L W HUBBARD LIMITED

LOTUS ELECTRICAL AND SHEEP RESCUE LIMITED - Company Information

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L W HUBBARD LIMITED

Registered Number
08274274
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2020

L W HUBBARD LIMITED

Company Information


Registered Address	17 Beaumont Road
	Purley
	CR8 2EJ

L W HUBBARD LIMITED

Balance Sheet as at
31 March 2020

	Notes	2020 £	2019 £
Fixed Assets
Intangible assets	2	9,000	10,000
Tangible assets	3	30,093	33,925
Current Assets
Debtors	4	66,618	65,395
Cash at bank and on hand		75,756	33,739
Creditors amounts falling due within one year	5	(26,823)	(15,341)
Net current assets (liabilities)		115,551	83,793
Total assets less current liabilities		154,644	127,718
Creditors amounts falling due after one year		(21,760)	(28,299)
Net assets		132,884	99,419
Capital and reserves
Called up share capital		1	1
Profit and loss account		132,883	99,418
Shareholders' funds		132,884	99,419

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The company is a private company limited by shares and was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 15 June 2020, and are signed on its behalf by:

HUBBARD, Lance
Director
Registered Company No. 08274274

L W HUBBARD LIMITED

Notes to the financial statements
for the year ended 31 March 2020

1.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Reducing balance (%)
	Fixtures and fittings	25
	Vehicles	18

	Intangible assets policy
	Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets policy

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and
is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2.	INTANGIBLE ASSETS

		Total £
	Cost or valuation
	At 01 April 19	10,000
	At 31 March 20	10,000
	Amortisation and impairment
	Charge for year	1,000
	At 31 March 20	1,000
	Net book value
	At 31 March 20	9,000
	At 31 March 19	10,000

3.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 April 19	79,803
	Additions	2,986
	At 31 March 20	82,789
	Depreciation and impairment
	At 01 April 19	45,878
	Charge for year	6,818
	At 31 March 20	52,696
	Net book value
	At 31 March 20	30,093
	At 31 March 19	33,925

4.	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.

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.

	2020 £	2019 £
Trade debtors / trade receivables	28,359	3,982
Other debtors	38,259	61,413
Total	66,618	65,395

5.	CREDITORS WITHIN ONE YEAR
	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.

	2020 £	2019 £
Trade creditors / trade payables	5,492	3,993
Taxation and social security	16,829	10,487
Other creditors	3,652	10
Accrued liabilities and deferred income	850	851
Total	26,823	15,341