LB Foundations Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC275166 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

LB Foundations Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Russell

D MacColl

SECRETARY:

D MacColl

REGISTERED OFFICE:

Low Boreland Farm

Lesmahagow

Lanarkshire

ML11 9PY

REGISTERED NUMBER:

SC275166 (Scotland)

ACCOUNTANTS:

Gordon Ferguson & Co Ltd

Upper Floor

Comac House

2 Coddington Crescent

Eurocentral

Lanarkshire

ML1 4YF

FIXED ASSETS

Tangible assets

4

313,093

251,397

CURRENT ASSETS

Stocks

787,799

532,788

Debtors

5

38,077

24,680

Cash at bank and in hand

194,503

617,661

1,020,379

1,175,129

CREDITORS

Amounts falling due within one year

6

485,990

464,889

NET CURRENT ASSETS

534,389

710,240

TOTAL ASSETS LESS CURRENT LIABILITIES

847,482

961,637

CREDITORS

Amounts falling due after more than one year

7

(59,479

)

(49,479

)

PROVISIONS FOR LIABILITIES

(55,818

)

(43,022

)

NET ASSETS

732,185

869,136

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

732,183

869,134

SHAREHOLDERS' FUNDS

732,185

869,136

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2020 and were signed on its behalf by:

C Russell - Director

D MacColl - Director

1.	STATUTORY INFORMATION

LB Foundations Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number 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 received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Work in progress includes a proportionate element of profit where the outcome of the

contract can be assessed with reasonable certainty.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2018 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

723,868

Additions

130,840

Disposals

(11,491

)

At 31 October 2019

843,217

DEPRECIATION

At 1 November 2018

472,471

Charge for year

67,706

Eliminated on disposal

(10,053

)

At 31 October 2019

530,124

NET BOOK VALUE

At 31 October 2019

313,093

At 31 October 2018

251,397

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

Plant and

machinery

etc

£

COST

At 1 November 2018

142,029

Additions

75,000

At 31 October 2019

217,029

DEPRECIATION

At 1 November 2018

39,946

Charge for year

28,645

At 31 October 2019

68,591

NET BOOK VALUE

At 31 October 2019

148,438

At 31 October 2018

102,083

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

36,777

23,006

Other debtors

1,300

1,674

38,077

24,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Hire purchase contracts

57,500

23,750

Trade creditors

281,930

146,804

Taxation and social security

(6,563

)

20,189

Other creditors

153,123

274,146

485,990

464,889

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Hire purchase contracts

59,479

49,479

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £250,000 (2018 - £250,000) were paid to the directors .

9.	ULTIMATE CONTROLLING PARTY