Luggage Replacement Services Limited Filleted accounts for Companies House (small and micro)

Luggage Replacement Services Limited Filleted accounts for Companies House (small and micro)

LUGGAGE REPLACEMENT SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01567990
Luggage Replacement Services Limited
Filleted Unaudited Financial Statements
31 December 2018
Luggage Replacement Services Limited
Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
2,535
2,485
Current assets
Stocks
–
403
Debtors
6
267,708
370,593
Cash at bank and in hand
191,547
201,379
----------
----------
459,255
572,375
Creditors: amounts falling due within one year
7
26,490
118,833
----------
----------
Net current assets
432,765
453,542
----------
----------
Total assets less current liabilities
435,300
456,027
Creditors: amounts falling due after more than one year
8
750
750
----------
----------
Net assets
434,550
455,277
----------
----------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
429,550
450,277
----------
----------
Shareholders funds
434,550
455,277
----------
----------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
Luggage Replacement Services Limited
Statement of Financial Position (continued)
31 December 2018
These financial statements were approved by the board of directors and authorised for issue on 24 July 2019 , and are signed on behalf of the board by:
J T Seear
Director
Company registration number: 01567990
Luggage Replacement Services Limited
Notes to the Financial Statements
Year Ended 31 December 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 Hampton House, High Street, East Grinstead, West Sussex, RH19 3AW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Equipment
-
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.
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.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 8 (2017: 9 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2018
11,691
11,691
Additions
987
987
---------
---------
At 31 December 2018
12,678
12,678
---------
---------
Depreciation
At 1 January 2018
9,206
9,206
Charge for the year
937
937
---------
---------
At 31 December 2018
10,143
10,143
---------
---------
Carrying amount
At 31 December 2018
2,535
2,535
---------
---------
At 31 December 2017
2,485
2,485
---------
---------
6. Debtors
2018
2017
£
£
Trade debtors
41,897
70,443
Other debtors
225,811
300,150
----------
----------
267,708
370,593
----------
----------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
1,972
20,451
Trade creditors
4,685
2,292
Social security and other taxes
3,909
4,033
Other creditors
15,924
92,057
---------
----------
26,490
118,833
---------
----------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
750
750
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