LP Construction (London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04544733 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

LP CONSTRUCTION (LONDON) LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

M I Lodge Patch

SECRETARY:

Mrs D M Lodge Patch

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

04544733 (England and Wales)

ACCOUNTANTS:

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of LP Construction (London) Limited for the year ended 30 September 2019 which comprise the

Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of LP Construction (London) Limited in accordance with the terms of our engagement letter dated 24 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of LP Construction (London) Limited and state those matters that we have agreed to state to the director of LP Construction (London) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LP Construction (London) Limited and its director for our work or for this report.

It is your duty to ensure that LP Construction (London) Limited 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 LP Construction (London) Limited. You consider that LP Construction (London) Limited 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 LP Construction (London) Limited. 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.

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

26 February 2020

FIXED ASSETS

Tangible assets

4

10,512

17,982

CURRENT ASSETS

Debtors

5

82,436

71,284

Cash at bank

15,078

4,346

97,514

75,630

CREDITORS

Amounts falling due within one year

6

101,965

155,201

NET CURRENT LIABILITIES

(4,451

)

(79,571

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,061

(61,589

)

CREDITORS

Amounts falling due after more than one year

7

(31,585

)

(49,339

)

PROVISIONS FOR LIABILITIES

(1,998

)

(3,417

)

NET LIABILITIES

(27,522

)

(114,345

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(27,524

)

(114,347

)

SHAREHOLDERS' FUNDS

(27,522

)

(114,345

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 February 2020 and were signed by:

M I Lodge Patch - Director

1.	STATUTORY INFORMATION

LP Construction (London) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for

estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual

value, over their expected useful lives at the following rates:

Computer Equipment - 33.33% straight line

Fixtures & Fittings - 25% reducing balance

Plant & Machinery - 25% reducing balance

Motor Vehicles - 25% reducing balance

Assets held under finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets

to determine whether there is any indication that any items have suffered an impairment loss. If any such

indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the

impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company

estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets

acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets

acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance element of

the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on

the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged to the profit and loss account on a straight-line basis.

Going concern

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is

well-placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future. Thus, they

continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

34,399

Disposals

(11,363

)

At 30 September 2019

23,036

DEPRECIATION

At 1 October 2018

16,417

Charge for year

4,324

Eliminated on disposal

(8,217

)

At 30 September 2019

12,524

NET BOOK VALUE

At 30 September 2019

10,512

At 30 September 2018

17,982

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2018

30,038

Disposals

(11,363

)

At 30 September 2019

18,675

DEPRECIATION

At 1 October 2018

13,312

Charge for year

3,732

Eliminated on disposal

(8,217

)

At 30 September 2019

8,827

NET BOOK VALUE

At 30 September 2019

9,848

At 30 September 2018

16,726

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

11,158

7,292

Other debtors

71,278

63,992

82,436

71,284

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

14,438

13,022

Hire purchase contracts

3,317

4,087

Trade creditors

28,428

49,744

Taxation and social security

32,111

25,980

Other creditors

23,671

62,368

101,965

155,201

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

31,585

46,022

Hire purchase contracts

-

3,317

31,585

49,339

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

46,023

59,044

9.	RELATED PARTY DISCLOSURES

Included within creditors is a loan from Mr M Lodge-Patch, the company's sole shareholder, in the amount of

£11,549 (2018: £48,253).