Lavignac Securities Limited - Accounts to registrar (filleted) - small 18.2

LAVIGNAC SECURITIES LIMITED

Unaudited Financial Statements

for the Year Ended 31 July 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Terje Andre Width

Gregory Sean Miller-Cheevers

Registered office:

Titchfield House

69-85 Tabernacle Street

London

EC2A 4RR

Registered number:

08162968 (England and Wales)

Current assets

Debtors

6

140,435

280,568

Cash at bank and in hand

153

2,976

140,588

283,544

Creditors

Amounts falling due within one year

7

635,448

507,563

Net current liabilities

(494,860

)

(224,019

)

Total assets less current liabilities

(494,860

)

(224,019

)

Capital and reserves

Called up share capital

8

1

1

Retained earnings

9

(494,861

)

(224,020

)

Shareholders' funds

(494,860

)

(224,019

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 March 2019 and were signed on its behalf by:

Gregory Sean Miller-Cheevers - Director

1.	Statutory information

Lavignac Securities 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.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

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

Set out below is a summary of the principal accounting policies, all of which have been applied consistently

(except as otherwise stated).

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and

assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates

and assumptions are based on the best and most reliable evidence available at the time when the decisions are

made, and are based on historical experience and other factors that are considered to be applicable. Due to the

inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and

outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised, if the revision affects only that period,

or in the period of the revision and future periods, if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The critical judgement that the director has made in the process of applying the Company's accounting policies

that have the most significant effect on the amounts recognised in the statutory financial statements are

discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment assets, the directors have considered both

external and internal sources of information such as market conditions, counterparty credit ratings and

experience of recoverability. There have been no indicators or impairments identified during the current

financial year.

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Taxation

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 year 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.

Going concern

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

The current economic conditions present increased risks for all businesses. In response to such conditions, the

directors have carefully considered these risks including an assessment of future trading prospects for a period

of at least 12 months from the date of signing the financial statements, and the extent to which they might

affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity,

sufficient to meet the demands of the business including any capital and servicing obligations and external

debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider

that the Company is not exposed to losses on these assets which would affect their decision to adopt the going

concern basis.

The directors have a reasonable expectation that the Company has adequate resources to continue in

operational existence for the foreseeable future and that there are no material uncertainties that lead to

significant doubts upon the Company's ability to continue as a going concern. Thus the directors have

continued to adopt the going concern basis of accounting in preparing these financial statements

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it

is probably that the obligation will be required to be settled, and a reliable estimate can be made of the amount

of the obligation. The amount recognised as a provision is the best estimate of the consideration required to

settle the present obligation at the end of the reporting taking into account the risks and uncertainties

surrounding the obligation. Provisions are discounted when the time value of money is material.

Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions

of the financial instrument. The Company holds financial instruments which comprise cash and cash

equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings.

The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12

Other Financial Instruments in full.

Financial assets / liabilities - classified as basic financial instruments

(i) Cash and cash equivalents

This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with

original maturities of three months or less.

(ii) Trade and other receivables

Trade and other receivables are initially recognised at the transaction price, including any transaction costs,

and subsequently measured at amortised cost including the effective interest method, less any provision for

impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash

expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that an

receivable amount may be impaired. A provision for impairment is established when there is objective evidence

that the Company will not be able to collect all amounts due according to the original terms of the receivables.

The amount of the provision is the difference between the asset's carrying amount and the present value of the

estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised

immediately in profit or loss.

(iii) Trade and other payables and loans and borrowings

Trade and other payables and loans and borrowings are initially measured at the transaction price, including

any transaction costs.

4.	Employees and directors

The average number of employees during the year was 1 (2017 - 3 ) .

5.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 August 2017

and 31 July 2018

5,477

Depreciation

At 1 August 2017

and 31 July 2018

5,477

Net book value

At 31 July 2018

-

At 31 July 2017

-

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Amounts owed by group undertakings

47,000

-

Other debtors

93,435

280,568

140,435

280,568

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

20,450

24,309

Amounts owed to group undertakings

32,900

-

Taxation and social security

-

12,754

Other creditors

582,098

470,500

635,448

507,563

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1

Ordinary

£1

1

1

9.

Reserves

Retained

earnings

£

At 1 August 2017

(224,020

)

Deficit for the year

(270,841

)

At 31 July 2018

(494,861

)

10.	Related party disclosures

Included in debtors is a balance of £nil (2017 - £20,070) which is due from connected company Langeac

Limited. The companies are connected through the director Gregory Miller-Cheevers.

Included in debtors is a balance of £nil (2017 - £90,665) which is due from connected company Lavergne

Limited. The companies are connected through the director Gregory Miller-Cheevers.

Included in debtors is a balance of £nil (2017 - £41,553) which is due from connected company Lugarde

Limited. The companies are connected through the director Gregory Miller-Cheevers.

Included in debtors is a balance of £2,300 (2017 - £2,300) which is due from connected company Bridgend

Golf Club Limited. The companies are connected through the director Gregory Miller-Cheevers.

Included in debtors is a balance of £40,000 (2017 - £40,000) which is due from the director Douglas West.

Included in debtors is a balance of £40,000 (2017 - £25,000) which is due from the director Terje Width.

Included in creditors is a balance of £511,093 (2017 - £9,546) which is due to the director Gregory

Miller-Cheevers.

Included in creditors is a balance of £62,505 (2017 - £412,187) which is due to connected company Three

Mills Stratford Limited. The companies are connected through the director Gregory Miller-Cheevers.