAL DESIGN PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
Company Registration No. 07047526
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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 amounts 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', atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the 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 cost, 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 2023
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 (2022 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
20,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
20,000
Carrying amount
At 31 March 2023
At 31 March 2022
LATERAL DESIGN PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2022 and 31 March 2023
8,204
Depreciation and impairment
At 1 April 2022
6,068
Depreciation charged in the year
539
At 31 March 2023
6,607
Carrying amount
At 31 March 2023
1,597
At 31 March 2022
2,136
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
388
1,381
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,500
4,050
Corporation tax
7,900
5,535
Other creditors
1,444
1,030
13,844
10,615
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,750
14,700
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000