Locker Heatshielding Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05900737 (England and Wales)

Financial Statements for the Year Ended 31 March 2017

for

Locker Heatshielding Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H W Platt

A I Campbell

SECRETARY:

H W Platt

REGISTERED OFFICE:

Locker Group

Farrell Street

Warrington

Cheshire

WA1 2WW

REGISTERED NUMBER:

05900737 (England and Wales)

AUDITORS:

Voisey & Co

Statutory Auditor

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

CURRENT ASSETS

Stocks

106,270

85,542

Debtors

5

373,199

551,937

Cash at bank

29,776

36,336

509,245

673,815

CREDITORS

Amounts falling due within one year

6

(149,355

)

(387,418

)

NET CURRENT ASSETS

359,890

286,397

TOTAL ASSETS LESS CURRENT LIABILITIES

359,890

286,397

PROVISIONS FOR LIABILITIES

7

(278,000

)

(278,000

)

NET ASSETS

81,890

8,397

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

81,889

8,396

SHAREHOLDERS' FUNDS

81,890

8,397

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 Board of Directors on 24 July 2017 and were signed on its behalf by:

H W Platt - Director

A I Campbell - Director

1.	STATUTORY INFORMATION

Locker Heatshielding Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

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. The financial statements have been prepared under the historical cost

convention as modified by the revaluation of certain assets.

These financial statements for the year ended 31st March 2017 are the first financial statements of Locker

Heatshielding Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting

Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small

entities was 1st April 2015. An explanation of how transition to FRS 102 has affected the reported financial

position and financial performance is given in note 13.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised at the point

of despatch.

Stocks

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

moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result

of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If

the effect is material, provisions are determined by discounting the expected future cash flows at the current time

value of money.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is

a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

Foreign currencies

Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of

the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are

translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the

profit and loss account.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are

received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 8 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

193,151

551,937

Amounts owed by group undertakings

174,610

-

Prepayments

5,438

-

373,199

551,937

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

1,056

-

Amounts owed to group undertakings

100,000

374,266

Tax

43,373

-

Social security and other taxes

860

2,592

Accruals and deferred income

4,066

10,560

149,355

387,418

7.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Other provisions

Contracts provision

278,000

278,000

Other

provisions

£

Balance at 1 April 2016

278,000

Balance at 31 March 2017

278,000

Contract provisions, including performance bonds, are in relation to ongoing and completed contracts for which

sales have been recognised but as yet the true cost to complete the contract to a satisfactory standard has yet to

be established. The directors anticipate a future liability in respect of claims for remedial works. Provisions

generated in the year are on a contract by contract basis and are to be reviewed annually by the directors to

establish the company's probable future liabilities.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

1

Ordinary

£1

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Urmston BSc FCA (Senior Statutory Auditor)

for and on behalf of Voisey & Co

10.	CONTINGENT LIABILITIES

The bank overdraft facility of the group companies is secured by a debenture on the assets of the company and

an unlimited inter-company guarantee in favour of National Westminster Bank Plc between each of the Locker

Group companies. At the year end date the amount outstanding under the guarantee to the bank was £Nil (2016

£129,571).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Locker Holdings Limited.

The results of the company have been consolidated within the financial statements of Locker Holdings Limited.

This is both the smallest and largest group in which the results of the company are consolidated. Copies of the

consolidated accounts are available from the registered office of that company.

12.	NOTES ON ADOPTION OF FRS 102

Holiday pay accrual

FRS 102 requires short term employee benefits to be charged to the profit and loss account as the employee

service is received. This has resulted in the company recognising a liability for holiday pay of £2,374 in the year

to 31 March 2017. Previously holiday pay accruals were not recognised and were charged to the profit and loss

account as they were paid. No transitional adjustment has been reflected for the year ended 31st March 2016 as

the amounts are not material.