LAVORO SOLIDO LTD Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07423112

LAVORO SOLIDO LTD

Filleted Unaudited Financial Statements

31 October 2019

LAVORO SOLIDO LTD

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		1,737	1,798

Current assets

Debtors	5	28,254	27,103
Cash at bank and in hand		–	25
		--------	--------
		28,254	27,128

Creditors: amounts falling due within one year	6	201,247		211,755
		---------		---------
Net current liabilities			172,993	184,627
			---------	---------
Total assets less current liabilities			( 171,256)	( 182,829)
			---------	---------
Net liabilities			( 171,256)	( 182,829)
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 171,356)	( 182,929)
	---------	---------
Shareholders deficit	( 171,256)	( 182,829)
	---------	---------

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 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 October 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 .

LAVORO SOLIDO LTD

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 26 October 2020 , and are signed on behalf of the board by:

A Poplawski Director

Company registration number: 07423112

LAVORO SOLIDO LTD

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Profex House, 25-27 School Lane, Bushey, Herts, WD23 1SS.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and Equipment	-	25% straight line
Motor Vehicles	-	25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 November 2018	10,500	11,983	22,483
Additions	519	–	519
	--------	--------	--------
At 31 October 2019	11,019	11,983	23,002
	--------	--------	--------
Depreciation
At 1 November 2018	10,500	10,185	20,685
Charge for the year	130	450	580
	--------	--------	--------
At 31 October 2019	10,630	10,635	21,265
	--------	--------	--------
Carrying amount
At 31 October 2019	389	1,348	1,737
	--------	--------	--------
At 31 October 2018	–	1,798	1,798
	--------	--------	--------

5. Debtors

	2019	2018
	£	£
Trade debtors	27,261	26,891
Other debtors	993	212
	--------	--------
	28,254	27,103
	--------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	3,129	–
Other creditors	198,118	211,755
	---------	---------
	201,247	211,755
	---------	---------

7. Related party transactions

The company was under the control of Mr Poplawski throughout the current and previous year. Mr Poplawski is the sole director and shareholder. During the year the company repaid Mr A. Poplawski,director,£13,637. At the year end the company owed Mr A Poplawski £197,718(2018: £211,355).

8. Off-balance sheet arrangements

The average number of employees during the year was 1 management staff