Leanvation Worldwide Limited 31/03/2021 iXBRL

Leanvation Worldwide Limited 31/03/2021 iXBRL

LEANVATION WORLDWIDE LIMITED - Company Information

Print Friendly Version

31/03/2021 2021-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-04-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08520866 2020-04-01 2021-03-31 08520866 2021-03-31 08520866 2020-03-31 08520866 2019-04-01 2020-03-31 08520866 2020-03-31 08520866 core:PlantMachinery 2020-04-01 2021-03-31 08520866 bus:Director1 2020-04-01 2021-03-31 08520866 core:PlantMachinery 2020-03-31 08520866 core:PlantMachinery 2021-03-31 08520866 core:MotorVehicles 2021-03-31 08520866 core:WithinOneYear 2021-03-31 08520866 core:WithinOneYear 2020-03-31 08520866 core:AfterOneYear 2021-03-31 08520866 core:ShareCapital 2021-03-31 08520866 core:ShareCapital 2020-03-31 08520866 core:SharePremium 2021-03-31 08520866 core:SharePremium 2020-03-31 08520866 core:RetainedEarningsAccumulatedLosses 2021-03-31 08520866 core:RetainedEarningsAccumulatedLosses 2020-03-31 08520866 core:MotorVehicles 2020-04-01 2021-03-31 08520866 core:PlantMachinery 2020-03-31 08520866 bus:SmallEntities 2020-04-01 2021-03-31 08520866 bus:AuditExempt-NoAccountantsReport 2020-04-01 2021-03-31 08520866 bus:FullAccounts 2020-04-01 2021-03-31 08520866 bus:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 08520866 bus:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31
Company registration number: 08520866
Leanvation Worldwide Limited
Unaudited filleted financial statements
31 March 2021
Leanvation Worldwide Limited
Contents
Statement of financial position
Notes to the financial statements
Leanvation Worldwide Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 101,217 854
_______ _______
101,217 854
Current assets
Stocks 6 - 63,827
Debtors 7 1,260,325 23,282
Cash at bank and in hand 631,957 36,110
_______ _______
1,892,282 123,219
Creditors: amounts falling due
within one year 8 ( 490,678) ( 268,208)
_______ _______
Net current assets/(liabilities) 1,401,604 ( 144,989)
_______ _______
Total assets less current liabilities 1,502,821 ( 144,135)
Creditors: amounts falling due
after more than one year 9 ( 76,540) -
Provisions for liabilities ( 25,304) -
_______ _______
Net assets/(liabilities) 1,400,977 ( 144,135)
_______ _______
Capital and reserves
Called up share capital 143,570 143,569
Share premium account 704,673 556,433
Profit and loss account 552,734 ( 844,137)
_______ _______
Shareholders funds/(deficit) 1,400,977 ( 144,135)
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2021 , and are signed on behalf of the board by:
Dr Jonathan Day
Director
Company registration number: 08520866
Leanvation Worldwide 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 St Helens Chamber, Salisbury Street, St Helens, Merseyside, WA10 1FY.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements of the company have been prepared on a going concern basis. The director feels this is appropriate as he has guaranteed his financial support to the company for the forseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2020 3,627 - 3,627
Additions - 106,544 106,544
_______ _______ _______
At 31 March 2021 3,627 106,544 110,171
_______ _______ _______
Depreciation
At 1 April 2020 2,773 - 2,773
Charge for the year 854 5,327 6,181
_______ _______ _______
At 31 March 2021 3,627 5,327 8,954
_______ _______ _______
Carrying amount
At 31 March 2021 - 101,217 101,217
_______ _______ _______
At 31 March 2020 854 - 854
_______ _______ _______
6. Stocks
2021 2020
£ £
Finished goods and goods for resale - 63,827
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 1,254,351 17,375
Other debtors 5,974 5,907
_______ _______
1,260,325 23,282
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 42,000 142,000
Trade creditors 137,467 28,227
Corporation tax 59,026 -
Social security and other taxes 170,136 4,027
Other creditors 82,049 93,954
_______ _______
490,678 268,208
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 76,540 -
_______ _______