Larvic Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03821544 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

Larvic Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Seema Deb

Robin Deb

SECRETARY:

Seema Deb

REGISTERED OFFICE:

First Floor, 61-63 Alexandra

Road

Walsall

West Midlands

WS1 4DX

REGISTERED NUMBER:

03821544 (England and Wales)

ACCOUNTANTS:

Dhillon Accountants Limited

Chartered Accountants

61-63 Alexandra Road

Walsall

West Midlands

WS1 4DX

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 Larvic Limited for the year ended 31 August 2020 which

comprise the Income Statement, 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 Larvic Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Larvic Limited and state those matters that we have agreed to state to the Board of Directors of Larvic 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 Larvic Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Larvic 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 Larvic Limited. You consider that Larvic 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 Larvic 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.

Dhillon Accountants Limited

Chartered Accountants

61-63 Alexandra Road

Walsall

West Midlands

WS1 4DX

Date: .............................................

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

31,475

29,612

31,475

29,612

CURRENT ASSETS

Stocks

6

46,932

67,202

Debtors

7

244,596

124,627

Cash at bank and in hand

223,979

188,265

515,507

380,094

CREDITORS

Amounts falling due within one year

8

(441,227

)

(370,105

)

NET CURRENT ASSETS

74,280

9,989

TOTAL ASSETS LESS CURRENT LIABILITIES

105,755

39,601

CREDITORS

Amounts falling due after more than one year

9

-

(30,609

)

PROVISIONS FOR LIABILITIES

(3,778

)

(4,644

)

NET ASSETS

101,977

4,348

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

101,877

4,248

101,977

4,348

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 25 November 2020 and were signed on its behalf by:

Robin Deb - Director

1.	STATUTORY INFORMATION

Larvic 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair

value of the separable net assets. It is amortised to profit and loss account over its estimated

economic life of five years.

Tangible fixed assets

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

Leasehold Over the duration of the lease

Plant and Machinery 15% reducing balance

Motor Vehicles 25% 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

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.

Related party transactions

The company paid rent and service charge in the year amounting to £11,624 (2019-£11,624)

for the use of leasehold property owned by the director Mr. R Deb on normal commercial

basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

506,097

AMORTISATION

At 1 September 2019

and 31 August 2020

506,097

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 September 2019

2,640

94,275

14,387

111,302

Additions

7,400

-

-

7,400

Disposals

-

-

(5,392

)

(5,392

)

At 31 August 2020

10,040

94,275

8,995

113,310

DEPRECIATION

At 1 September 2019

132

75,410

6,148

81,690

Charge for year

502

2,830

712

4,044

Eliminated on disposal

-

-

(3,899

)

(3,899

)

At 31 August 2020

634

78,240

2,961

81,835

NET BOOK VALUE

At 31 August 2020

9,406

16,035

6,034

31,475

At 31 August 2019

2,508

18,865

8,239

29,612

6.

STOCKS

31.8.20

31.8.19

£

£

Finished goods

46,932

67,202

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

230,432

86,855

Vat Receivable

13,195

31,538

Prepayments

969

6,234

244,596

124,627

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

32,897

40,539

Trade creditors

180,397

219,333

Tax

41,054

5,442

Social security and other taxes

2,684

2,646

Wages Control Account

16,516

15,196

Other creditors

247

-

NHS Loan

53,055

-

Directors' current accounts

85,995

79,895

Accruals and deferred income

28,382

7,054

441,227

370,105

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans - 2-5 years

-

30,609

10.

RESERVES

Retained

earnings

£

At 1 September 2019

4,248

Profit for the year

147,629

Dividends

(50,000

)

At 31 August 2020

101,877