Lagmore Enterprises Ltd Filleted accounts for Companies House (small and micro)

LAGMORE ENTERPRISES LTD - Company Information

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COMPANY REGISTRATION NUMBER: NI053215

Lagmore Enterprises Ltd

Filleted Unaudited Financial Statements

31 January 2019

Lagmore Enterprises Ltd

Financial Statements

Year ended 31 January 2019

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Lagmore Enterprises Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lagmore Enterprises Ltd

Year ended 31 January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lagmore Enterprises Ltd for the year ended 31 January 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Lagmore Enterprises Ltd, as a body, in accordance with the terms of our engagement letter dated 11 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Lagmore Enterprises Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lagmore Enterprises Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lagmore Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lagmore Enterprises Ltd. You consider that Lagmore Enterprises Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lagmore Enterprises Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

21 October 2019

Lagmore Enterprises Ltd

Statement of Financial Position

31 January 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	4	314,400	350,400
Tangible assets	5	511,350	516,558
Investments	6	2,539,994	2,539,994
		------------	------------
		3,365,744	3,406,952

Current assets

Debtors	7	137,122	–
Cash at bank and in hand		–	404,953
		---------	---------
		137,122	404,953

Creditors: amounts falling due within one year	8	84,928		142,638
		---------		---------
Net current assets			52,194	262,315
			------------	------------
Total assets less current liabilities			3,417,938	3,669,267

Creditors: amounts falling due after more than one year	9	807,840	1,267,971
		------------	------------
Net assets		2,610,098	2,401,296
		------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	2,610,096	2,401,294
	------------	------------
Shareholders funds	2,610,098	2,401,296
	------------	------------

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.

For the year ending 31 January 2019 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 .

Lagmore Enterprises Ltd

Statement of Financial Position (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 21 October 2019 , and are signed on behalf of the board by:

Mr H Curran

Director

Company registration number: NI053215

Lagmore Enterprises Ltd

Notes to the Financial Statements

Year ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.

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.

Judgements and key sources of estimation uncertainty

No significant judgements have had to be made by the directors in preparing these financial statements.

Revenue recognition

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.

Income tax

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

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	-	10% 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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. For the purposes of impairment testing, 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 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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. Intangible assets

	Goodwill
	£
Cost
At 1 February 2018 and 31 January 2019	360,000
	---------
Amortisation
At 1 February 2018	9,600
Charge for the year	36,000
	---------
At 31 January 2019	45,600
	---------
Carrying amount
At 31 January 2019	314,400
	---------
At 31 January 2018	350,400
	---------

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 February 2018 and 31 January 2019	495,725	25,000	520,725
	---------	--------	---------
Depreciation
At 1 February 2018	–	4,167	4,167
Charge for the year	–	5,208	5,208
	---------	--------	---------
At 31 January 2019	–	9,375	9,375
	---------	--------	---------
Carrying amount
At 31 January 2019	495,725	15,625	511,350
	---------	--------	---------
At 31 January 2018	495,725	20,833	516,558
	---------	--------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 February 2018 and 31 January 2019	2,539,994
	------------
Impairment
At 1 February 2018 and 31 January 2019	–
	------------

Carrying amount
At 31 January 2019	2,539,994
	------------
At 31 January 2018	2,539,994
	------------

The company wholly owns Lagmore Services Limited, a company which is incorporated in Northern Ireland and operates petrol filling stations, convenience stores and Post Office.

7. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	137,122	–
	---------	----

The debtors above include the following amounts falling due after more than one year:

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	137,122	–
	---------	----

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	2	–
Bank loans	77,311	121,177
Other creditors	7,615	21,461
	--------	---------
	84,928	142,638
	--------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans	488,765	546,381
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	350,419
Other loans	319,075	371,171
	---------	------------
	807,840	1,267,971
	---------	------------

10. Mortgages and charges

Ulster Bank Limited hold a fixed charge and mortgage debenture over land and buildings and certain investments.

Henderson Wholesale Limited also hold a floating charge over land and buildings.

11. Related party transactions

The company has taken advantage of the exemption under the terms of FRS 102 from disclosing related party transactions with entities that are members of the group. No other transactions occurred such as are required to be disclosed under the terms of FRS 102.

12. Control

The company consider Mr Henry Curran and Mrs Joanne Curran, whom together hold the issued share capital of the company, to be the controlling parties.