LAFFORD CO LTD 30/07/2019 iXBRL

LAFFORD CO LTD 30/07/2019 iXBRL

LAFFORD CO LTD - Company Information

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Company registration number: 06017119
LAFFORD CO LTD
Unaudited filleted financial statements
30 July 2019
LAFFORD CO LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
LAFFORD CO LTD
Directors and other information
Directors Mr N N Singh (Resigned 30 November 2018)
Mrs P Singh-Kavanagh (Resigned 30 November 2018)
Ms A V Torku (Appointed 30 November 2018)
Secretary Mr N N Singh (Resigned 30 November 2018)
Company number 06017119
Registered office 86 Towncourt Lane
Petts Wood
Orpington
England
BR5 1EH
Accountants Accounts Tax Solutions Limited
3rd Floor
207 Regent Street
London
W1B 3HH
LAFFORD CO LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of LAFFORD CO LTD
Period ended 30 July 2019
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the period ended 30 July 2019 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Accounts Tax Solutions Limited
3rd Floor
207 Regent Street
London
W1B 3HH
29 June 2020
LAFFORD CO LTD
Statement of financial position
30 July 2019
30/07/19 31/07/18
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 17,108 19,437
_______ _______
17,108 19,437
Current assets
Stocks 37,120 43,000
Debtors 7 88,663 87,192
Cash at bank and in hand 3,856 18,487
_______ _______
129,639 148,679
Creditors: amounts falling due
within one year 8 ( 60,943) ( 118,480)
_______ _______
Net current assets 68,696 30,199
_______ _______
Total assets less current liabilities 85,804 49,636
_______ _______
Net assets 85,804 49,636
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 85,802 49,634
_______ _______
Shareholders funds 85,804 49,636
_______ _______
For the period ending 30 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:
Ms A V Torku
Director
Company registration number: 06017119
LAFFORD CO LTD
Statement of changes in equity
Period ended 30 July 2019
Called up share capital Profit and loss account Total
£ £ £
At 31 July 2017 2 47,620 47,622
Profit for the period 22,014 22,014
_______ _______ _______
Total comprehensive income for the period - 22,014 22,014
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 31 July 2018 and 1 August 2018 2 49,635 49,637
Profit for the period 36,167 36,167
_______ _______ _______
Total comprehensive income for the period - 36,167 36,167
_______ _______ _______
At 30 July 2019 2 85,802 85,804
_______ _______ _______
LAFFORD CO LTD
Notes to the financial statements
Period ended 30 July 2019
1. General information
The company is a private company limited by shares, registered in . The address of the registered office is 86 Towncourt Lane, Petts Wood, Orpington, England, BR5 1EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation 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 - five year
If 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks 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 stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 8 (2018: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2018 and 30 July 2019 82,000 82,000
_______ _______
Amortisation
At 1 August 2018 and 30 July 2019 82,000 82,000
_______ _______
Carrying amount
At 30 July 2019 - -
_______ _______
At 31 July 2018 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2018 3,370 58,000 61,370
Additions - 2,000 2,000
_______ _______ _______
At 30 July 2019 3,370 60,000 63,370
_______ _______ _______
Depreciation
At 1 August 2018 2,543 39,390 41,933
Charge for the year 207 4,122 4,329
_______ _______ _______
At 30 July 2019 2,750 43,512 46,262
_______ _______ _______
Carrying amount
At 30 July 2019 620 16,488 17,108
_______ _______ _______
At 31 July 2018 827 18,610 19,437
_______ _______ _______
7. Debtors
30/07/19 31/07/18
£ £
Other debtors 88,663 87,192
_______ _______
8. Creditors: amounts falling due within one year
30/07/19 31/07/18
£ £
Trade creditors 11,658 75,667
Corporation tax 9,835 10,289
Social security and other taxes 980 102
Other creditors 38,470 32,422
_______ _______
60,943 118,480
_______ _______
9. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/07/19
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 30,237) - ( 2,368) ( 32,605)
_______ _______ _______ _______
Period ended 31/07/18
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Directors ( 59,341) 29,104 - ( 30,237)
_______ _______ _______ _______
10. Controlling party
The ultimate controlling party of the company are its Director.