Lacefern Limited - Period Ending 2020-03-31

Lacefern Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Lacefern Limited

Company Information

Directors

Mr D M D Wheeler Mrs J P Wheeler

Company secretary

Mrs J P Wheeler

Registered office

Merlin Farm Mawgan Porth Newquay TR8 4DN

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Lacefern Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	1,260,174	1,282,224
Current assets
Debtors	5	1,994	4,260
Cash at bank and in hand		42,057	27,007
		44,051	31,267
Creditors: Amounts falling due within one year	6	(176,341)	(194,619)
Net current liabilities		(132,290)	(163,352)
Net assets		1,127,884	1,118,872
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		1,127,784	1,118,772
Total equity		1,127,884	1,118,872

Lacefern Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 December 2020 and signed on its behalf by:
 

......................................... Mr D M D Wheeler Director

Company Registration Number: 03684267

Lacefern Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Merlin Farm
Mawgan Porth
Newquay
TR8 4DN

These financial statements were authorised for issue by the Board on 16 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors of Lacefern Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Lacefern Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Tangible assets

Tangible assets are cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold buildings	2% straight line
Freehold land	Not depreciated
Motor vehicles	25% reducing balance
Fixtures & fittings	15% reducing balance

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 3).

Lacefern Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2019	1,501,254	74,438	9,585	1,585,277
Additions	-	9,142	-	9,142
At 31 March 2020	1,501,254	83,580	9,585	1,594,419
Depreciation
At 1 April 2019	241,626	53,988	7,439	303,053
Charge for the year	27,028	3,627	537	31,192
At 31 March 2020	268,654	57,615	7,976	334,245
Carrying amount
At 31 March 2020	1,232,600	25,965	1,609	1,260,174
At 31 March 2019	1,259,628	20,450	2,146	1,282,224

Included within the net book value of land and buildings above is £1,232,600 (2019 - £1,259,628) in respect of freehold land and buildings.
 

5

Debtors

	2020 £	2019 £
Trade debtors	-	4,260
Prepayments	1,994	-
	1,994	4,260

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Social security and other taxes	769	2,461
Other creditors	165,018	184,669
Accrued expenses	10,554	7,489
	176,341	194,619

Lacefern Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Related party transactions

Summary of transactions with other related parties

A Director
 During the current and prior year a loan account existed between the company and a Director. Interest is charged at 3.25% and the amount is repayable on demand. At the year end, the amount due by the company was £131,438 (2019: £159,019).