Lilburn & Elliott Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10543241 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

Lilburn & Elliott Construction Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

D J Lilburn

N A Elliott

Registered office:

129 North Hill

Plymouth

Devon

PL4 8JY

Business address:

Unit 9

Torr Trade Park

Totnes

Devon

TQ7 7FA

Registered number:

10543241 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

59,624

43,332

Current assets

Stocks

75,458

7,608

Debtors

5

131,381

133,270

Cash at bank

98,449

68,811

305,288

209,689

Creditors

Amounts falling due within one year

6

143,507

144,302

Net current assets

161,781

65,387

Total assets less current liabilities

221,405

108,719

Creditors

Amounts falling due after more than one year

7

(38,004

)

(27,222

)

Provisions for liabilities

9

(4,420

)

(2,570

)

Net assets

178,981

78,927

Capital and reserves

Called up share capital

10

4

4

Retained earnings

178,977

78,923

Shareholders' funds

178,981

78,927

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 22 May 2019 and were signed on its behalf by:

N A Elliott - Director

D J Lilburn - Director

1.	STATUTORY INFORMATION

Lilburn & Elliott Construction Limited is a private company, limited by shares, registered in

England and Wales. The company's registered number, business address 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 receivable, net of discounts and

value added taxes. Turnover includes revenue earned from construction services. Turnover

from the rendering of services is recognised by the reference to the stage of completion of

the contract. The stage of completion of a contact is measured by comparing the costs

incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete

and sell. Cost is determined using the first in first out method. The carrying amount of stock

sold is recognised as an expense in the period in which the related revenue is recognised.

Work in progress is recognised at cost plus attributable profit where long term contracts are

involved.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

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 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

Tangible fixed assets aquired under finance leases or hire purchase contracts are

capitalised and depreciated in the same manner as other tangible fixed assets. The related

obligations, net of future finance charges, are included in creditors. Rentals paid under

operating leases are charged to income on a straight line basis over the lease term.

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.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price),

less any impairment losses for bad and doubtful debts. Loans and other financial assets are

initially recognised at transaction price including any transaction costs and subsequently

measured at amortised cost determined using the effective interest method, less any

impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any

transaction costs and subsequently measured at amortised cost determined using the

effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an

obligation at the reporting date as a result of a past event, it is probable that economic

benefit will be transferred to settle the obligation and the amount of the obligation can be

estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 January 2018

9,281

2,669

45,648

57,598

Additions

6,857

1,755

27,294

35,906

At 31 December 2018

16,138

4,424

72,942

93,504

Depreciation

At 1 January 2018

2,320

534

11,412

14,266

Charge for year

3,454

778

15,382

19,614

At 31 December 2018

5,774

1,312

26,794

33,880

Net book value

At 31 December 2018

10,364

3,112

46,148

59,624

At 31 December 2017

6,961

2,135

34,236

43,332

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

141,909

109,965

Other debtors

(10,528

)

23,305

131,381

133,270

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

14,883

8,639

Trade creditors

54,705

56,879

Taxation and social security

56,711

56,338

Other creditors

17,208

22,446

143,507

144,302

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

38,004

27,222

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

52,887

35,861

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

4,420

2,570

Deferred

tax

£

Balance at 1 January 2018

2,570

Provided during year

1,850

Balance at 31 December 2018

4,420

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary A shares

£1

2

2

2

Ordinary B shares

£1

2

2

4

4

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed the following amounts from related

parties:

Mr N Elliott (director) and his wife, Mrs Tracey Elliott owed the company £8,075. This amount

was made up of an opening balance of £8,919, total advances of £42,176 and repayments

of £43,010. The maximum amount overdrawn in the year was £8,075. No interest was

charged on this amount.

Mr D Lilburn (director) and his partner Miss Rachel Treeby owed the company £8,378. This

amount was made up of an opening balance of £8,919, total advances of £42,459 and

repayments of £43,000. The maximum amount overdrawn in the year was £8,378. No

interest was charged on this amount.

12.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by it's directors.