LISSAN TRADING LIMITED

LISSAN TRADING LIMITED

LISSAN TRADING LIMITED - Company Information

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LISSAN TRADING LIMITED

Company Registration Number:
NI060671 (Northern Ireland)

Unaudited abridged accounts for the year ended 30 September 2019

Period of accounts

Start date: 01 October 2018

End date: 30 September 2019

LISSAN TRADING LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2019

Balance sheet
Notes

LISSAN TRADING LIMITED

Balance sheet

As at 30 September 2019


Notes
2019
2018


£
£
Fixed assets
Intangible assets: 3 133,400 141,737
Tangible assets: 4 814 29
Total fixed assets: 134,214 141,766
Current assets
Stocks: 11,289 12,596
Debtors:   1,909 2,494
Cash at bank and in hand: 5 12
Total current assets: 13,203 15,102
Creditors: amounts falling due within one year:   (49,234) (58,309)
Net current assets (liabilities): (36,031) (43,207)
Total assets less current liabilities: 98,183 98,559
Creditors: amounts falling due after more than one year:     (5,323)
Provision for liabilities: (155) (6)
Total net assets (liabilities): 98,028 93,230
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 98,027 93,229
Shareholders funds: 98,028 93,230

The notes form part of these financial statements

LISSAN TRADING LIMITED

Balance sheet statements

For the year ending 30 September 2019 the company was entitled to exemption 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 for this accounting period in accordance with Section 444(2A).

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 & loss account.

This report was approved by the board of directors on 26 June 2020
and signed on behalf of the board by:

Name: Ms S Edmonds
Status: Director

The notes form part of these financial statements

LISSAN TRADING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognitionTurnover 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.

Tangible fixed assets and depreciation policy

Tangible assetsTangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation 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:Fixtures and Fittings-20% straight lineEquipment-25% straight line

Intangible fixed assets and amortisation policy

AmortisationAmortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Goodwill-5% straight lineIf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Valuation and information policy

StocksStocks 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 stock to its present location and condition.ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Other accounting policies

Financial instrumentsFinancial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Defined contribution plansContributions 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 as a finance cost in profit or loss in the period in which it arises.

LISSAN TRADING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2019

2. Employees

2019 2018
Average number of employees during the period 3 3

LISSAN TRADING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2019

3. Intangible Assets

Total
Cost £
At 01 October 2018 166,750
At 30 September 2019 166,750
Amortisation
At 01 October 2018 25,013
Charge for year 8,337
At 30 September 2019 33,350
Net book value
At 30 September 2019 133,400
At 30 September 2018 141,737

LISSAN TRADING LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2019

4. Tangible Assets

Total
Cost £
At 01 October 2018 24,073
Additions 920
At 30 September 2019 24,993
Depreciation
At 01 October 2018 24,044
Charge for year 135
At 30 September 2019 24,179
Net book value
At 30 September 2019 814
At 30 September 2018 29