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Registered number: 02767703
STEVEN LAYN (HOLDINGS) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
Whiting & Partners
Chartered Accountants & Business Advisers
The Old School House
Dartford Road
March
Cambridgeshire
PE15 8AE
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STEVEN LAYN (HOLDINGS) LIMITED
REGISTERED NUMBER: 02767703
ABBREVIATED BALANCE SHEET
AS AT 30 JUNE 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Page 1
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STEVEN LAYN (HOLDINGS) LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 JUNE 2015
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
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S C K H Layn
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
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STEVEN LAYN (HOLDINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of Freehold land and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost or valuation of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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3, 5 and 15 years straight line with 10% residual value
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.
Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the Profit and loss account.
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Investments held as fixed assets are shown at cost less provision for impairment.
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Page 3
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STEVEN LAYN (HOLDINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
1.ACCOUNTING POLICIES (continued)
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Government grants relating to tangible fixed assets are treated as deferred income and released to the Profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the Profit and loss account as the related expenditure is incurred.
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Page 4
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STEVEN LAYN (HOLDINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
2.TANGIBLE FIXED ASSETS
Included in land and buildings is freehold land at valuation of £382,539 (2014 - £382,359), (cost £179,449 (2014 - £179,449) which is not depreciated.
3.FIXED ASSET INVESTMENTS
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At 1 July 2014 and 30 June 2015
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4.DEBTORS
Debtors include £241,172 (2014 - £241,172) falling due after more than one year.
5.CREDITORS:
Amounts falling due within one year
Bank loans and overdrafts and hire purchase contracts due within one year of £764,185 (2014: £163,421) have been secured by the company.
Page 5
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STEVEN LAYN (HOLDINGS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
6.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
Bank loans and overdrafts and hire purchase contracts due after more than one year of £521,405 (2014: £677,430) have been secured by the company.
7.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
The following loan to the director subsisted during the year, on which interest was charged of £2,251 (2014: £1,254) at a rate of 3.19% (2014: 3.31%):
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Balance outstanding at the start of the year
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Balance outstanding at the end of the year
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8.SHARE CAPITAL
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Allotted, called up and fully paid
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110 Ordinary shares of £1 each
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Page 6
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