Alan Litman Limited Accounts

ALAN LITMAN LIMITED - Company Information






Alan Litman Limited

	Company No. 06266961
		Information for Filing with The Registrar
		30 September 2020

The Directors present their report and the accounts for the period ended 30 September 2020.

Principal activities
The principal activity of the company during the period under review was acting as a wholesaler of lace and other fabrics..




Directors

The Directors who served at any time during the period were as follows:

Craig Sherwin
Jill Prime
Stuart James Prime



































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

Stuart James Prime
Director
21 December 2020

at	30 September 2020
Company No.		06266961	Notes	2020	2019
				£	£
Fixed assets
	Intangible assets		5	404,139	808,529
	Tangible assets		6	112,694	140,444

	Investments		7	1	1
				516,834	948,974
Current assets
	Stocks		8	143,398	367,949
	Debtors		9	199,818	501,699

	Cash at bank and in hand			106,770	155,349
				449,986	1,024,997
Creditors: Amount falling due within one year			10	(133,139)	(382,717)
Net current assets				316,847	642,280
Total assets less current liabilities				833,681	1,591,254
Creditors: Amounts falling due after more than one year			11	(640,434)	(1,675,076)
Provisions for liabilities
	Deferred taxation		13	(19,500)	(21,900)

Net assets/(liabilities)				173,747	(105,722)

Capital and reserves
	Called up share capital			800,000	100
	Share premium account		14	50,000	-


	Profit and loss account		14	(676,253)	(105,822)

Total equity				173,747	(105,722)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the period ended 30 September 2020 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 in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 December 2020
And signed on its behalf by:
Stuart James Prime
Director
21 December 2020

for the period ended 30 September 2020

General information

Its registered number is: 06266961

Its registered office is:

Its trading address is:

Unit 7 Orchard Business Park

Unit 7

Sandiacre

Orchard Park Industrial Est

Nottingham

Sandicare

Nottingham

NG10 5BP

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Going concern

The financial statements have been prepared on the going concern basis.

Accounting policies

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

10% Straight line

Plant and machinery

10% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:

(a) The contractual rights to the cash flows from the asset expire or are settled;

(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or

(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.

Effects of the COVID-19 pandemic on the company's financial statements

The director has carefully considered the potential impact of the COVID-19 pandemic on the finances of the company. Having reviewed the activities of the company and its assets and liabilities the director does not consider that there is any reason to make any adjustment to the assets and liabilities of the company as shown in its financial statements for the year ended 30 September 2020.

The director does not consider that the pandemic causes a serious threat to the ability of the company to continue as a going concern for the foreseeable future.

Group accounts

The company is a parent undertaking subject to the small companies regime The company and its
subsidiary undertaking comprise a small group. The company has therefor taken advantage of the option provided by Section 398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefor present information in respect of the company as an individual entity.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Change in length of the reporting period

The directors extended the end of the financial period to end on 30 September 2020 in order to allow greater time to allow them more time to understand and respond to the changes in the company's business brought about by the Coronavirus pandemic.

4	Employees
			2020	2019
			Number	Number
		The average number of persons employed during the period :	13	18

5	Intangible fixed assets
			Goodwill	Other	Total
			£	£	£
		Cost
		At 1 April 2019	2,150,744	3,000	2,153,744


		At 30 September 2020	2,150,744	3,000	2,153,744
		Amortisation and impairment
		At 1 April 2019	1,343,715	1,500	1,345,215
		Charge for the year	403,265	1,125	404,390


		At 30 September 2020	1,746,980	2,625	1,749,605
		Net book values
		At 30 September 2020	403,764	375	404,139
		At 31 March 2019	807,029	1,500	808,529

		Goodwill

6	Tangible fixed assets
			Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 April 2019	20,871	95,708	156,830	273,409




		At 30 September 2020	20,871	95,708	156,830	273,409
		Depreciation
		At 1 April 2019	7,633	34,594	90,738	132,965
		Charge for the year	3,131	9,167	15,452	27,750



		At 30 September 2020	10,764	43,761	106,190	160,715
		Net book values
		At 30 September 2020	10,107	51,947	50,640	112,694
		At 31 March 2019	13,238	61,114	66,092	140,444

7	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 April 2019	1	1



		At 30 September 2020	1	1
		Provisions/Impairment





		Net book values
		At 30 September 2020	1	1
		At 31 March 2019	1	1

8	Stocks
			2020	2019
			£	£


		Finished goods	143,398	367,949
			143,398	367,949

9	Debtors
			2020	2019
			£	£
		Trade debtors	143,367	419,876





		Other debtors	2,630	9,100
		Prepayments and accrued income	53,821	72,723
			199,818	501,699

10	Creditors:
		amounts falling due within one year
			2020	2019
			£	£


		Other loans	-	93,478

		Trade creditors	67,632	191,774
		Amounts owed to group undertakings	8,306	7,483
		Corporation tax	-	35,206
		Other taxes and social security	27,070	9,907
		Loans from directors	-	14
		Other creditors	9,790	1,764
		Accruals and deferred income	20,341	43,091
			133,139	382,717

11	Creditors:
		amounts falling due after more than one year
			2020	2019
			£	£


		Other loans	-	98,261


		Amounts owed to group undertakings	640,434	1,576,815


			640,434	1,675,076

		Liabilities repayable in more than five years after the balance sheet date




		The amount due to the company's parent undertaking is secured by a fixed and floating charge over the assets of the company.

12	Creditors: secured liabilities
			2020	2019
			£	£
		The aggregate amount of secured liabilities included within creditors	640,434	1,576,815

13	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 April 2019	21,900	21,900
		Charge to the profit and loss account for the period	(2,400)	(2,400)

		At 30 September 2020	19,500	19,500



			2020	2019
			£	£
		Accelerated capital allowances	19,500	21,900



			19,500	21,900

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

Related party transactions

The company is a subsidiary of Ensco 902 Limited, a company incorporated and registered in England and Wales.

The trading address of Ensco 902 Limited is as shown on page 2.

The directors, S Prime and J Prime are members of the company's pension scheme.

During the period the company paid rent of £113,017 (2019 £81,596) for the rent of the premises used by the company.

The pension scheme has also made a loan to the company which at 20 September 2020 amounted to £nil (2019 £191,739).

Interest of £9,693 (2019 £12,014) was paid on the loan for the year.

Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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