Lane Cleaning Services Limited 31/05/2019 iXBRL

LANE CLEANING SERVICES LIMITED - Company Information

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Company registration number: 06219619

Lane Cleaning Services Limited

Unaudited filleted financial statements

31 May 2019

Lane Cleaning Services Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Lane Cleaning Services Limited

Directors and other information


	Director	Anthony Lane


	Secretary	Amanda Neary


	Company number	06219619


	Registered office	33 Northumberland Way
		Wythenshawe
		Manchester
		M22 4UG


	Business address	33 Northumberland Way
		Wythenshawe
		Manchester
		M22 4UG


	Accountants	Langers
		8-10 Gatley Road
		Cheadle
		Cheshire
		SK8 1PY

Lane Cleaning Services Limited

Statement of financial position

31 May 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Intangible assets	6	11,550		12,600
Tangible assets	7	99,859		13,711
		_______		_______
			111,409		26,311

Current assets
Debtors	8	93,209		106,346
Cash at bank and in hand		157,118		332,848
		_______		_______
		250,327		439,194
Creditors: amounts falling due
within one year	9	( 3,355)		( 22,641)
		_______		_______
Net current assets			246,972		416,553
			_______		_______
Total assets less current liabilities			358,381		442,864


Provisions for liabilities			( 18,973)		( 2,605)

			_______		_______
Net assets			339,408		440,259
			_______		_______

Capital and reserves
Called up share capital	10		2		2
Profit and loss account			339,406		440,257
			_______		_______
Shareholders funds			339,408		440,259
			_______		_______

For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements were approved by the board of directors and authorised for issue on 19 September 2019 , and are signed on behalf of the board by:

Anthony Lane

Director

Company registration number: 06219619

Lane Cleaning Services Limited

Notes to the financial statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 33 Northumberland Way, Wythenshawe, Manchester, M22 4UG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	5 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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 in finance costs 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 3 (2018: 4 ).

5. Directors remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2019	2018
	£	£
Remuneration	10,986	10,986
Company contributions to pension schemes in respect of qualifying services	119,318	-
	_______	_______
	130,304	10,986
	_______	_______

The number of directors who accrued benefits under company pension plans was as follows:

	2019	2018
	Number	Number
Defined contribution plans	1	-
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 June 2018 and 31 May 2019	21,000	21,000
	_______	_______
Amortisation
At 1 June 2018	8,400	8,400
Charge for the year	1,050	1,050
	_______	_______
At 31 May 2019	9,450	9,450
	_______	_______
Carrying amount
At 31 May 2019	11,550	11,550
	_______	_______
At 31 May 2018	12,600	12,600
	_______	_______

7. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 June 2018	62,171	1,700	63,871
Additions	118,657	775	119,432
	_______	_______	_______
At 31 May 2019	180,828	2,475	183,303
	_______	_______	_______
Depreciation
At 1 June 2018	48,922	1,238	50,160
Charge for the year	32,975	309	33,284
	_______	_______	_______
At 31 May 2019	81,897	1,547	83,444
	_______	_______	_______
Carrying amount
At 31 May 2019	98,931	928	99,859
	_______	_______	_______
At 31 May 2018	13,249	462	13,711
	_______	_______	_______

8. Debtors

	2019	2018
	£	£
Trade debtors	26,632	25,711
Other debtors	66,577	80,635
	_______	_______
	93,209	106,346
	_______	_______

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	-	201
Corporation tax	-	16,638
Social security and other taxes	1,734	4,337
Other creditors	1,621	1,465
	_______	_______
	3,355	22,641
	_______	_______

10. Called up share capital

Issued, called up and fully paid

	2019		2018
	No	£	No	£
Ordinary shares shares of £ 1.00 each	2	2	2	2
	_______	_______	_______	_______

11. Directors advances, credits and guarantees

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

2019
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Anthony Lane	59,535	( 26,618)	32,917
		_______	_______	_______

2018
		Balance brought forward	Amounts repaid	Balance o/standing
		£	£	£
	Anthony Lane	80,373	( 20,838)	59,535
		_______	_______	_______

At 31 May 2019 the company was owed £32,917 by the director (2018: £59,535). Interest has been charged on this loan at 2.5% which is repayable on demand and is classified in other debtors due within one year.