Lantex Manufacturing Company Ltd - Accounts to registrar (filleted) - small 18.2
Lantex Manufacturing Company Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 29 February 2020 |
| for |
| LANTEX MANUFACTURING COMPANY LTD |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Contents of the Financial Statements |
| for the Year Ended 29 February 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| LANTEX MANUFACTURING COMPANY LTD |
| Company Information |
| for the Year Ended 29 February 2020 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Old Tannery |
| Eastgate |
| Accrington |
| Lancashire |
| BB5 6PW |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Balance Sheet |
| 29 February 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Balance Sheet - continued |
| 29 February 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on by: |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Notes to the Financial Statements |
| for the Year Ended 29 February 2020 |
| 1. | STATUTORY INFORMATION |
| Lantex Manufacturing Company Ltd is a |
| The company's registered number and registered office address can be found on the Company Information page. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of |
| Value Added Tax. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Trade marks are being amortised evenly over their estimated useful life of 10 years. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| 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. |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2020 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs |
| The company operates a defined contribution pension scheme for employees. The assets of the scheme are held |
| separately from those of the company. The annual contributions payable are charged to the profit and loss |
| account. |
| Government grants |
| Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate |
| as the depreciation on the assets to which the grant relates. The deferred element of grant is included in creditors |
| as deferred income. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 March 2019 |
| and 29 February 2020 |
| AMORTISATION |
| At 1 March 2019 |
| Charge for year |
| At 29 February 2020 |
| NET BOOK VALUE |
| At 29 February 2020 |
| At 28 February 2019 |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2020 |
| 6. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 March 2019 |
| Additions |
| At 29 February 2020 |
| DEPRECIATION |
| At 1 March 2019 |
| Charge for year |
| At 29 February 2020 |
| NET BOOK VALUE |
| At 29 February 2020 |
| At 28 February 2019 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 March 2019 |
| Impairments | ( |
) |
| At 29 February 2020 |
| NET BOOK VALUE |
| At 29 February 2020 |
| At 28 February 2019 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| LANTEX MANUFACTURING COMPANY LTD (REGISTERED NUMBER: 00150264) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2020 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 10. | OTHER FINANCIAL COMMITMENTS |
| The company had total operating lease commitments as at 28 February 2020 of £73,276 (2019- £88,726). |
| 11. | POST BALANCE SHEET EVENTS |
| Since the year end the company's operations have been affected by COVID -19. The director has taken steps to |
| mitigate the effect including reducing costs by taking advantage of the Coronavirus Job Retention Scheme. A |
| bounce back loan of £50,000 and a discretionary grant of £10,000 have been received. Given the cash reserves |
| and cost reduction avenues, the director is confident that the company will have sufficient resources to continue |
| as a going concern. |