Lampshade Designs Limited Filleted accounts for Companies House (small and micro)

Lampshade Designs Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 01916090
Lampshade Designs Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2019
Lampshade Designs Limited
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
91,390
98,167
Current assets
Stocks
72,000
85,000
Debtors
6
219,040
141,096
Cash at bank and in hand
166,888
83,737
---------
---------
457,928
309,833
Creditors: amounts falling due within one year
7
99,830
81,643
---------
---------
Net current assets
358,098
228,190
---------
---------
Total assets less current liabilities
449,488
326,357
---------
---------
Net assets
449,488
326,357
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
449,388
326,257
---------
---------
Shareholders funds
449,488
326,357
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lampshade Designs Limited
Statement of Financial Position (continued)
31 December 2019
These financial statements were approved by the board of directors and authorised for issue on 9 October 2020 , and are signed on behalf of the board by:
J D Tringham
Director
Company registration number: 01916090
Lampshade Designs Limited
Notes to the Financial Statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11/12 Sapcote Trading Centre, 374 High Road, London, NW10 2DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Computer Equipment
-
25% reducing balance
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer Software
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2018: 23 ).
5. Tangible assets
Computer Software
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2019
3,151
173,236
38,844
7,520
29,337
252,088
Additions
11,495
11,495
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---------
--------
--------
--------
---------
At 31 Dec 2019
3,151
173,236
38,844
19,015
29,337
263,583
-------
---------
--------
--------
--------
---------
Depreciation
At 1 Jan 2019
3,151
100,707
19,929
2,535
27,599
153,921
Charge for the year
10,880
2,838
4,120
434
18,272
-------
---------
--------
--------
--------
---------
At 31 Dec 2019
3,151
111,587
22,767
6,655
28,033
172,193
-------
---------
--------
--------
--------
---------
Carrying amount
At 31 Dec 2019
61,649
16,077
12,360
1,304
91,390
-------
---------
--------
--------
--------
---------
At 31 Dec 2018
72,529
18,915
4,985
1,738
98,167
-------
---------
--------
--------
--------
---------
6. Debtors
2019
2018
£
£
Trade debtors
208,161
129,888
Other debtors
10,879
11,208
---------
---------
219,040
141,096
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
27,509
28,326
Corporation tax
150
143
Social security and other taxes
59,405
40,869
Other creditors
12,766
12,305
--------
--------
99,830
81,643
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2019
2018
£
£
J D Tringham
( 5,595)
( 5,595)
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