W Lancaster & Co Limited - Accounts to registrar - small 17.1.1
W Lancaster & Co Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 January 2017 |
| for |
| W Lancaster & Co Limited |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| W Lancaster & Co Limited |
| Company Information |
| for the Year Ended 31 January 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants & Registered Auditors |
| Oakford House |
| 291 Low Lane |
| Horsforth |
| Leeds |
| West Yorkshire |
| LS18 5NU |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Balance Sheet |
| 31 January 2017 |
| 31/1/17 | 31/1/16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Other reserves |
| 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. |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Balance Sheet - continued |
| 31 January 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 behalf by: |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2017 |
| 1. | STATUTORY INFORMATION |
| W Lancaster & Co Limited is a |
| The company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover comprises income derived from the provision of furnished holiday letting accommodation |
| and ancillary services. Revenue is recognised once a customers stay at the accommodation is |
| complete. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| No depreciation is provided on freehold buildings used to provide holiday letting accommodation |
| because the useful lives and residual values of such buildings are considered to be such that any |
| depreciation would not be material. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in |
| non-convertible preference and non-puttable ordinary shares which are measured at fair value, with |
| changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and |
| thereafter at fair value with changes recognised in profit or loss. |
| 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. |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 and other post-retirement benefits |
| The company operates a money purchase pension scheme for directors and employees. The scheme's |
| funds are administered by trustees and are independent of the company's finances. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor | Computer |
| property | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/17 | 31/1/16 |
| £ | £ |
| Other debtors |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/1/17 | 31/1/16 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/1/17 | 31/1/16 |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans | 175,000 | 175,000 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2017 and |
| 31 January 2016: |
| 31/1/17 | 31/1/16 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| W Lancaster & Co Limited (Registered number: 00113905) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2017 |
| 9. | RELATED PARTY DISCLOSURES |
| The directors are considered to be the ultimate controlling parties by virtue of their ability to act in |
| concert in respect of the financial and operating policies of the company. |
| During the year, the company charged the directors rent of £5,000 (2016: £5,000) for private use of |
| one of the cottages. |
| The directors consider W Lancaster Pension Scheme to be a related party due to being under common |
| control. At the end of the year W Lancaster & Co Limited owed W Lancaster Pension Scheme |
| £175,000 (2016: £175,000). |
| 10. | FIRST YEAR ADOPTION |
| This is the first year that the company has presented its financial statements under Financial |
| Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The following |
| disclosures are required in the year of transition. |
| The last financial statements under previous UK GAAP were for the year ended 31 January 2016 and |
| the date of transition to FRS 102 was therefore 1 February 2016. As a consequence of adopting FRS |
| 102 no changes were required. |