ACCOUNTS - Final Accounts preparation

LATERAL RESOURCES LIMITED - Company Information

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Registered number: 10765180

LATERAL RESOURCES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2019

LATERAL RESOURCES LIMITED

REGISTERED NUMBER: 10765180

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	3		224		400
			224		400
Current assets
Cash at bank and in hand		841		243
		841		243
Creditors: amounts falling due within one year	4	(63,244)		(39,202)
Net current liabilities			(62,403)		(38,959)
Total assets less current liabilities			(62,179)		(38,559)

Net liabilities			(62,179)		(38,559)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(62,279)	(38,659)
	(62,179)	(38,559)

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LATERAL RESOURCES LIMITED

REGISTERED NUMBER: 10765180

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 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 by:

M J Azancot

Director

Date: 27 February 2020

The notes on pages 3 to 5 form part of these financial statements.

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LATERAL RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

1.	General information

The company, which was incorporated and registered in England and Wales (registered number
10765180), is a privately owned company limited by shares. The registered office address is Wey Court
West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

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:

2.2

Going concern

As shown in the financial statements, the company has total liabilities exceeding its total assets by
£62,179. The company meets its day to day working capital requirements through the support of the
directors' loans to the company. The financial statements have therefore been prepared on a going concern basis.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%	reducing balance
				Office equipment	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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LATERAL RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

2.Accounting policies (continued)

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.6

Financial instruments

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.

3.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 June 2018	131	453	584
At 31 May 2019	131	453	584
Depreciation
At 1 June 2018	33	151	184
Charge for the year on owned assets	25	151	176
At 31 May 2019	58	302	360
Net book value
At 31 May 2019	73	151	224
At 31 May 2018	98	302	400

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LATERAL RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

4.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other creditors	57,916	38,452
Accruals and deferred income	5,328	750
	63,244	39,202

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