Lime FMS Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10890160 (England and Wales)

Unaudited Financial Statements

for the Period 31 July 2017 to 31 March 2018

for

LIME FMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

J P Blasco

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

10890160 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Current assets

Debtors

4

765,991

Cash at bank

18,467

784,458

Creditors

Amounts falling due within one year

5

988,871

Net current liabilities

(204,413

)

Total assets less current liabilities

(204,413

)

Capital and reserves

Called up share capital

7

100

Retained earnings

(204,513

)

Shareholders' funds

(204,413

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 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 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 director on 21 February 2019 and were signed by:

J P Blasco - Director

1.	Statutory information

Lime Fms 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.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

At the balance sheet date, the company had net liabilities of £204,413. This was an expected result given the

first period of trade of the company. Based on trading results since the balance sheet date, the company has

shown profits and based on forecasts, this profitable trend has continued. As a result of these ongoing profits,

the financial statements have been prepared on a going concern basis.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried

out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate

as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried

out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed

off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as

accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately

prove to be uncollectable.

There is an estimation uncertainty in calculating holiday pay provision. A full review of employee holiday

allowances are reviewed and calculated. Whilst every attempt is made to ensure that the holiday pay provisions

are as accurate as possible, there remains a risk that the provisions do not match the actual costs in respect of

holiday pay.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party

to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the period 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 period 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.

3.	Employees and directors

The average number of employees during the period was 303 .

4.

Debtors: amounts falling due within one year

£

Trade debtors

648,547

Other debtors

117,444

765,991

5.

Creditors: amounts falling due within one year

£

Trade creditors

113,057

Taxation and social security

139,188

Other creditors

736,626

988,871

Other creditors includes £459,586 due to Aldermore Bank Plc as part of an invoice discounting facility. This

has been drawn down in relation to trade debtors of £648,547.

6.	Secured debts

The following secured debts are included within creditors:

£

Other creditors

459,586

On 20 December 2017, a debenture was created in favour of Aldermore Bank Plc to provide the company with

an invoice discounting facility. The charge contains a fixed, floating and negative pledge against the

company.

In addition to the above, the director has provided a loan to the company of £75,000 which cannot be drawn

upon whilst the invoice discounting facility is utilised.

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.