Largo Plant Services Limited Filleted accounts for Companies House (small and micro)

LARGO PLANT SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05242847

Largo Plant Services Limited

Filleted Unaudited Financial Statements

30 June 2020

Largo Plant Services Limited

Balance Sheet

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		276,821	252,545

Current assets

Stocks		168,795	160,352
Debtors	6	318,268	294,754
Cash at bank and in hand		428,120	392,229
		---------	---------
		915,183	847,335

Creditors: amounts falling due within one year	7	368,539		399,576
		---------		---------
Net current assets			546,644	447,759
			---------	---------
Total assets less current liabilities			823,465	700,304

Provisions

Taxation including deferred tax	15,608	9,115
	---------	---------
Net assets	807,857	691,189
	---------	---------

Capital and reserves

Called up share capital	76	76
Profit and loss account	807,781	691,113
	---------	---------
Shareholders funds	807,857	691,189
	---------	---------

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 Section 1A of 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 statement of comprehensive income has not been delivered.

For the year ending 30th June 2020 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 .

Largo Plant Services Limited

Balance Sheet (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 10 February 2021 , and are signed on behalf of the board by:

Mr M A Gooch

Director

Company registration number: 05242847

Largo Plant Services Limited

Notes to the Financial Statements

Year ended 30th June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1A, Station Road, Lenwade, Norfolk, NR9 5LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	2% straight line
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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 stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2019: 12 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st July 2019	212,758	29,333	21,531	120,354	383,976
Additions	–	–	11,784	33,555	45,339
Disposals	–	–	–	( 16,826)	( 16,826)
	---------	--------	--------	---------	---------
At 30th June 2020	212,758	29,333	33,315	137,083	412,489
	---------	--------	--------	---------	---------
Depreciation
At 1st July 2019	13,829	26,646	10,339	80,617	131,431
Charge for the year	4,255	403	2,805	12,659	20,122
Disposals	–	–	–	( 15,885)	( 15,885)
	---------	--------	--------	---------	---------
At 30th June 2020	18,084	27,049	13,144	77,391	135,668
	---------	--------	--------	---------	---------
Carrying amount
At 30th June 2020	194,674	2,284	20,171	59,692	276,821
	---------	--------	--------	---------	---------
At 30th June 2019	198,929	2,687	11,192	39,737	252,545
	---------	--------	--------	---------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	299,499	275,936
Other debtors	18,769	18,818
	---------	---------
	318,268	294,754
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	236,347	222,405
Corporation tax	61,877	83,697
Social security and other taxes	63,733	43,903
Other creditors	6,582	49,571
	---------	---------
	368,539	399,576
	---------	---------

8. Related party transactions

The company was under the control of the directors throughout the current and previous year. No further transactions were undertaken as required to be disclosed under FRS 102 Section 1A.