Features Landscape Design Limited Filleted accounts for Companies House (small and micro)

FEATURES LANDSCAPE DESIGN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07326801

Features Landscape Design Limited

Filleted Unaudited Financial Statements

30 June 2018

Features Landscape Design Limited

Abridged Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		5,852	5,299

Current assets

Debtors	241,766	216,305
Cash at bank and in hand	352,321	307,850
	---------	---------
	594,087	524,155

Creditors: amounts falling due within one year	449,884		100,142
	---------		---------
Net current assets		144,203	424,013
		---------	---------
Total assets less current liabilities		150,055	429,312

Provisions

Pensions and similar obligations	–		360,000
Taxation including deferred tax	921		1,007
	----		---------
		921	361,007
		---------	---------
Net assets		149,134	68,305
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	149,132	68,303
	---------	--------
Shareholders funds	149,134	68,305
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Features Landscape Design Limited

Abridged Statement of Financial Position (continued)

30 June 2018

These financial statements were approved by the board of directors and authorised for issue on 28 March 2019 , and are signed on behalf of the board by:

Mr. D S Charlesworth	Mr. D S Furniss
Director	Director

Company registration number: 07326801

Features Landscape Design Limited

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Hillside, Vinegar Hill, Walk Mill, Eccleshall, ST21 6ER.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Trust

The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the Company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. The value transferred will be charged in the Company’s profit and loss account for the year to which it relates.

Pensions

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income.

Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	£
Cost
At 1 July 2017	25,340
Additions	4,143
	--------
At 30 June 2018	29,483
	--------
Depreciation
At 1 July 2017	20,041
Charge for the year	3,590
	--------
At 30 June 2018	23,631
	--------
Carrying amount
At 30 June 2018	5,852
	--------
At 30 June 2017	5,299
	--------

6. Employer pension obligations

Employer Pension Obligations

The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £352,000 was on 30 June 2018. During the year the expense incurred was £366,000

The principal assumptions used are:

- Discount rate – 2.7%

- Inflation RPI – 3.0%

- Inflation CPI – 1.9%

- Pre and Post Retirement mortality – S2PA tables with improvements in the CMI 2016 model and a long term rate of improvement of 1.25%

2018

Present value of defined benefit obligations £352,000

Fair value of scheme assets £0

Liability recognised in the balance sheet £352,000

Movements in the present value of the defined benefit obligations were as follows:

2018

At the beginning of the year £0

Current service cost £360,000

Interest cost £6,000

Actuarial gains (£14,000)

At the end of the year £352,000

7. Pension provision

		2018
		£
	Provision created during year	360,000
	Closing balance	360,000

The provision represents the directors' best estimate of the present value of the cost to the Company due to the obligation in the financial period. A formal decision regarding the amount and its form will be taken at some point after the reporting period end.

8. Events after the end of the reporting period

There were no material events up to 28 March 2019, being the date of approval of the financial statements by the board.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr. D S Charlesworth	2,627	1,309	–	3,936
Mr. D S Furniss	2,372	1,309	–	3,681
	-------	-------	----	-------
	4,999	2,618	–	7,617
	-------	-------	----	-------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr. D S Charlesworth	( 6,168)	2,627	6,168	2,627
Mr. D S Furniss	( 6,654)	2,373	6,654	2,373
	--------	-------	--------	-------
	( 12,822)	5,000	12,822	5,000
	--------	-------	--------	-------

10. Related party transactions

During the period dividends amounting to £35,000 (2017: £28,000) were paid to companies under the control of the directors of the company.

11. Ultimate controlling party

The company is under the ultimate control of the directors by virtue of their ability to act in concert in the respect of the operating and financial policies of the company.