Lauds Project Management Limited

LAUDS PROJECT MANAGEMENT LIMITED - Company Information

2019-04-012020-03-312020-03-31false05676511Lauds Project Management 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Registered Number
05676511
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2020

Lauds Project Management Limited

Company Information
for the year from 1 April 2019 to 31 March 2020


Directors	David Alyn Jones


Registered Address	74 High Street
	Fishguard
	SA65 9AU


Registered Number	05676511 (England and Wales)

Lauds Project Management Limited

Balance Sheet as at
31 March 2020

	Notes	2020 £	2019 £
Fixed assets
Tangible assets	5	1,984	2,273
Current assets
Debtors	8	33,333	34,099
Cash at bank and on hand		6,478	5,677
Creditors amounts falling due within one year	9	(37,394)	(33,946)
Net current assets (liabilities)		2,417	5,830
Total assets less current liabilities		4,401	8,103
Provisions for liabilities		(377)	(431)
Net assets		4,024	7,672
Capital and reserves
Called up share capital		100	100
Profit and loss account		3,924	7,572
Shareholders' funds		4,024	7,672

The company was entitled to exemption from audit for this reporting period 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 14 January 2021, and are signed on its behalf by:

David Alyn Jones
Director
Registered Company No. 05676511

Lauds Project Management Limited

Notes to the Financial Statements
for the year ended 31 March 2020

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	PRINCIPAL ACTIVITIES
	The principal activity of the company during the year was the provision of project management services to the construction industry.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Reducing balance (%)		Straight line (years)
	Vehicles	25		-
	Office Equipment	-		3

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

4.	EMPLOYEE INFORMATION

		2020		2019
	Average number of employees during the year	1		1

5.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 April 19	9,552
	Additions	771
	At 31 March 20	9,597
	Depreciation and impairment
	At 01 April 19	7,279
	Charge for year	1,060
	At 31 March 20	7,613
	Net book value
	At 31 March 20	1,984
	At 31 March 19	2,273

6.	ADVANCES AND CREDITS TO DIRECTORS, INCLUDING TERMS AND INTEREST RATES
	Interest is charged on loans to directors at the official rate.

		Brought forward £		Amount advanced £		Amount repaid £		Carried forward £
	David Alyn Jones	24,427		0		5,693		18,734
		24,427		0		5,693		18,734

7.	DIVIDENDS PROPOSED AND PAYABLE

		2020 £		2019 £
	Dividends Paid	45,000		48,500
	Total	45,000		48,500

8.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2020 £	2019 £
Trade debtors / trade receivables	8,448	3,520
Other debtors	24,885	30,579
Total	33,333	34,099

9.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2020 £	2019 £
Trade creditors / trade payables	2,214	-
Taxation and social security	30,854	32,346
Other creditors	2,727	-
Accrued liabilities and deferred income	1,599	1,600
Total	37,394	33,946