Lol Summers Joinery Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01649646 (England and Wales)

Lol Summers Joinery Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L R Summers

SECRETARY:

Mrs M J Summers

REGISTERED OFFICE:

Barlow Road

Aldermans Industrial Estate

Coventry

West Midlands

CV2 2LD

REGISTERED NUMBER:

01649646 (England and Wales)

ACCOUNTANTS:

Haines Watts

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

406,665

231,009

CURRENT ASSETS

Stocks

11,620

22,700

Debtors

5

297,559

91,143

Cash in hand

64

64

309,243

113,907

CREDITORS

Amounts falling due within one year

6

468,415

152,207

NET CURRENT LIABILITIES

(159,172

)

(38,300

)

TOTAL ASSETS LESS CURRENT LIABILITIES

247,493

192,709

CREDITORS

Amounts falling due after more than one year

7

(27,553

)

(52,412

)

PROVISIONS FOR LIABILITIES

(64,039

)

(31,385

)

NET ASSETS

155,901

108,912

CAPITAL AND RESERVES

Called up share capital

9

55

55

Capital redemption reserve

45

45

Retained earnings

155,801

108,812

SHAREHOLDERS' FUNDS

155,901

108,912

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 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 Income Statement has not been delivered.

The financial statements were approved by the director on 19 July 2019 and were signed by:

L R Summers - Director

1.	STATUTORY INFORMATION

Lol Summers Joinery Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

628,840

Additions

246,500

At 31 October 2018

875,340

DEPRECIATION

At 1 November 2017

397,831

Charge for year

70,844

At 31 October 2018

468,675

NET BOOK VALUE

At 31 October 2018

406,665

At 31 October 2017

231,009

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

130,973

45,249

Other debtors

166,586

45,894

297,559

91,143

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

36,143

26,118

Hire purchase contracts

26,822

25,292

Trade creditors

399,361

75,366

Taxation and social security

1,798

23,706

Other creditors

4,291

1,725

468,415

152,207

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

27,553

52,412

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

36,143

26,118

Hire purchase contracts

54,375

77,704

90,518

103,822

Bank loans and overdrafts are secured by way of a fixed and floating charge over the undertaking and all assets

present and future.

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

55

Ordinary

£1

55

55