Lantex Manufacturing Company Ltd - Accounts to registrar - small 17.1.1

LANTEX MANUFACTURING COMPANY LIMITED - Company Information

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REGISTERED NUMBER: 00150264 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2017

for

LANTEX MANUFACTURING COMPANY LTD

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTOR:

J T Parker

REGISTERED OFFICE:

Oxford Court

Oxford Street

Accrington

Lancashire

BB5 1QX

REGISTERED NUMBER:

00150264 (England and Wales)

ACCOUNTANTS:

Haworths Limited

Chartered Accountants

The Old Tannery

Eastgate

Accrington

Lancashire

BB5 6PW

FIXED ASSETS

Tangible assets

218,062

212,755

Investments

51,150

269,212

263,905

CURRENT ASSETS

Stocks

297,221

281,636

Debtors

212,608

257,367

Cash at bank and in hand

86,431

1,711

596,260

540,714

CREDITORS

Amounts falling due within one year

351,605

348,933

NET CURRENT ASSETS

244,655

191,781

TOTAL ASSETS LESS CURRENT
LIABILITIES

513,867

455,686

CREDITORS

Amounts falling due after more than one
year

(3,766

)

PROVISIONS FOR LIABILITIES

(5,993

)

(4,790

)

ACCRUALS AND DEFERRED INCOME

(36,157

)

(33,305

)

NET ASSETS

471,717

413,825

CAPITAL AND RESERVES

Called up share capital

13,042

Share premium

450

Capital redemption reserve

500

Retained earnings

457,725

399,833

SHAREHOLDERS' FUNDS

471,717

413,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 June 2017 and were signed by:

J T Parker - Director

1.	STATUTORY INFORMATION

Lantex Manufacturing Company Ltd 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Lantex Manufacturing Company Ltd as an individual

company and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of

Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and building

Over 20 and 50 years

Plant and machinery

20% on cost

Fixtures and fittings

10% on cost

Computer equipment

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Finance lease agreements

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. The asset is recorded in the balance sheet as a tangible fixed

asset and is depreciated in accordance with the above depreciation policies. Future instalments under such

leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the

finance element, which is charged to the profit and loss account on a straight line basis, and the capital element

which reduces the outstanding obligation for future instalments.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

Government grants

Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate

as the depreciation on the assets to which the grant relates. The deferred element of grant is included in creditors

as deferred income.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2016 - 29 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land and

Plant and

and

Computer

building

machinery

fittings

equipment

Totals

COST

At 1 March 2016

225,837

118,090

38,364

29,235

411,526

Additions

27,302

532

2,454

30,288

Disposals

(46,196

)

(46,196

)

At 28 February 2017

225,837

99,196

38,896

31,689

395,618

DEPRECIATION

At 1 March 2016

46,839

96,836

31,259

23,837

198,771

Charge for year

4,431

10,970

997

2,470

18,868

Eliminated on disposal

(40,083

)

(40,083

)

At 28 February 2017

51,270

67,723

32,256

26,307

177,556

NET BOOK VALUE

At 28 February 2017

174,567

31,473

6,640

5,382

218,062

At 29 February 2016

178,998

21,254

7,105

5,398

212,755

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

COST

At 1 March 2016

and 28 February 2017

51,150

NET BOOK VALUE

At 28 February 2017

51,150

At 29 February 2016

51,150

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Trade debtors

180,131

242,423

Other debtors

32,477

14,944

212,608

257,367

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Bank loans and overdrafts

3,862

64,104

Trade creditors

265,794

139,602

Tax

3,347

9,435

Social security and other taxes

12,797

10,368

VAT

27,391

41,112

Other creditors

7,948

33,916

Bamboo Textiles Ltd

6,750

Directors' current accounts

2,658

Accruals and deferred income

23,716

40,988

351,605

348,933

Included in the amounts owing to Bamboo Textiles Ltd is £5,000 owed to C. W. Wright (Textiles) Ltd.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2017

2016

Bank loans - 1-2 years

3,766

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

Bank overdraft

55,091

Bank loans

3,862

12,779

3,862

67,870

The bank loan is secured on the property.

11.	ULTIMATE CONTROLLING PARTY

There is no overall controlling party.

12.	FIRST YEAR ADOPTION

This is the company's first set of financial statements prepared under FRS102. The date of transition to FRS102

was 1 March 2015.

The accounting policies are unchanged and there are no changes to profits and equity as previously reported.