Llandaff Laminates Limited - Accounts to registrar (filleted) - small 22.3

Llandaff Laminates Limited

Financial Statements for the Year Ended 31 March 2022

DIRECTORS:

M A Phillips

J A Phillips

SECRETARY:

M A Phillips

REGISTERED OFFICE:

Unit B Capital Point

Capital Business Park

Cardiff

CF3 2PY

REGISTERED NUMBER:

00929633 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Llandaff Laminates Limited for the year ended 31 March 2022 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Llandaff Laminates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Llandaff Laminates Limited and state those matters that we have agreed to state to the Board of Directors of Llandaff Laminates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Llandaff Laminates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Llandaff Laminates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Llandaff Laminates Limited. You consider that Llandaff Laminates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Llandaff Laminates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

18 October 2022

FIXED ASSETS

Intangible assets

3

5,530

8,416

Tangible assets

4

154,315

166,661

159,845

175,077

CURRENT ASSETS

Stocks

410,730

303,253

Debtors

5

326,356

325,041

Cash at bank and in hand

137,894

205,132

874,980

833,426

CREDITORS

Amounts falling due within one year

6

615,568

609,970

NET CURRENT ASSETS

259,412

223,456

TOTAL ASSETS LESS CURRENT LIABILITIES

419,257

398,533

CREDITORS

Amounts falling due after more than one year

7

(64,569

)

(84,704

)

PROVISIONS FOR LIABILITIES

(23,010

)

(27,036

)

NET ASSETS

331,678

286,793

CAPITAL AND RESERVES

Called up share capital

49

49

Capital redemption reserve

51

51

Retained earnings

331,578

286,693

SHAREHOLDERS' FUNDS

331,678

286,793

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2022 and were signed on its behalf by:

M A Phillips - Director

1.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets, other than goodwill, is a Cherished number plate and is recorded at cost.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

15% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 19 ) .

3.	INTANGIBLE FIXED ASSETS

Cherished

number

Goodwill

plate

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

5,250

5,530

10,780

AMORTISATION

At 1 April 2021

2,364

-

2,364

Amortisation for year

2,886

-

2,886

At 31 March 2022

5,250

-

5,250

NET BOOK VALUE

At 31 March 2022

-

5,530

5,530

At 31 March 2021

2,886

5,530

8,416

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2021

244,352

59,425

205,577

509,354

Additions

-

-

17,495

17,495

Disposals

-

-

(16,995

)

(16,995

)

At 31 March 2022

244,352

59,425

206,077

509,854

DEPRECIATION

At 1 April 2021

150,770

56,557

135,366

342,693

Charge for year

12,471

531

10,114

23,116

Eliminated on disposal

-

-

(10,270

)

(10,270

)

At 31 March 2022

163,241

57,088

135,210

355,539

NET BOOK VALUE

At 31 March 2022

81,111

2,337

70,867

154,315

At 31 March 2021

93,582

2,868

70,211

166,661

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

308,369

306,310

Other debtors & prepayments

17,987

18,731

326,356

325,041

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

22,925

22,337

Trade creditors

470,784

444,409

Taxes & social security costs

77,764

102,963

Other creditors & accruals

44,095

40,261

615,568

609,970

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

31,529

41,803

Other creditors

33,040

42,901

64,569

84,704

8.	ULTIMATE CONTROLLING PARTY

The controlling party is M A Phillips.