LDW Carpentry & Building Ltd Accounts


LDW Carpentry & Building Ltd Filleted Accounts Cover
LDW Carpentry & Building Ltd
Company No. 10638814
Information for Filing with The Registrar
29 February 2020
LDW Carpentry & Building Ltd Directors Report Registrar
The Director presents his report and the accounts for the year ended 29 February 2020.
Principal activities
The principal activity of the company during the year under review was building and property improvement.
Director
The Director who served at any time during the year was as follows:
L. Wells
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
L. Wells
Director
28 July 2020
LDW Carpentry & Building Ltd Balance Sheet Registrar
at
29 February 2020
Company No.
10638814
Notes
2020
2019
£
£
Fixed assets
Tangible assets
4
2,7752,500
2,7752,500
Current assets
Debtors
5
14,06219,685
Cash at bank and in hand
2,8681,147
16,93020,832
Creditors: Amount falling due within one year
6
(17,236)
(23,226)
Net current liabilities
(306)
(2,394)
Total assets less current liabilities
2,469106
Net assets
2,469106
Capital and reserves
Called up share capital
1010
Profit and loss account
7
2,45996
Total equity
2,469106
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 year ended 29 February 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 28 July 2020
And signed on its behalf by:
L. Wells
Director
28 July 2020
LDW Carpentry & Building Ltd Notes to the Accounts Registrar
for the year ended 29 February 2020
1
General information
Its registered number is: 10638814
Its registered office is:
Its trading address is:
13 Market Place
13 Market Place
Oakham
Oakham
Rutland
Rutland
LE15 6DT
LE15 6DT
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.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
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:
Motor vehicles
25% Straight line
Furniture, fittings and equipment
20% Straight line
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.
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.
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.
3
Employees
2020
2019
Number
Number
The average number of persons employed during the year :
11
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost or revaluation
At 1 March 2019
2,5002,0004,500
Additions
-1,7001,700
At 29 February 2020
2,5003,7006,200
Depreciation
At 1 March 2019
1,0001,0002,000
Charge for the year
5009251,425
At 29 February 2020
1,5001,9253,425
Net book values
At 29 February 2020
1,0001,7752,775
At 28 February 2019
1,5001,0002,500
5
Debtors
2020
2019
£
£
Trade debtors
7,56213,185
Other debtors
6,5006,500
14,06219,685
6
Creditors:
amounts falling due within one year
2020
2019
£
£
Trade creditors
4,9682,681
Corporation tax
3,952505
Other taxes and social security
5,6128,726
Loans from directors
2,70411,314
17,23623,226
7
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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