D B Lount & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09061128 (England and Wales)

D B Lount & Sons Limited

Unaudited Financial Statements

For The Year Ended 31 March 2020

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G D Lount

D Lount

REGISTERED OFFICE:

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

REGISTERED NUMBER:

09061128 (England and Wales)

ACCOUNTANTS:

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

BANKERS:

HSBC Bank plc

1 King Street

Bridlington

YO15 2DL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D B Lount & Sons Limited for the year ended 31 March 2020 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of D B Lount & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2014. Our work has been undertaken solely to prepare for your approval the financial statements of D B Lount & Sons Limited and state those matters that we have agreed to state to the Board of Directors of D B Lount & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D B Lount & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that D B Lount & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of D B Lount & Sons Limited. You consider that D B Lount & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of D B Lount & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charles A. Wood & Co.

Chartered Accountants

15 Prospect Street

Bridlington

East Yorkshire

YO15 2AE

18 January 2021

FIXED ASSETS

Tangible assets

4

18,235

23,916

CURRENT ASSETS

Stocks

500

500

Debtors

36,083

51,422

Cash at bank

25,084

36,986

61,667

88,908

CREDITORS

Amounts falling due within one year

42,959

61,429

NET CURRENT ASSETS

18,708

27,479

TOTAL ASSETS LESS CURRENT LIABILITIES

36,943

51,395

PROVISIONS FOR LIABILITIES

3,426

4,498

NET ASSETS

33,517

46,897

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

33,511

46,891

SHAREHOLDERS' FUNDS

33,517

46,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2021 and were signed on its behalf by:

G D Lount - Director

D Lount - Director

1.	STATUTORY INFORMATION

D B Lount & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The outbreak of the Coronavirus in the United Kingdom may result in measures imposed by the Government that significantly affect the ability of the Company to continue its normal trading and impact its ability to continue trading as a Going Concern. Clearly this situation is developing at the time of the approval of these financial statements. The Directors are closely monitoring the position and will follow all the official guidance and take appropriate measures to mitigate the impact of this virus outbreak on the Company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover in respect of service contracts is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

52,347

Additions

120

At 31 March 2020

52,467

DEPRECIATION

At 1 April 2019

28,431

Charge for year

5,801

At 31 March 2020

34,232

NET BOOK VALUE

At 31 March 2020

18,235

At 31 March 2019

23,916

5.	RELATED PARTY DISCLOSURES

The following balances were due to / from the Directors:

2020

2019

£

£

G D Lount

(1,560

)

5,051

S E Lount

NIL

16,703

D Lount

(3,413

)

1,526

Interest was paid to the Directors as follows:

2020

2019

£

£

G D Lount

118

690

S E Lount

NIL

717

D Lount

NIL

NIL