Lapstead Ltd 30/04/2019 iXBRL

Lapstead Ltd 30/04/2019 iXBRL

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Company registration number: 02786201
Lapstead Ltd
Trading as Lapstead Ltd
Unaudited filleted financial statements
30 April 2019
Lapstead Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lapstead Ltd
Directors and other information
Directors Mr Paul Dentith
Miss Marie Michelle Dentith
Mr Sean Dentith
Secretary Marie Michelle Dentith
Company number 02786201
Registered office 87 Ashtree Road
Newton
Hyde
Cheshire
SK14 4EN
Business address Unit C
Roe Cross Ind Park
Mottram
Hyde, Cheshire
SK14 6NB
Accountants Longden & Co Ltd
Riverside House
4 Melbourne Street
Stalybridge
Cheshire
SK15 2JE
Lapstead Ltd
Statement of financial position
30 April 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 9,985 8,834
_______ _______
9,985 8,834
Current assets
Stocks 21,897 20,252
Debtors 6 54,938 50,559
Cash at bank and in hand 153,225 133,049
_______ _______
230,060 203,860
Creditors: amounts falling due
within one year 7 ( 121,344) ( 106,557)
_______ _______
Net current assets 108,716 97,303
_______ _______
Total assets less current liabilities 118,701 106,137
_______ _______
Net assets 118,701 106,137
_______ _______
Capital and reserves
Called up share capital 8 5
Profit and loss account 118,693 106,132
_______ _______
Shareholders funds 118,701 106,137
_______ _______
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 January 2020 , and are signed on behalf of the board by:
Miss Marie Michelle Dentith
Director
Company registration number: 02786201
Lapstead Ltd
Statement of changes in equity
Year ended 30 April 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2017 5 86,485 86,490
Profit for the year 40,647 40,647
_______ _______ _______
Total comprehensive income for the year - 40,647 40,647
Dividends paid and payable ( 21,000) ( 21,000)
_______ _______ _______
Total investments by and distributions to owners - ( 21,000) ( 21,000)
_______ _______ _______
At 30 April 2018 and 1 May 2018 8 106,132 106,140
Profit for the year 37,561 37,561
_______ _______ _______
Total comprehensive income for the year - 37,561 37,561
Dividends paid and payable ( 25,000) ( 25,000)
_______ _______ _______
Total investments by and distributions to owners - ( 25,000) ( 25,000)
_______ _______ _______
At 30 April 2019 8 118,693 118,701
_______ _______ _______
Lapstead Ltd
Notes to the financial statements
Year ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Lapstead Ltd, 87 Ashtree Road, Newton, Hyde, Cheshire, SK14 4EN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 25% % straight line
Fittings fixtures and equipment - 25% % straight line
Motor vehicles - 25% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2018 4,681 9,485 12,310 26,476
Additions 71 3,384 - 3,455
_______ _______ _______ _______
At 30 April 2019 4,752 12,869 12,310 29,931
_______ _______ _______ _______
Depreciation
At 1 May 2018 4,594 8,610 4,438 17,642
Charge for the year 26 310 1,968 2,304
_______ _______ _______ _______
At 30 April 2019 4,620 8,920 6,406 19,946
_______ _______ _______ _______
Carrying amount
At 30 April 2019 132 3,949 5,904 9,985
_______ _______ _______ _______
At 30 April 2018 87 875 7,872 8,834
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 53,249 50,559
Other debtors 1,689 -
_______ _______
54,938 50,559
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 39,046 17,532
Corporation tax 8,647 10,948
Social security and other taxes 18,103 23,133
Other creditors 55,548 54,944
_______ _______
121,344 106,557
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Dentith ( 41,206) 13,001 ( 13,000) ( 41,205)
Miss Marie Michelle Dentith ( 6,964) 6,001 ( 6,000) ( 6,963)
Mr Sean Dentith ( 3,499) 6,001 ( 6,000) ( 3,498)
_______ _______ _______ _______
( 51,669) 25,003 ( 25,000) ( 51,666)
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Paul Dentith ( 73,943) 39,737 ( 7,000) ( 41,206)
Miss Marie Michelle Dentith ( 2,964) 3,000 ( 7,000) ( 6,964)
Mr Sean Dentith ( 499) 4,000 ( 7,000) ( 3,499)
_______ _______ _______ _______
( 77,406) 46,737 ( 21,000) ( 51,669)
_______ _______ _______ _______
9. Controlling party
The ultimate controlling party is Mr P.Dentith, director and shareholder ofthe company.