Alan Litman Limited Accounts

ALAN LITMAN LIMITED - Company Information






Alan Litman Limited

	Company No. 06266961
		Information for Filing with The Registrar
		31 March 2019

at	31 March 2019
Company No.		06266961	Notes	2019	2018
				£	£
Fixed assets
	Intangible assets		3	808,529	1,078,122
	Tangible assets		4	140,444	167,291

	Investments		5	1	1
				948,974	1,245,414
Current assets
	Stocks		6	367,949	399,800
	Debtors		7	501,699	386,646

	Cash at bank and in hand			155,349	76,208
				1,024,997	862,654
Creditors: Amount falling due within one year			8	(382,717)	(357,064)
Net current assets				642,280	505,590
Total assets less current liabilities				1,591,254	1,751,004
Creditors: Amounts falling due after more than one year			9	(1,675,076)	(1,691,064)
Provisions for liabilities
	Deferred taxation		10	(21,900)	(28,400)

Net (liabilities)/assets				(105,722)	31,540

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		13	(105,822)	31,440

Total equity				(105,722)	31,540


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 09 September 2019
And signed on its behalf by:
S.J. Prime
Director

for the year ended 31 March 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

The accounts are presented in Sterling, which is the functional currency of the company.

Going Concern

The financial statements are prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Freehold buildings

2% Straight line

Plant and machinery

10% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Financial instruments

Financial assets Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when: (a) the contractual rights to the cash flows from the asset expire or are settled; (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The company has only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Group accounts

The company is a parent undertaking subject to the small companies regime The company and its subsidiary undertaking comprise a small group. The company has therefor taken advantage of the option provided by Section 398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefor present information in respect of the company as an individual entity.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2019	2018
			Number	Number
		The average number of persons employed during the year :	18	20

3	Intangible fixed assets
			Goodwill	Other	Total
			£	£	£
		Cost
		At 1 April 2018	2,150,744	3,000	2,153,744


		At 31 March 2019	2,150,744	3,000	2,153,744
		Amortisation and impairment
		At 1 April 2018	1,074,872	750	1,075,622
		Charge for the year	268,843	750	269,593


		At 31 March 2019	1,343,715	1,500	1,345,215
		Net book values
		At 31 March 2019	807,029	1,500	808,529
		At 31 March 2018	1,075,872	2,250	1,078,122

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 April 2018	20,871	90,841	162,697	274,409
		Additions	-	4,867	-	4,867


		Disposals	-	-	(5,867)	(5,867)
		At 31 March 2019	20,871	95,708	156,830	273,409
		Depreciation
		At 1 April 2018	5,546	25,640	75,932	107,118
		Charge for the year	2,087	8,954	14,806	25,847



		At 31 March 2019	7,633	34,594	90,738	132,965
		Net book values
		At 31 March 2019	13,238	61,114	66,092	140,444
		At 31 March 2018	15,325	65,201	86,765	167,291

5	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 April 2018	1	1



		At 31 March 2019	1	1






		Net book values
		At 31 March 2019	1	1
		At 31 March 2018	1	1

6	Stocks
			2019	2018
			£	£


		Finished goods	367,949	399,800
			367,949	399,800

7	Debtors
			2019	2018
			£	£
		Trade debtors	419,876	288,908





		Other debtors	9,100	11,380
		Prepayments and accrued income	72,723	86,358
			501,699	386,646

8	Creditors:
		amounts falling due within one year
			2019	2018
			£	£


		Other loans	93,478	92,828

		Trade creditors	191,774	168,526
		Amounts owed to group undertakings	7,483	19,511
		Corporation tax	35,206	34,432
		Other taxes and social security	9,907	2,934
		Loans from directors	14	-
		Other creditors	1,764	786
		Accruals and deferred income	43,091	38,047
			382,717	357,064

9	Creditors:
		amounts falling due after more than one year
			2019	2018
			£	£


		Other loans	98,261	191,739


		Amounts owed to group undertakings	1,576,815	1,499,325


			1,675,076	1,691,064

10	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2018	28,400	28,400
		Charge to the profit and loss account for the period	(6,500)	(6,500)

		At 31 March 2019	21,900	21,900



			2019	2018
			£	£
		Accelerated capital allowances	21,900	28,400


		Other timing differences
			21,900	28,400

Related party transactions

Need statement for exception from disclosure of related party transactions within the group. The company is a subsidiary of Ensco 902 Limited, a company Incorporated and registered in England and Wales. The trading address of Ensco 902 Limited is as shown on page 2. The director, C Sherwin is a director of Smith Grayson Limited. The company has made a loan to Smith Grayson Limited and at 31 March 2019 the company was owed £8,500 (2018 £14,388). Interest of £ (2018 £) was charged on this loan. The directors, S Prime and J Prime are members of the company's pension scheme. During the year the company paid rent of ££81,596 (2018 £81,859) for rent of the premises used by the company. The pension scheme has also made a loan to the company which at 31 March 2019 amounted to £260,667 (2018 £365,267). Interest of £12,014 (2018 £15,362) was paid on the loan for the year.

Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Additional information

Its registered number is:

06266961

Unit 7

Orchard Park Industrial Est

Sandicare

Nottingham

NG10 5BP

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