L K Industrial Covers Ltd 30/12/2019 iXBRL

L K Industrial Covers Ltd 30/12/2019 iXBRL

L K INDUSTRIAL COVERS LTD - Company Information

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30/12/2019 2019-12-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2018-12-31 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 10539466 2018-12-31 2019-12-30 10539466 2019-12-30 10539466 2018-12-30 10539466 2017-12-31 2018-12-30 10539466 2018-12-30 10539466 core:PlantMachinery 2018-12-31 2019-12-30 10539466 core:FurnitureFittingsToolsEquipment 2018-12-31 2019-12-30 10539466 core:MotorVehicles 2018-12-31 2019-12-30 10539466 bus:Director1 2018-12-31 2019-12-30 10539466 core:PlantMachinery 2018-12-30 10539466 core:FurnitureFittingsToolsEquipment 2018-12-30 10539466 core:MotorVehicles 2018-12-30 10539466 core:PlantMachinery 2019-12-30 10539466 core:FurnitureFittingsToolsEquipment 2019-12-30 10539466 core:MotorVehicles 2019-12-30 10539466 core:WithinOneYear 2019-12-30 10539466 core:WithinOneYear 2018-12-30 10539466 core:AfterOneYear 2019-12-30 10539466 core:AfterOneYear 2018-12-30 10539466 core:ShareCapital 2019-12-30 10539466 core:ShareCapital 2018-12-30 10539466 core:RetainedEarningsAccumulatedLosses 2019-12-30 10539466 core:RetainedEarningsAccumulatedLosses 2018-12-30 10539466 core:PlantMachinery 2018-12-30 10539466 core:FurnitureFittingsToolsEquipment 2018-12-30 10539466 core:MotorVehicles 2018-12-30 10539466 bus:SmallEntities 2018-12-31 2019-12-30 10539466 bus:AuditExempt-NoAccountantsReport 2018-12-31 2019-12-30 10539466 bus:FullAccounts 2018-12-31 2019-12-30 10539466 bus:SmallCompaniesRegimeForAccounts 2018-12-31 2019-12-30 10539466 bus:PrivateLimitedCompanyLtd 2018-12-31 2019-12-30
Company registration number: 10539466
L K Industrial Covers Ltd
Unaudited filleted financial statements
30 December 2019
L K Industrial Covers Ltd
Contents
Statement of financial position
Notes to the financial statements
L K Industrial Covers Ltd
Statement of financial position
30 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 23,301 30,117
_______ _______
23,301 30,117
Current assets
Stocks 8,604 8,604
Debtors 6 12,193 3,406
Cash at bank and in hand - 6,128
_______ _______
20,797 18,138
Creditors: amounts falling due
within one year 7 ( 24,607) ( 26,513)
_______ _______
Net current liabilities ( 3,810) ( 8,375)
_______ _______
Total assets less current liabilities 19,491 21,742
Creditors: amounts falling due
after more than one year 8 ( 19,136) ( 18,715)
Provisions for liabilities ( 1,261) -
_______ _______
Net (liabilities)/assets ( 906) 3,027
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 907) 3,026
_______ _______
Shareholders (deficit)/funds ( 906) 3,027
_______ _______
For the year ending 30 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 November 2020 , and are signed on behalf of the board by:
Mr Keith Warburton
Director
Company registration number: 10539466
L K Industrial Covers Ltd
Notes to the financial statements
Year ended 30 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Christie Way, Manchester, England, M21 7QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 31 December 2018 7,952 816 36,529 45,297
Additions 69 123 - 192
_______ _______ _______ _______
At 30 December 2019 8,021 939 36,529 45,489
_______ _______ _______ _______
Depreciation
At 31 December 2018 1,932 435 12,813 15,180
Charge for the year 913 166 5,929 7,008
_______ _______ _______ _______
At 30 December 2019 2,845 601 18,742 22,188
_______ _______ _______ _______
Carrying amount
At 30 December 2019 5,176 338 17,787 23,301
_______ _______ _______ _______
At 30 December 2018 6,020 381 23,716 30,117
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 12,165 3,399
Other debtors 28 7
_______ _______
12,193 3,406
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 3,482 -
Trade creditors 10,986 4,855
Corporation tax - 446
Social security and other taxes 1,181 1,163
Other creditors 8,958 20,049
_______ _______
24,607 26,513
_______ _______
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 2,465 4,667
Other creditors 16,671 14,048
_______ _______
19,136 18,715
_______ _______