M & J Lowther Limited Filleted accounts for Companies House (small and micro)

M & J Lowther Limited Filleted accounts for Companies House (small and micro)

M & J LOWTHER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04489715
M & J Lowther Limited
Filleted Unaudited Financial Statements
31 March 2021
M & J Lowther Limited
Statement of Financial Position
31 March 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
2,735
3,370
Current assets
Debtors
7
5,488
6,590
Cash at bank and in hand
1,966
1,477
--------
--------
7,454
8,067
Creditors: amounts falling due within one year
8
10,089
11,369
---------
---------
Net current liabilities
2,635
3,302
--------
--------
Total assets less current liabilities
100
68
-----
-----
Net assets
100
68
-----
-----
Capital and reserves
Called up share capital
9
60
60
Profit and loss account
40
8
-----
-----
Shareholders funds
100
68
-----
-----
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 income and retained earnings has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M & J Lowther Limited
Statement of Financial Position (continued)
31 March 2021
These financial statements were approved by the board of directors and authorised for issue on 9 June 2021 , and are signed on behalf of the board by:
J Lowther
Director
Company registration number: 04489715
M & J Lowther Limited
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lowmoor House, Lowmoor Road, Wigton, Cumbria, CA7 9QR.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have had any significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Motor Vehicles
-
20% straight line
Equipment
-
15% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
8,000
--------
Amortisation
At 1 April 2020 and 31 March 2021
8,000
--------
Carrying amount
At 31 March 2021
–
--------
At 31 March 2020
–
--------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2020 and 31 March 2021
14,895
3,601
18,496
---------
--------
---------
Depreciation
At 1 April 2020
12,315
2,811
15,126
Charge for the year
520
115
635
---------
--------
---------
At 31 March 2021
12,835
2,926
15,761
---------
--------
---------
Carrying amount
At 31 March 2021
2,060
675
2,735
---------
--------
---------
At 31 March 2020
2,580
790
3,370
---------
--------
---------
7. Debtors
2021
2020
£
£
Trade debtors
5,488
6,590
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
183
81
Corporation tax
1,362
3,545
Other creditors
8,544
7,743
---------
---------
10,089
11,369
---------
---------
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
50
50
50
50
Ordinary 'A' shares of £ 1 each
10
10
10
10
-----
-----
-----
-----
60
60
60
60
-----
-----
-----
-----
10. Director's advances, credits and guarantees
The directors were not advanced any amounts during the period.
11. Related party transactions
The company was under the control of Mr J Lowther throughout the current year. Mr Lowther is the managing director of the company and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.