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

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

LAUREL LIMITED - Company Information

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REGISTERED NUMBER: 01874563 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

LAUREL LIMITED
LAUREL LIMITED (REGISTERED NUMBER: 01874563)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAUREL LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2020







DIRECTORS: M J Lythgoe
A K Lythgoe





SECRETARY: Miss J Stokes





REGISTERED OFFICE: 327 Mossy Lea Road
Wrightington
Wigan
Lancashire
WN6 9SB





REGISTERED NUMBER: 01874563 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB
Page 1
LAUREL LIMITED (REGISTERED NUMBER: 01874563)

BALANCE SHEET
31 August 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,396 29,806

CURRENT ASSETS
Stocks 77,766 62,050
Debtors 5 30,322 81,540
Cash at bank and in hand 85,723 41,332
193,811 184,922
CREDITORS
Amounts falling due within one year 6 151,248 142,907
NET CURRENT ASSETS 42,563 42,015
TOTAL ASSETS LESS CURRENT
LIABILITIES
65,959
71,821

CREDITORS
Amounts falling due after more than one year 7 59,948 59,948
NET ASSETS 6,011 11,873

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 5,811 11,673
SHAREHOLDERS' FUNDS 6,011 11,873

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 notes form part of these financial statements

Page 2 continued...
LAUREL LIMITED (REGISTERED NUMBER: 01874563)

BALANCE SHEET - continued
31 August 2020


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 23 March 2021 and were signed on its behalf by:





M J Lythgoe - Director


The notes form part of these financial statements

Page 3
LAUREL LIMITED (REGISTERED NUMBER: 01874563)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2020

1. STATUTORY INFORMATION

Laurel 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 directors are confident that, with the continued support of both the directors and shareholders, the company will continue to trade and will be able to meet its liabilities as they fall due. The accounts have therefore been prepared on a going concern basis.

Turnover
Turnover represents the net invoiced value of goods sold, excluding value added tax, adjusted for the movement in amounts recoverable on contracts. Amounts recoverable on contracts are accounting for in line with SSAP 9 "Stocks and long term contracts" and includes all direct expenditure, an appropriate proportion of overheads and a profit element calculated on the stage of completion.

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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stock & work in progress


Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress includes all direct expenditure, an appropriate proportion of overheads and a profit element calculated on the stage of completion.

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.


Page 4 continued...
LAUREL LIMITED (REGISTERED NUMBER: 01874563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2020

2. ACCOUNTING POLICIES - continued
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.

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 11 (2019 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2019
and 31 August 2020 29,735 87,911 117,646
DEPRECIATION
At 1 September 2019 19,327 68,513 87,840
Charge for year 1,561 4,849 6,410
At 31 August 2020 20,888 73,362 94,250
NET BOOK VALUE
At 31 August 2020 8,847 14,549 23,396
At 31 August 2019 10,408 19,398 29,806

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 25,617 79,031
Other debtors 4,705 2,509
30,322 81,540

Page 5 continued...
LAUREL LIMITED (REGISTERED NUMBER: 01874563)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 28,746 93,665
Amounts owed to group undertakings 3,164 3,164
Taxation and social security 8,334 7,371
Other creditors 111,004 38,707
151,248 142,907

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2020 2019
£    £   
Other creditors 59,948 59,948

8. 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.

9. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Laurel 2011 Limited.

The ultimate controlling parties are Mrs and Mrs J Lythgoe, by means of their shareholding in that company.

Page 6