Michael Lawrence Landcrafts Limited - Period Ending 2019-08-31
Michael Lawrence Landcrafts Limited - Period Ending 2019-08-31
Registration number:
for the Year Ended
Michael Lawrence Landcrafts Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Michael Lawrence Landcrafts Limited
(Registration number: 04513816)
Balance Sheet as at 31 August 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
(21,244) |
497 |
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Total equity |
(21,243) |
498 |
For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Michael Lawrence Landcrafts Limited
(Registration number: 04513816)
Balance Sheet as at 31 August 2019
.........................................
Director
Michael Lawrence Landcrafts Limited
Notes to the Financial Statements for the Year Ended 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director believes the company to be a going concern on the basis that they expect the company to be profitable going forward and have the support of the director.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of landscaping, agricultural and gardening services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Michael Lawrence Landcrafts Limited
Notes to the Financial Statements for the Year Ended 31 August 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance basis |
Plant and machinery |
25% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for landscaping, agricultural and gardening services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Michael Lawrence Landcrafts Limited
Notes to the Financial Statements for the Year Ended 31 August 2019
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2018 |
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Disposals |
( |
( |
( |
At 31 August 2019 |
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Depreciation |
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At 1 September 2018 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Michael Lawrence Landcrafts Limited
Notes to the Financial Statements for the Year Ended 31 August 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase contracts |
- |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Michael Lawrence Landcrafts Limited
Notes to the Financial Statements for the Year Ended 31 August 2019
Related party transactions |
Transactions with directors |
2019 |
At 1 September 2018 |
Advances to directors |
Repayments by director |
At 31 August 2019 |
M A J Lawrence |
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Interest bearing loan |
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( |
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2018 |
At 1 September 2017 |
Advances to directors |
Repayments by director |
At 31 August 2018 |
M A J Lawrence |
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Interest bearing loan |
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( |
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Transactions with the director |
M A J Lawrence had a loan account with the company. At the balance sheet date the amount due from M A J Lawrence was £27,107 (2018: £22,506).