Lanson Polymers Limited - Accounts to registrar - small 17.1
Lanson Polymers Limited - Accounts to registrar - small 17.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| Lanson Polymers Limited |
| Lanson Polymers Limited (Registered number: 07234769) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Lanson Polymers Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 38-42 Newport Street |
| Swindon |
| Wiltshire |
| SN1 3DR |
| Lanson Polymers Limited (Registered number: 07234769) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Lanson Polymers Limited (Registered number: 07234769) |
| Balance Sheet - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Lanson Polymers Limited (Registered number: 07234769) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Lanson Polymers Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
| have been consistently applied to all presented unless otherwise stated. |
| Turnover and other income |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The |
| policies adopted for the recognition of turnover are as follows: |
| Sale of goods |
| Turnover from the sale of engineering systems and components is recognised when significant risks and rewards of |
| ownership of the goods have transferred to the buyer, the amount of turnover 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. This is usually on dispatch of the goods. |
| Interest receivable |
| Interest income is recognised using the effective interest method is recognised as the company's right to receive payment is |
| established. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost. Cost includes costs directly attributable to making the asset capable for operating as |
| intended. |
| Stocks |
| Stocks are stated 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 stock to its present location and condition. Cost is |
| calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where |
| appropriate. |
| 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 that have been enacted or |
| substantively enacted by the balance sheet date. |
| Lanson Polymers Limited (Registered number: 07234769) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Foreign currency transactions during a month are initially recognised by applying to the foreign currency amount the spot |
| exchange rate from the last day of the previous month between the functional currency and the foreign currency. |
| Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing |
| rate. |
| Leases |
| Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected |
| useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the |
| outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are |
| included in creditors. |
| Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive |
| future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of |
| the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in |
| the finance lease. |
| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over |
| the period of the lease. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled |
| are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they |
| become payable. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
| price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are |
| measured at amortised cost using the effective interest rate method, less impairment |
| Lanson Polymers Limited (Registered number: 07234769) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. |
| If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared |
| to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in |
| profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Provisions |
| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is |
| probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Computer |
| property | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 4. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' loan accounts |
| Prepayments and accrued income |
| Lanson Polymers Limited (Registered number: 07234769) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans (see note 8) |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| Lanson Polymers Limited (Registered number: 07234769) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The bank overdraft is secured by a charge on the assets of the company. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2017 and 31 March 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The maximum loan outstanding for both directors during the year was £10,000 (2016- £10,000). |