Liss Garden Machinery Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06571123 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

LISS GARDEN MACHINERY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

D J Ascherl

REGISTERED OFFICE:

Unit 1, Rake Business Park

Rake

Liss

Hampshire

GU33 7PN

REGISTERED NUMBER:

06571123 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Tangible assets

4

62,606

67,824

CURRENT ASSETS

Stocks

47,447

39,372

Debtors

5

16,394

11,380

Cash at bank

701

605

64,542

51,357

CREDITORS

Amounts falling due within one year

6

60,654

44,682

NET CURRENT ASSETS

3,888

6,675

TOTAL ASSETS LESS CURRENT LIABILITIES

66,494

74,499

CREDITORS

Amounts falling due after more than one year

7

(1,900

)

(18,226

)

PROVISIONS FOR LIABILITIES

(11,895

)

-

NET ASSETS

52,699

56,273

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

52,698

56,272

52,699

56,273

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 26th September 2019 and were signed by:

D J Ascherl - Director

1.	STATUTORY INFORMATION

Liss Garden Machinery Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

All amounts are rounded to the nearest Pound (£).

The financial statements contain information about Liss Garden Machinery Limited as an individual company.

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 received or receivable, excluding value added tax.

Sales revenue is recognised by the raising of invoices when assets are sold or service work completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate.

Stocks

Stock is valued at the lower of cost and expected selling price less costs to sell, after making due allowance for

obsolete and slow moving items.

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash and loans are initially recognised at transaction price, unless

they constitute a financing arrangement, when the transaction is measured at the present value of the future

receipts/ payments discounted at a market rate of interest. Such assets are subsequently carried at amortised

cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2018

113,726

Additions

21,775

Disposals

(19,396

)

At 31st December 2018

116,105

DEPRECIATION

At 1st January 2018

45,902

Charge for year

18,078

Eliminated on disposal

(10,481

)

At 31st December 2018

53,499

NET BOOK VALUE

At 31st December 2018

62,606

At 31st December 2017

67,824

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

2,373

8,382

Other debtors

14,021

2,998

16,394

11,380

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

22,130

10,948

Hire purchase contracts

4,561

4,916

Trade creditors

21,613

24,173

Taxation and social security

7,881

778

Other creditors

4,469

3,867

60,654

44,682

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

11,765

Hire purchase contracts

1,900

6,461

1,900

18,226

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

6,461

-

Hire purchase liabilities are secured on the assets concerned.