Lytton Enterprises Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00972835 (England and Wales)

LYTTON ENTERPRISES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2020

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

Lord Cobbold

Hon H F Lytton Cobbold

Mrs M F Lytton Cobbold

Mr E Lytton Cobbold

SECRETARY:

Hon H F Lytton Cobbold

REGISTERED OFFICE:

The Estates Office

Knebworth House

Knebworth

Hertfordshire

SG3 6PY

REGISTERED NUMBER:

00972835 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

BANKERS:

HSBC Plc

1 Market Place

Hitchin

Hertfordshire

SG5 1DR

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Lytton Enterprises Limited for the year ended 29th February 2020 which comprise the

Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from

the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lytton Enterprises Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lytton Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Lytton Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lytton Enterprises Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lytton Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lytton Enterprises Limited. You consider that Lytton Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lytton Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

24th August 2020

FIXED ASSETS

Property, plant and equipment

5

1,093,244

1,092,916

CURRENT ASSETS

Inventories

69,057

70,548

Debtors

6

134,359

482,596

Cash in hand

8,416

7,829

211,832

560,973

CREDITORS

Amounts falling due within one year

7

(381,279

)

(749,222

)

NET CURRENT LIABILITIES

(169,447

)

(188,249

)

TOTAL ASSETS LESS CURRENT LIABILITIES

923,797

904,667

CREDITORS

Amounts falling due after more than one year

8

(64,127

)

(140,994

)

PROVISIONS FOR LIABILITIES

(19,384

)

-

NET ASSETS

840,286

763,673

CAPITAL AND RESERVES

Called up share capital

11

66,000

66,000

Share premium

65,000

65,000

Revaluation reserve

12

171,009

182,144

Retained earnings

538,277

450,529

SHAREHOLDERS' FUNDS

840,286

763,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2020 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 13th August 2020 and were signed on its behalf by:

Mrs M F Lytton Cobbold - Director

1.	STATUTORY INFORMATION

Lytton Enterprises Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial

statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes

of sales made during the year.

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks

and rewards of ownership have transferred to them.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold

-

Over the useful life of the asset

Land & buildings

-

Not depreciated

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

It is the policy of the company not to provide depreciation on the freehold property. The property is

maintained to a high standard and the directors consider that the life of the property is so long and that

the residual value is so great that depreciation is not considered material.

Where any permanent diminution of property value is incurred, a provision is made to the profit and loss

account. The directors' estimate of residual value is based on prices prevailing at the time of acquisition or

subsequent revaluation.

Inventories

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

obsolete and slow moving items.

Inventory is valued using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the statement of financial position 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 the income statement on a straight line basis over the

period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2019 - 47 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st March 2019

2,212,928

1,196,122

3,409,050

Additions

-

98,699

98,699

At 29th February 2020

2,212,928

1,294,821

3,507,749

DEPRECIATION

At 1st March 2019

1,180,440

1,135,694

2,316,134

Charge for year

72,737

25,634

98,371

At 29th February 2020

1,253,177

1,161,328

2,414,505

NET BOOK VALUE

At 29th February 2020

959,751

133,493

1,093,244

At 28th February 2019

1,032,488

60,428

1,092,916

Included within land and buildings is £131,600 in respect of freehold property. The freehold property is

stated at cost of acquisition and no depreciation is provided in this respect.

On 31st October 1990, Messrs Humbers Chartered Surveyors revalued the principal leasehold property at

£545,000 on an existing use basis. The total value on a historical cost basis at 31st October 1990 would

have amounted to £100,176.

The company is applying the transitional provisions of Financial Reporting Standard 102 and the policy of

revaluation has not been updated since the date of the last valuation described above.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

16,505

26,642

Other debtors

117,854

455,954

134,359

482,596

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

122,509

459,933

Trade creditors

136,497

70,735

Taxation and social security

59,880

115,700

Other creditors

62,393

102,854

381,279

749,222

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

64,127

140,994

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

57,523

57,523

Between one and five years

220,406

222,879

In more than five years

1,077,473

1,132,523

1,355,402

1,412,925

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

47,047

391,654

Bank loans

139,589

209,273

186,636

600,927

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the

company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

66,000

Ordinary

£1

66,000

66,000

12.

RESERVES

Revaluation

reserve

£

At 1st March 2019

182,144

Transfer to other reserves

(11,135

)

At 29th February 2020

171,009

13.	POST BALANCE SHEET EVENTS

The outbreak of coronavirus, also known as Covid 19 has spread across the globe and is impacting

worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and in

early 2020, government authorities implemented emergency measures to mitigate the spread of the virus.

The Company has taken advantage of UK governments employment financial grants.The outbreak and the

related mitigation measures may have an adverse impact on the global economic conditions as well as on

the Company's business activities. The extent to which the coronavirus may impact the Company's

business will depend on future developments. These events are uncertain and as such, the Company

cannot determine their financial impact at this time.