Levett and Martin Limited - Accounts to registrar - small 17.2
Levett and Martin Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| LEVETT AND MARTIN LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 9 |
| LEVETT AND MARTIN LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 20 Eversley Road |
| Bexhill-on-Sea |
| East Sussex |
| TN40 1HE |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| BALANCE SHEET |
| 31ST MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Retained earnings | 13 | ( |
) |
| 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. |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| BALANCE SHEET - continued |
| 31ST 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 signed on its behalf by: |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Levett and Martin Limited is a |
| 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. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Loose tools | - |
| Fixtures, fittings & equipment | - |
| Motor vehicles | - |
| 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 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. |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance |
| sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. |
| Those held under finance leases are depreciated over their estimated useful lives or the lease |
| term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Loose |
| property | property | tools |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 |
| Disposals | ( |
) |
| At 31st March 2017 |
| DEPRECIATION |
| At 1st April 2016 |
| Charge for year |
| Eliminated on disposal |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixtures, |
| fittings | Motor |
| & equipment | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1st April 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st March 2017 |
| DEPRECIATION |
| At 1st April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| Included in cost or valuation of land and buildings is freehold land of £ 117,500 (2016 - £ 117,500 |
| ) which is not depreciated. |
| Cost or valuation at 31st March 2017 is represented by: |
| Improvements | Fixtures, |
| Freehold | to | fittings | Motor |
| property | property | & equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 1991 | 89,426 | - | - | - | 89,426 |
| Valuation in 2003 | 11,500 | - | - | - | 11,500 |
| Cost | 16,574 | 3,359 | 43,281 | 113,861 | 177,075 |
| 117,500 | 3,359 | 43,281 | 113,861 | 278,001 |
| If Freehold property had not been revalued they would have been included at the following |
| historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 16,574 | 16,574 |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST OR VALUATION |
| At 1st April 2016 |
| Additions |
| Disposals | ( |
) |
| At 31st March 2017 |
| DEPRECIATION |
| At 1st April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st March 2017 |
| NET BOOK VALUE |
| At 31st March 2017 |
| At 31st March 2016 |
| 5. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 10,194 | 10,320 |
| Directors' current accounts | 10,199 | 10,199 |
| Accrued expenses |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2017 | 2016 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 34,317 | 32,357 |
| The principal bank overdraft is secured by a legal mortgage over the freehold property at 45 Albion |
| Road, Tunbridge Wells, Kent and a mortgage debenture over the fixed and floating assets of the |
| company. The net obligations under finance leases and hire purchase contracts are secured on the |
| assets to which they relate. |
| 11. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1st April 2016 |
| Provided during year |
| Balance at 31st March 2017 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 3 | 3 |
| LEVETT AND MARTIN LIMITED (REGISTERED NUMBER: 01016884) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2017 |
| 13. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1st April 2016 | 106,169 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31st March 2017 | ( |
) | 98,862 |
| 14. | RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE |
| In preparing the accounts, the company has considered whether in applying the accounting policies |
| required by FRS 102 the restatement of comparative items was required. No prior period |
| adjustments were necessary. |