5D Solutions (Launceston) Ltd - Period Ending 2020-03-31

5D Solutions (Launceston) Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

5D Solutions (Launceston) Ltd

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Current assets
Stocks and work in progress		1,199,421	453,504
Debtors	4	39,588	37,249
Cash at bank and in hand		15,614	11,183
		1,254,623	501,936
Creditors: Amounts falling due within one year	5	(43,150)	(45,715)
Total assets less current liabilities		1,211,473	456,221
Creditors: Amounts falling due after more than one year	5	(1,224,870)	(460,000)
Net liabilities		(13,397)	(3,779)
Capital and reserves
Called up share capital		920	920
Profit and loss account		(14,317)	(4,699)
Total equity		(13,397)	(3,779)

For the financial period 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 period 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 21 December 2020 and signed on its behalf by:
 

......................................... Mr D Stones Director

Company Registration Number: 11691529

5D Solutions (Launceston) Ltd

Notes to the Financial Statements

Period from 1 December 2019 to 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:
Unit 17 Creykes Court
5 Craigie Drive
Plymouth
Devon
PL1 3JB
United Kingdom

These financial statements were authorised for issue by the Board on 21 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 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

Tax

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

5D Solutions (Launceston) Ltd

Notes to the Financial Statements

Period from 1 December 2019 to 31 March 2020

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to
complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable,
direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the
impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• 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.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2019 - 2).

5D Solutions (Launceston) Ltd

Notes to the Financial Statements

Period from 1 December 2019 to 31 March 2020

4

Debtors

	Note	2020 £	2019 £
Amounts due from group undertakings		-	29,803
Other debtors		1,318	7,446
Prepayments		38,270	-
		39,588	37,249

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	30 November 2019  £
Due within one year
Trade creditors		-	6,399
Amounts due to group undertakings		2,187	-
Other creditors		39,463	37,816
Accrued expenses		1,500	1,500
		43,150	45,715

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	6	1,224,870	460,000

£764,870 is secured by way of a fixed and floating charge over the assets of the company.

6	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Other borrowings	1,224,870	460,000

5D Solutions (Launceston) Ltd

Notes to the Financial Statements

Period from 1 December 2019 to 31 March 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A Shares of £1 each	460	460	460	460
Preference Shares of £1 each	460	460	460	460
	920	920	920	920