LCD Support Services Limited Filleted accounts for Companies House (small and micro)

LCD SUPPORT SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06782810

LCD Support Services Limited

Filleted Unaudited Financial Statements

30 April 2020

LCD Support Services Limited

Statement of Financial Position

30 April 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	5,000	7,000
Tangible assets	6	156,103	103,109
		---------	---------
		161,103	110,109

Current assets

Debtors	7	19,447	16,928
Cash at bank and in hand		153,111	125,384
		---------	---------
		172,558	142,312

Creditors: amounts falling due within one year	8	48,609		36,645
		---------		---------
Net current assets			123,949	105,667
			---------	---------
Total assets less current liabilities			285,052	215,776

Provisions

Taxation including deferred tax	29,349	19,591
	---------	---------
Net assets	255,703	196,185
	---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	255,693	196,175
	---------	---------
Shareholders funds	255,703	196,185
	---------	---------

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 income statement has not been delivered.

For the year ending 30 April 2020 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 .

LCD Support Services Limited

Statement of Financial Position (continued)

30 April 2020

These financial statements were approved by the board of directors and authorised for issue on 2 November 2020 , and are signed on behalf of the board by:

Mr D Meehan
Director

Company registration number: 06782810

LCD Support Services Limited

Notes to the Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 2, Northgate Business Centre, White Lund Industrial Estate, Morecambe, LA3 3AY.

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.

Judgements and key sources of estimation uncertainty

The preparation of the accounts requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy. ates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Office Equipment	-	30% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2019: 18 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2019 and 30 April 2020	45,000
	--------
Amortisation
At 1 May 2019	38,000
Charge for the year	2,000
	--------
At 30 April 2020	40,000
	--------
Carrying amount
At 30 April 2020	5,000
	--------
At 30 April 2019	7,000
	--------

6. Tangible assets

	Office Equipment	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2019	2,235	121,303	86,394	209,932
Additions	–	41,058	54,639	95,697
Disposals	–	( 12,000)	( 5,000)	( 17,000)
	-------	---------	---------	---------
At 30 April 2020	2,235	150,361	136,033	288,629
	-------	---------	---------	---------
Depreciation
At 1 May 2019	1,994	58,848	45,981	106,823
Charge for the year	72	24,612	12,566	37,250
Disposals	–	( 6,938)	( 4,609)	( 11,547)
	-------	---------	---------	---------
At 30 April 2020	2,066	76,522	53,938	132,526
	-------	---------	---------	---------
Carrying amount
At 30 April 2020	169	73,839	82,095	156,103
	-------	---------	---------	---------
At 30 April 2019	241	62,455	40,413	103,109
	-------	---------	---------	---------

7. Debtors

	2020	2019
	£	£
Other debtors	19,447	16,928
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	70	677
Trade creditors	4,794	530
Corporation tax	12,830	17,327
Social security and other taxes	29,397	14,529
Other creditors	1,518	3,582
	--------	--------
	48,609	36,645
	--------	--------

9. Director's advances, credits and guarantees

The directors loan account remained in credit throughout the current and prior year.