Leigh Tec Systems Ltd Filleted accounts for Companies House (small and micro)

LEIGH TEC SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05299359

Leigh Tec Systems Ltd

Filleted Unaudited Financial Statements

30 April 2019

Leigh Tec Systems Ltd

Financial Statements

Year ended 30 April 2019

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Leigh Tec Systems Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Leigh Tec Systems Ltd

Year ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Leigh Tec Systems Ltd for the year ended 30 April 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Leigh Tec Systems Ltd, as a body, in accordance with the terms of our engagement letter dated 1 August 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Leigh Tec Systems Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leigh Tec Systems Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Leigh Tec Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Leigh Tec Systems Ltd. You consider that Leigh Tec Systems Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Leigh Tec Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PARSONS Chartered Accountants

No 2 Silkwood Office Park Fryers Way Wakefield West Yorkshire WF5 9TJ

13 August 2019

Leigh Tec Systems Ltd

Statement of Financial Position

30 April 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	555,812	585,087

Current assets

Stocks		103,319	44,378
Debtors	6	887,896	540,051
Cash at bank and in hand		31,488	10,672
		------------	---------
		1,022,703	595,101

Creditors: amounts falling due within one year	7	742,332	457,442
		------------	---------
Net current assets		280,371	137,659
		---------	---------
Total assets less current liabilities		836,183	722,746

Creditors: amounts falling due after more than one year	8	291,622	350,107

Provisions	49,447	39,205
	---------	---------
Net assets	495,114	333,434
	---------	---------

Capital and reserves

Called up share capital	110	110
Profit and loss account	495,004	333,324
	---------	---------
Shareholders funds	495,114	333,434
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 30 April 2019 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 .

Leigh Tec Systems Ltd

Statement of Financial Position (continued)

30 April 2019

These financial statements were approved by the board of directors and authorised for issue on 13 August 2019 , and are signed on behalf of the board by:

RM Leigh

Director

Company registration number: 05299359

Leigh Tec Systems Ltd

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 4 Larsen Park, Larsen Road, Goole, DN14 6XF, East Yorkshire.

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 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:

Freehold property	-	Straight line over fifty years
Plant and machinery	-	20% reducing balance and 5% - 20% straight line
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% 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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is measured as a proportion of costs attributable to projects not complete at the year end.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2018: 23 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 May 2018	306,302	460,243	4,690	58,912	830,147
Additions	–	19,867	3,408	10,750	34,025
	---------	---------	-------	--------	---------
At 30 April 2019	306,302	480,110	8,098	69,662	864,172
	---------	---------	-------	--------	---------
Depreciation
At 1 May 2018	17,606	180,591	3,604	43,259	245,060
Charge for the year	4,126	52,900	710	5,564	63,300
	---------	---------	-------	--------	---------
At 30 April 2019	21,732	233,491	4,314	48,823	308,360
	---------	---------	-------	--------	---------
Carrying amount
At 30 April 2019	284,570	246,619	3,784	20,839	555,812
	---------	---------	-------	--------	---------
At 30 April 2018	288,696	279,652	1,086	15,653	585,087
	---------	---------	-------	--------	---------

Freehold land is included within the cost of land and buildings and is not depreciated. The directors attribute £100,000 to the cost of freehold land.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 30 April 2019	167,993	18,218	186,211
	---------	--------	---------
At 30 April 2018	199,848	13,032	212,880
	---------	--------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	848,444	506,582
Other debtors	39,452	33,469
	---------	---------
	887,896	540,051
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Loans and overdrafts	191,474	10,586
Trade creditors	290,050	220,701
Corporation tax	32,072	–
Social security and other taxes	144,493	120,619
Other creditors	84,243	105,536
	---------	---------
	742,332	457,442
	---------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Loans and overdrafts	170,648	181,550
Other creditors	120,974	168,557
	---------	---------
	291,622	350,107
	---------	---------

The mortgage loan is secured by a legal charge over the land and buildings at Anderson Road, Goole. It is also guaranteed by the directors.

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2019	2018
	£	£
Not later than 1 year	55,726	67,733
Later than 1 year and not later than 5 years	101,374	134,336
Later than 5 years	–	4,821
	---------	---------
	157,100	206,890
	---------	---------

10. Directors' advances, credits and guarantees

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

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Richardson	( 14,619)	5,779	–	( 8,840)
RM Leigh	( 3,877)	9,040	–	5,163
	--------	--------	----	-------
	( 18,496)	14,819	–	( 3,677)
	--------	--------	----	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Richardson	( 16,344)	1,725	–	( 14,619)
RM Leigh	13,266	4,362	( 21,505)	( 3,877)
	--------	-------	--------	--------
	( 3,078)	6,087	( 21,505)	( 18,496)
	--------	-------	--------	--------

11. Controlling party

The company is owned and controlled by Mr RM Leigh and Mrs C Richardson , both of whom are directors of the company.