LCC Trading & Minerals Ltd 30/09/2020 iXBRL

LCC Trading & Minerals Ltd 30/09/2020 iXBRL

LCC TRADING & MINERALS LTD - Company Information

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Company registration number: NI662142
LCC Trading & Minerals Ltd
Abridged filleted financial statements
30 September 2020
LCC Trading & Minerals Ltd
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
LCC Trading & Minerals Ltd
Directors and other information
Directors Mr M C Loughran
Mr M O Loughran
Mr D Loughran
Mr J Loughran
Mrs G Quinn
Company number NI662142
Registered office 16 Churchtown Road
Cookstown
Tyrone
BT80 9XD
Auditor ASM (D) Ltd
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
Bankers First Trust Bank
18-20 Scotch Street
Dungannon
LCC Trading & Minerals Ltd
Directors responsibilities statement
Period ended 30 September 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LCC Trading & Minerals Ltd
Abridged statement of financial position
30 September 2020
30/09/20
Note £ £
Current assets
Cash at bank and in hand 1,000
_______
1,000
Net current assets 1,000
_______
Total assets less current liabilities 1,000
_______
Net assets 1,000
_______
Capital and reserves
Called up share capital 1,000
_______
Shareholder funds 1,000
_______
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 statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 30 September 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 10 June 2021 , and are signed on behalf of the board by:
Mr D Loughran
Director
Company registration number: NI662142
LCC Trading & Minerals Ltd
Notes to the financial statements
Period ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Churchtown Road, Cookstown, Tyrone, BT80 9XD.
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, 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.
All members have consented to the abridgements of these financial statements.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Summary audit opinion
The auditor's report for the period dated 10 June 2021 was unqualified.
The senior statutory auditor was Alistair Cooke for and on behalf of ASM (D) Ltd