Lilburn & Elliott Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10543241 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

Lilburn & Elliott Construction Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

Directors:

D J Lilburn

N A Elliott

Registered office:

129 North Hill

Plymouth

Devon

PL4 8JY

Registered number:

10543241 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Tangible assets

4

82,084

59,624

Current assets

Stocks

124,802

75,458

Debtors

5

140,414

169,505

Cash at bank and in hand

46,674

98,449

311,890

343,412

Creditors

Amounts falling due within one year

6

133,301

181,631

Net current assets

178,589

161,781

Total assets less current liabilities

260,673

221,405

Creditors

Amounts falling due after more than one year

7

(42,246

)

(38,004

)

Provisions for liabilities

9

(9,935

)

(4,420

)

Net assets

208,492

178,981

Capital and reserves

Called up share capital

10

4

4

Retained earnings

208,488

178,977

Shareholders' funds

208,492

178,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2020 and were signed on its behalf by:

N A Elliott - Director

D J Lilburn - Director

1.	STATUTORY INFORMATION

Lilburn & Elliott Construction Limited is a private company, limited by shares, registered in England and

Wales. The company's registered number, business address and registered office address can be found

on the Company Information page.

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

Turnover is measured at the fair value of the consideration receivable, net of discounts and value added

taxes. Turnover includes revenue earned from construction services. Turnover from the rendering of

services is recognised by the reference to the stage of completion of the contract. The stage of

completion of a contact is measured by comparing the costs incurred for work performed to date to the

total estimated contract costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost

is determined using the first in first out method. The carrying amount of stock sold is recognised as an

expense in the period in which the related revenue is recognised. Work in progress is recognised at cost

plus attributable profit where long term contracts are involved.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Tangible fixed assets aquired under finance leases or hire purchase contracts are capitalised and

depreciated in the same manner as other tangible fixed assets. The related obligations, net of future

finance charges, are included in creditors. Rentals paid under operating leases are charged to income on

a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any

impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at

transaction price including any transaction costs and subsequently measured at amortised cost

determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and

other financial liabilities are initially recognised at transaction price net of any transaction costs and

subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the

reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle

the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 January 2019

16,138

4,424

72,942

93,504

Additions

41,024

899

1,667

43,590

At 31 December 2019

57,162

5,323

74,609

137,094

Depreciation

At 1 January 2019

5,774

1,312

26,794

33,880

Charge for year

8,573

742

11,815

21,130

At 31 December 2019

14,347

2,054

38,609

55,010

Net book value

At 31 December 2019

42,815

3,269

36,000

82,084

At 31 December 2018

10,364

3,112

46,148

59,624

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

120,098

141,909

Other debtors

20,316

27,596

140,414

169,505

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

21,744

14,883

Trade creditors

72,280

82,829

Taxation and social security

20,428

56,711

Other creditors

18,849

27,208

133,301

181,631

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

42,246

38,004

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

63,990

52,887

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

9,935

4,420

Deferred

tax

£

Balance at 1 January 2019

4,420

Provided during year

5,515

Balance at 31 December 2019

9,935

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary A shares

£1

2

2

2

Ordinary B shares

£1

2

2

4

4

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed the following amounts from related parties:

Mr N Elliott (director) and his wife, Mrs Tracey Elliott owed the company £3,625. This amount was made

up of an opening balance of £8,085, total advances of £33,540 and repayments of £38,000. The

maximum amount overdrawn in the year was £16,502. No interest was charged on this amount.

Mr D Lilburn (director) and his partner Miss Rachel Treeby owed the company £3,004. This amount was

made up of an opening balance of £8,378, total advances of £32,626 and repayments of £38,000. The

maximum amount overdrawn in the year was £17,937. No interest was charged on this amount.

12.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by it's directors.