Land & Marine Trimmers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC333817 (Scotland)

LAND & MARINE TRIMMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G A Williams

D E James

REGISTERED OFFICE:

1 Exchange Crescent

Conference Square

Edinburgh

Lothian

EH3 8AN

REGISTERED NUMBER:

SC333817 (Scotland)

FIXED ASSETS

Tangible assets

4

5,535

6,919

CURRENT ASSETS

Stocks

5

12,000

10,000

Debtors

6

60,122

62,762

Cash at bank

24,107

13,959

96,229

86,721

CREDITORS

Amounts falling due within one year

7

(45,306

)

(49,612

)

NET CURRENT ASSETS

50,923

37,109

TOTAL ASSETS LESS CURRENT LIABILITIES

56,458

44,028

PROVISIONS FOR LIABILITIES

(1,052

)

(1,315

)

NET ASSETS

55,406

42,713

CAPITAL AND RESERVES

Called up share capital

8

103

103

Retained earnings

55,303

42,610

SHAREHOLDERS' FUNDS

55,406

42,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 February 2019 and were signed on its behalf by:

G A Williams - Director

1.	STATUTORY INFORMATION

Land & Marine Trimmers Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section

1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act

2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of specialist upholstery and trimmings is recognised when significant risks and rewards

of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it

is probable that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of

the goods.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes

all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences.

Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the

employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that

service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are

expensed as they become payable.

Debtors and creditors receivable / payable within one year

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 November 2017

and 31 October 2018

7,144

8,650

15,794

DEPRECIATION

At 1 November 2017

4,471

4,404

8,875

Charge for year

535

849

1,384

At 31 October 2018

5,006

5,253

10,259

NET BOOK VALUE

At 31 October 2018

2,138

3,397

5,535

At 31 October 2017

2,673

4,246

6,919

5.

STOCKS

2018

2017

£

£

Stocks

12,000

10,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

57,999

60,919

Prepayments and accrued income

2,123

1,843

60,122

62,762

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

25,640

26,013

Amounts owed to group undertakings

1,667

6,397

Tax

3,332

3,028

Social security and other taxes

1,073

1,733

Pension control

50

60

VAT

7,291

5,924

Directors' current accounts

-

1,823

Accruals and deferred income

6,253

4,634

45,306

49,612

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

1

100

100

3

Ordinary A-J

3

3

3

103

103