Lansgrove Limited Filleted accounts for Companies House (small and micro)

Lansgrove Limited Filleted accounts for Companies House (small and micro)

LANSGROVE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09096325
Lansgrove Limited
Filleted Unaudited Financial Statements
31 October 2018
Lansgrove Limited
Statement of Income and Retained Earnings
Year ended 31 October 2018
2018
2017
Note
£
£
Turnover
8,484,599
5,602,107
Cost of sales
6,764,524
4,445,925
------------
------------
Gross profit
1,720,075
1,156,182
Administrative expenses
1,201,197
811,932
------------
------------
Operating profit
518,878
344,250
Other interest receivable and similar income
731
573
Interest payable and similar expenses
19,192
–
------------
------------
Profit before taxation
500,417
344,823
Tax on profit
98,937
70,888
---------
---------
Profit for the financial year and total comprehensive income
401,480
273,935
---------
---------
All the activities of the company are from continuing operations.
Lansgrove Limited
Statement of Financial Position
31 October 2018
2018
2017
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,629
8,130
Current assets
Debtors
6
1,782,401
1,119,847
Cash at bank and in hand
861,414
595,709
------------
------------
2,643,815
1,715,556
Creditors: amounts falling due within one year
7
2,130,099
1,392,821
------------
------------
Net current assets
513,716
322,735
---------
---------
Total assets less current liabilities
519,345
330,865
---------
---------
Net assets
519,345
330,865
---------
---------
Capital and reserves
Called up share capital
8
600
600
Profit and loss account
518,745
330,265
---------
---------
Shareholders funds
519,345
330,865
---------
---------
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'.
For the year ending 31 October 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 .
Lansgrove Limited
Statement of Financial Position (continued)
31 October 2018
These financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:
Mr G M R Plant
Mr S Rodell
Director
Director
Mr R Gorton
Director
Company registration number: 09096325
Lansgrove Limited
Notes to the Financial Statements
Year ended 31 October 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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.
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:
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2017: 11 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 November 2017 and 31 October 2018
16,200
4,332
20,532
--------
-------
--------
Depreciation
At 1 November 2017
9,450
2,952
12,402
Charge for the year
1,688
813
2,501
--------
-------
--------
At 31 October 2018
11,138
3,765
14,903
--------
-------
--------
Carrying amount
At 31 October 2018
5,062
567
5,629
--------
-------
--------
At 31 October 2017
6,750
1,380
8,130
--------
-------
--------
6. Debtors
2018
2017
£
£
Trade debtors
1,726,898
1,047,619
Other debtors
55,503
72,228
------------
------------
1,782,401
1,119,847
------------
------------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,972,801
1,269,097
Accruals and deferred income
12,651
3,500
Corporation tax
98,937
70,888
Social security and other taxes
44,474
33,614
Obligations under finance leases and hire purchase contracts
–
2,400
Director loan accounts
1,236
13,322
------------
------------
2,130,099
1,392,821
------------
------------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary A shares of £ 1 each
300
300.00
300
300.00
Ordinary B shares of £ 1 each
300
300.00
300
300.00
----
--------
----
--------
600
600.00
600
600.00
----
--------
----
--------
9. Related party transactions
At the year end the company owed the directors £1,236 (2017: £13,322). This loan balance is interest free and included within creditors.