Lawrence Landfill Limited Filleted accounts for Companies House (small and micro)

LAWRENCE LANDFILL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5424208

Lawrence Landfill Limited

Filleted Unaudited Financial Statements

30 April 2019

Lawrence Landfill Limited

Financial Statements

Year ended 30 April 2019

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Lawrence Landfill Limited

Statement of Financial Position

30 April 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	735,610	834,471

Current assets

Debtors	7	116,218	117,719
Cash at bank and in hand		1,844,061	1,529,339
		------------	------------
		1,960,279	1,647,058

Creditors: amounts falling due within one year	8	( 250,834)	( 247,440)
		------------	------------
Net current assets		1,709,445	1,399,618
		------------	------------
Total assets less current liabilities		2,445,055	2,234,089

Creditors: amounts falling due after more than one year	9	( 94,717)	( 145,520)

Provisions

Taxation including deferred tax	10	( 70,251)	( 97,299)
		------------	------------
Net assets		2,280,087	1,991,270
		------------	------------

Capital and reserves

Called up share capital	12	2	2
Profit and loss account		2,280,085	1,991,268
		------------	------------
Shareholders funds		2,280,087	1,991,270
		------------	------------

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 30 April 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 .

Lawrence Landfill Limited

Statement of Financial Position (continued)

30 April 2019

These financial statements were approved by the board of directors and authorised for issue on 4 November 2019 , and are signed on behalf of the board by:

Mr G L Lawrence

Director

Company registration number: 5424208

Lawrence Landfill Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Halfway House, Pope Hill, Haverfordwest, Pembrokeshire, SA62 3NX.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.

Taxation

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.

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.

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 & Machinery	-	15% reducing balance
Office Equipment	-	15% reducing balance

No depreciation is provided on Freehold Property.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 3 (2018: 3 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	86,932	78,426

Deferred tax:

Origination and reversal of timing differences	( 27,048)	5,440
	--------	--------
Tax on profit	59,884	83,866
	--------	--------

6. Tangible assets

	Freehold Property	Plant and Machinery	Office Equipment	Total
	£	£	£	£
Cost
At 1 May 2018	322,373	1,512,714	3,143	1,838,230
Additions	–	20,000	–	20,000
Disposals	–	( 88,000)	–	( 88,000)
	---------	------------	-------	------------
At 30 April 2019	322,373	1,444,714	3,143	1,770,230
	---------	------------	-------	------------
Depreciation
At 1 May 2018	–	1,000,836	2,923	1,003,759
Charge for the year	–	72,892	33	72,925
Disposals	–	( 42,064)	–	( 42,064)
	---------	------------	-------	------------
At 30 April 2019	–	1,031,664	2,956	1,034,620
	---------	------------	-------	------------
Carrying amount
At 30 April 2019	322,373	413,050	187	735,610
	---------	------------	-------	------------
At 30 April 2018	322,373	511,878	220	834,471
	---------	------------	-------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and Machinery
	£
At 30 April 2019	36,848
	--------
At 30 April 2018	122,825
	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	112,180	117,680
Other debtors	4,038	39
	---------	---------
	116,218	117,719
	---------	---------

Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	26,237	35,689
Hire purchase agreements (secured)	10,110	17,196
Corporation tax	86,906	78,426
Social security and other taxes	91,885	81,117
Director loan accounts	30,000	30,000
Other creditors	5,696	5,012
	---------	---------
	250,834	247,440
	---------	---------

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

	2019	2018
	£	£
Hire purchase agreements (secured)	21,363	31,474
Director loan accounts	73,354	114,046
	--------	---------
	94,717	145,520
	--------	---------

10. Provisions

	Deferred tax (note 11)
	£
At 1 May 2018	97,299
Additions	( 27,048)
	--------
At 30 April 2019	70,251
	--------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2019	2018
	£	£
Included in provisions (note 10)	70,251	97,299
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	70,251	97,299
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

13. Related party transactions

The company was under the control of Mr G L Lawrence & Mr D H Lawrence throughout the current and previous year. Mr G L Lawrence & Mr D H Lawrence are the director's and joint shareholder. On 31 March 2019 a dividend of £10,000 (2018 - £10,000) was paid to the shareholders of the company.