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Registered number: 07105153
LBWP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2019
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LBWP LIMITED
REGISTERED NUMBER: 07105153
BALANCE SHEET
AS AT 31 MARCH 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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LBWP LIMITED
REGISTERED NUMBER: 07105153
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2019.
The notes on pages 3 to 6 form part of these financial statements.
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LBWP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
LBWP Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these accounts. The principal activity of the company continued to be that of business consultancy services for the IT industry. The company is not part of a group.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Expenses represent amounts payable for goods and services provided to the business.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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LBWP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.Accounting policies (continued)
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Financial instruments (continued)
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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The average monthly number of employees, including directors, during the year was 2 (2018 - 2).
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LBWP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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Investments in associates
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Participating interests
The net assets of THIS Partners LLP at 31 March 2019 were £612,634 (2018 £1,068,897) and the profit for the period was £533,120 (2018 £930,076). The investment represents a 31.3% (2018 31.3%) share in THIS Partners LLP at 31 March 2019.
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Amounts owed by undertakings in which the company has a participating interest
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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LBWP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Allotted, called up and fully paid
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51 (2018 - 51) Ordinary "A" shares of £1.00 each
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49 (2018 - 49) Ordinary "B" shares of £1.00 each
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Related party transactions
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During the year the company made dividend payments of £111,384 (2018 £104,040) to Mr A N Palfrey, a director.
During the year the company made dividend payments of £39,200 (2018 £80,360) to Mrs W C Palfrey, a director.
During the year the company had £22,798 (2018 £195,454) of profit available for distribution from THIS Partners LLP. The company received an amount of £80,453 (2018 £83,992) as a repayment of investment during the year. The company withdrew £221,218 (2018 £283,985) in the year. The company paid for expenses totalling £NIL (2018 £4,107) on behalf of A Palfrey during the year. A Palfrey paid for expenses totalling £728 (2018 £NIL) on behalf of THIS Partners LLP during the year. THIS Partners LLP is a partnership which this company is a corporate member of.
The amount due from THIS Partners LLP at the year end was £26,527 (2018 £145,222).
During the year the company received a loan of £9,742 (2018 £NIL) from Mr A N Palfrey. The company repaid £NIL (2018 £17,802) of this loan during the year.
The amount due to him at the year end was £13,849 (2018 £4,107).
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