Alan Litman Limited Accounts

Alan Litman Limited Accounts

ALAN LITMAN LIMITED - Company Information

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Alan Litman Limited Filleted Accounts Cover
Alan Litman Limited
Company No. 06266961
Information for Filing with The Registrar
30 September 2022
Alan Litman Limited Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 September 2022.
Principal activities
The principal activity of the company during the year under review was acting as a wholesaler of lace and other fabrics..
Directors
The Directors who served at any time during the year were as follows:
Craig Sherwin
Jill Prime
Stuart James Prime
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Stuart James Prime
Director
16 December 2022
Alan Litman Limited Balance Sheet Registrar
at
30 September 2022
Company No.
06266961
Notes
2022
2021
£
£
Fixed assets
Intangible assets
5
186374
Tangible assets
6
96,136111,363
Investments
7
11
96,323111,738
Current assets
Stocks
8
144,417120,899
Debtors
9
150,385145,657
Cash at bank and in hand
305,921311,429
600,723577,985
Creditors: Amount falling due within one year
10
(255,188)
(315,103)
Net current assets
345,535262,882
Total assets less current liabilities
441,858374,620
Creditors: Amounts falling due after more than one year
11
(181,683)
(212,500)
Provisions for liabilities
Deferred taxation
13
(17,000)
(20,000)
Net assets
243,175142,120
Capital and reserves
Called up share capital
1,000,0001,000,000
Share premium account
14
200,000200,000
Profit and loss account
14
(956,825)
(1,057,880)
Total equity
243,175142,120
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 16 December 2022
And signed on its behalf by:
Stuart James Prime
Director
16 December 2022
Alan Litman Limited Notes to the Accounts Registrar
for the year ended 30 September 2022
1
General information
Its registered number is: 06266961
Its registered office is:
Its trading address is:
Unit 3
Unit 3
Harlaxton Business Park
Harlaxton Business Park
Main Road, Harlaxton
Main Road, Harlaxton
Grantham, Lincs
Grantham, Lincs
NG32 1HQ
NG32 1HQ
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
10% Straight line
Plant and machinery
10% Reducing balance
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
15% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
(a) The contractual rights to the cash flows from the asset expire or are settled;
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
Group accounts
The company is a parent undertaking subject to the small companies regime The company and its
subsidiary undertaking comprise a small group. The company has therefor taken advantage of the option provided by Section 398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefor present information in respect of the company as an individual entity.
Exemption from related party transactions
The company has taken advantage of the exemption within the paragraph 33 of FRS102 and on the basis of that exemption transactions with companies in the same wholly owned group of companies have not been disclosed.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2022
2021
Number
Number
The average monthly number of employees (including directors) during the year was:
98
4
Other operating income:
2022
2021
£
£
DWP
3,000
-
Kickstart Job Scheme
8,777
-
CBIL loan interest grant
2,802
2,969
Rental Income
-
17,045
Coronavirus Job Retention Scheme grants
-
71,559
14,579
91,573
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 October 2021
2,150,7443,0002,153,744
At 30 September 2022
2,150,7443,0002,153,744
Amortisation and impairment
At 1 October 2021
2,150,3703,0002,153,370
Charge for the year
188-188
At 30 September 2022
2,150,5583,0002,153,558
Net book values
At 30 September 2022
186-186
At 30 September 2021
374-374
Goodwill
6
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 October 2021
20,87196,203170,990288,064
At 30 September 2022
20,87196,203170,990288,064
Depreciation
At 1 October 2021
12,85148,979114,871176,701
Charge for the year
2,0874,7228,41815,227
At 30 September 2022
14,93853,701123,289191,928
Net book values
At 30 September 2022
5,93342,50247,70196,136
At 30 September 2021
8,02047,22456,119111,363
7
Investments
Investment in Subsidiaries
Total
£
£
Cost or valuation
At 1 October 2021
11
At 30 September 2022
11
Provisions/Impairment
Net book values
At 30 September 2022
11
At 30 September 2021
11
8
Stocks
2022
2021
£
£
Finished goods
144,417120,899
144,417120,899
9
Debtors
2022
2021
£
£
Trade debtors
133,820123,992
Other debtors
2886
Prepayments and accrued income
16,56320,779
150,385145,657
10
Creditors:
amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
41,66737,500
Trade creditors
36,47538,647
Amounts owed to group undertakings
96,336187,492
Corporation tax
26,5453,836
Other taxes and social security
14,1319,182
Other creditors
1,3114,942
Accruals and deferred income
38,72333,504
255,188315,103
11
Creditors:
amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
181,683212,500
181,683212,500
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
15,016
37,500
15,01637,500
The bank loan is secured by a charge over the company's assets The amount due to the company's parent undertaking is secured by a second charge over the company's assets
12
Creditors: secured liabilities
2022
2021
£
£
The aggregate amount of secured liabilities included within creditors
319,666529,186
13
Provisions for liabilities
Deferred taxation
Accelerated Capital Allowances, Losses and Other Timing Differences
Total
£
£
At 1 October 2021
20,000
20,000
Charge to the profit and loss account for the period
(3,000)
(3,000)
At 30 September 2022
17,000
17,000
2022
2021
£
£
Accelerated capital allowances
17,00020,000
17,00020,000
14
Reserves
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
15
Commitments
Capital commitments
2022
2021
£
£
Other financial commitments
2022
2021
£
£
Total commitments under non-cancellable operating leases:
39,00065,000
16
Related party disclosures
Controlling Party
The company is a subsidiary undertaking of Ensco 902 Limited which is the immediate holding company.
Ensco 902 Limited is a company incorporated and registered in England and Wales and its registered office is as shown on page 2.
The ultimate controlling parties are the directors Jill and Stuart Prime.
The ultimate holding company is Primeco 100 Limited, a company incorporated and registered in England and Wales. The registered office of Primeco 100 Limited is:
Unit C17 Kestrel Business Centre
Colwick Industrial Estate
Nottingham
NG4 2JR
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