LADBROOK & LANGTON GUNSMITHS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09188058 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

LADBROOK & LANGTON GUNSMITHS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C S Langton

REGISTERED OFFICE:

2 Place Farm

Wheathampstead

St Albans

Hertfordshire

AL4 8SB

REGISTERED NUMBER:

09188058 (England and Wales)

ACCOUNTANTS:

LYALL YOUNGMAN

2 Place Farm

Wheathampstead

St Albans

Hertfordshire

AL4 8SB

FIXED ASSETS

Intangible assets

4

17,600

22,000

Tangible assets

5

4

6,611

17,604

28,611

CURRENT ASSETS

Stocks

6

37,962

50,893

Debtors

7

8,007

20,073

Cash at bank and in hand

43,465

49,013

89,434

119,979

CREDITORS

Amounts falling due within one year

8

70,268

109,907

NET CURRENT ASSETS

19,166

10,072

TOTAL ASSETS LESS CURRENT LIABILITIES

36,770

38,683

PROVISIONS FOR LIABILITIES

9

-

1,256

NET ASSETS

36,770

37,427

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

36,670

37,327

SHAREHOLDERS' FUNDS

36,770

37,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 June 2021 and were signed by:

C S Langton - Director

1.	STATUTORY INFORMATION

LADBROOK & LANGTON GUNSMITHS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	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 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

44,000

AMORTISATION

At 1 October 2019

22,000

Charge for year

4,400

At 30 September 2020

26,400

NET BOOK VALUE

At 30 September 2020

17,600

At 30 September 2019

22,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

and 30 September 2020

3,617

17,465

24,700

3,293

49,075

DEPRECIATION

At 1 October 2019

3,616

16,960

18,596

3,292

42,464

Charge for year

-

504

6,103

-

6,607

At 30 September 2020

3,616

17,464

24,699

3,292

49,071

NET BOOK VALUE

At 30 September 2020

1

1

1

1

4

At 30 September 2019

1

505

6,104

1

6,611

6.

STOCKS

2020

2019

£

£

Stocks

31,872

34,162

Work-in-progress

6,090

16,731

37,962

50,893

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

4,793

16,132

Prepayments and accrued income

3,214

3,941

8,007

20,073

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

4,627

5,013

Tax

6,878

6,426

Social security and other taxes

(5

)

64

Net pay control

84

84

VAT

3,741

8,132

Pension fund

17

149

Directors' current accounts

52,768

87,675

Accrued expenses

2,158

2,364

70,268

109,907

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

-

1,256

Deferred

tax

£

Balance at 1 October 2019

1,256

Accelerated capital allowances

(1,256

)

Balance at 30 September 2020

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1 October 2019

37,327

Profit for the year

19,343

Dividends

(20,000

)

At 30 September 2020

36,670