L N C Floor Coverings Ltd,Ltd - AccountsLtd - Accounts

L N C Floor Coverings Ltd,Ltd - AccountsLtd - Accounts

L N C FLOOR COVERINGS LTD - Company Information

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2018-11-01 05549629 2019-10-31 05549629 2018-11-01 2019-10-31 05549629 2018-10-31 05549629 2017-11-01 2018-10-31 05549629 uk-core:WithinOneYear 2018-10-31 05549629 uk-core:WithinOneYear 2019-10-31 05549629 uk-core:AfterOneYear 2018-10-31 05549629 uk-core:AfterOneYear 2019-10-31 05549629 uk-core:ShareCapital 2019-10-31 05549629 uk-core:ShareCapital 2018-10-31 05549629 uk-core:RetainedEarningsAccumulatedLosses 2019-10-31 05549629 uk-core:RetainedEarningsAccumulatedLosses 2018-10-31 05549629 uk-bus:Director1 2018-11-01 2019-10-31 05549629 uk-core:FurnitureFittings 2018-11-01 2019-10-31 iso4217:GBP xbrli:pure 05549629 uk-bus:AuditExemptWithAccountantsReport 2018-11-01 2019-10-31 05549629 uk-bus:FRS102 2018-11-01 2019-10-31 05549629 uk-bus:FullAccounts 2018-11-01 2019-10-31 05549629 uk-bus:PrivateLimitedCompanyLtd 2018-11-01 2019-10-31
L N C Floor Coverings Ltd
Registered Number:05549629
For the year ended 31 October 2019
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2019
L N C Floor Coverings Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
As at 31 October 2019
L N C Floor Coverings Ltd
Statement of Financial Position
Registered Number :
05549629
£
£
2018
2019
Notes
Fixed assets
Property, plant and equipment
50,391
50,391
2
50,391
50,391
Current assets
Inventories
18,350
9,350
3
Trade and other receivables
56,445
56,865
4
7,947
Cash and cash equivalents
6,496
72,711
82,742
Trade and other payables: amounts falling due within one
year
(23,418)
(37,693)
5
59,324
35,018
Net current assets
Total assets less current liabilities
85,409
109,715
Trade and other payables: amounts falling due after more
than one year
(49,340)
(20,890)
6
64,519
Net assets
60,375
Capital and reserves
Called up share capital
100
100
Retained earnings
64,419
60,275
64,519
60,375
Shareholders' funds
For the year ended 31 October 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Lee Cunningham Director
These financial statements were approved and authorised for issue by the Board on 20 July 2020 and were signed by:
1 of 5
4
For the year ended 31 October 2019
L N C Floor Coverings Ltd
Statement of Financial Position Continued
The notes form part of these financial statements
2 of 5
5
For the year ended 31 October 2019
L N C Floor Coverings Ltd
Notes to the Financial Statements
Statutory Information
L N C Floor Coverings Ltd is a private limited company, limited by shares, domiciled in England and Wales,
registration number 05549629.
Registered address:
Unit 10 Palmerston Workshops
Palmerston Road
Barry
South Glamorgan
CF63 2YZ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
25% on Reducing balance
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
3 of 5
6
For the year ended 31 October 2019
L N C Floor Coverings Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment
Fixtures and
fittings
£
Cost or
valuation
At 01 November 2018
112,087
At 31 October 2019
112,087
Provision for depreciation and impairment
At 01 November 2018
61,696
At 31 October 2019
61,696
At 31 October 2019
Net book value
50,391
At 31 October 2018
50,391
3. Inventories
2018
2019
£
£
Stocks
9,350
18,350
4. Trade and other receivables
2018
2019
£
£
Trade debtors
56,865
56,445
5. Trade and other payables: amounts falling due within one year
2018
2019
£
£
Taxation and social security
26,437
10,958
Other creditors
11,256
12,460
37,693
23,418
4 of 5
7
For the year ended 31 October 2019
L N C Floor Coverings Ltd
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2018
2019
£
£
Other creditors
20,890
49,340
7. Average number of persons employed
During the year the average number of employees was 0 (2018 : 5)
5 of 5