Lambert of London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01112289 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2019

for

LAMBERT OF LONDON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Shigival

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Redcliffe

Bristol

BS1 6HL

REGISTERED NUMBER:

01112289 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

2,427

1,608

Investments

5

100

100

2,527

1,708

CURRENT ASSETS

Stocks

450,125

510,251

Debtors

6

263,666

258,956

Cash at bank and in hand

29,631

30,540

743,422

799,747

CREDITORS

Amounts falling due within one year

7

671,203

483,051

NET CURRENT ASSETS

72,219

316,696

TOTAL ASSETS LESS CURRENT LIABILITIES

74,746

318,404

PROVISIONS FOR LIABILITIES

-

308

NET ASSETS

74,746

318,096

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

74,646

317,996

SHAREHOLDERS' FUNDS

74,746

318,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the director on 17 October 2019 and were signed by:

H Shigival - Director

1.	COMPANY INFORMATION

Lambert of London Limited 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 company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting

policies adopted are set out below.

Going concern

In order to assess whether it is appropriate for the company to be reported as a going concern, the director

applied judgement, having undertaken appropriate enquiries and having considered the business activities and

the companies principal risks and uncertainties. In arriving at this judgement there are a number of

assumptions and estimates that are applied by the company. These include, but not limited to, depreciation on

tangible assets and recoverable value of debtors and stock respectively. These estimates, assumptions and

judgements are also evaluated on a continual basis.

At the time of approving the financial statements, the director has a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the director

continues to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Lambert of London Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

receivable for goods and services provided in the normal course of business, net of discounts, VAT and other

sales related taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over the life of the lease

Plant and machinery

-

25% on cost

Fixtures , fittings & equip

-

25% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where

applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their

present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred

in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised when the company becomes party to the contractual provisions of the instrument. Financial assets

and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are

initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the

debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 balance sheet date.

Deferred tax

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

balance sheet 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

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 19 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

, fittings

Motor

leasehold

machinery

& equip

vehicles

Totals

£

£

£

£

£

COST

At 1 February 2018

664

56,148

98,311

4,000

159,123

Additions

-

-

2,250

-

2,250

Disposals

-

(49,648

)

(79,936

)

-

(129,584

)

At 31 January 2019

664

6,500

20,625

4,000

31,789

DEPRECIATION

At 1 February 2018

-

56,148

97,367

4,000

157,515

Charge for year

221

-

1,210

-

1,431

Eliminated on disposal

-

(49,648

)

(79,936

)

-

(129,584

)

At 31 January 2019

221

6,500

18,641

4,000

29,362

NET BOOK VALUE

At 31 January 2019

443

-

1,984

-

2,427

At 31 January 2018

664

-

944

-

1,608

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2018

and 31 January 2019

100

NET BOOK VALUE

At 31 January 2019

100

At 31 January 2018

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

190,285

186,032

Staff loans

-

2,876

Other debtors

4,925

1,497

Prepayments

68,456

68,551

263,666

258,956

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

5,683

Trade creditors

290,159

94,764

Amounts owed to group undertakings

100

100

Social security and other taxes

3,933

10,525

VAT

21,610

8,535

Other creditors

140,000

-

Wages control

1,199

(242

)

J M Lambert

-

1,287

Pensions control account

225

185

Directors' current accounts

201,777

346,952

Accrued expenses

12,200

15,262

671,203

483,051

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

259,580

179,481

Between one and five years

203,745

33,352

463,325

212,833