Lead Work Contracts Limited - Period Ending 2016-12-31
Lead Work Contracts Limited - Period Ending 2016-12-31
Registration number:
for the Year Ended
131 High Street
Chalfont St Peter
Buckinghamshire
SL9 9QJ
Lead Work Contracts Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Lead Work Contracts Limited
Company Information
Directors |
Mr Geoff Herbert Mr Ben Herbert |
Registered office |
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Accountants |
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Lead Work Contracts Limited
Directors' Report for the Year Ended 31 December 2016
The Directors present their report and the financial statements for the year ended 31 December 2016.
Directors of the Company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is lead work roofing specialists and building consultancy.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Ben Herbert
Director
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lead Work Contracts Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lead Work Contracts Limited for the year ended 31 December 2016 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Lead Work Contracts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lead Work Contracts Limited and state those matters that we have agreed to state to the Board of Directors of Lead Work Contracts Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lead Work Contracts Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Lead Work Contracts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lead Work Contracts Limited. You consider that Lead Work Contracts Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lead Work Contracts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chalfont St Peter
Buckinghamshire
SL9 9QJ
Lead Work Contracts Limited
Profit and Loss Account for the Year Ended 31 December 2016
Note |
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
- |
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Interest payable and similar charges |
- |
( |
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- |
66 |
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Profit before tax |
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Taxation |
- |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Lead Work Contracts Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Lead Work Contracts Limited
(Registration number: 03726954)
Balance Sheet as at 31 December 2016
Note |
31 December 2016 |
31 December 2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr Ben Herbert
Director
Lead Work Contracts Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2014 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2015 |
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Lead Work Contracts Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Lead Work Contracts Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Fixtures & Fittings |
15% reducing balance |
Motor Vehicles |
15% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving
stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Lead Work Contracts Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Depreciation expense |
- |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
- |
- |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Stocks |
31 December 2016 |
31 December 2015 |
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Other inventories |
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Lead Work Contracts Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Debtors |
31 December 2016 |
31 December 2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
31 December 2016 |
31 December 2015 |
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Due within one year |
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Bank loans and overdrafts |
( |
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Trade creditors |
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Taxation and social security |
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Other creditors |
( |
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Loans and borrowings |
31 December 2016 |
31 December 2015 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Finance lease liabilities |
( |
( |
Other borrowings |
- |
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( |
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Lead Work Contracts Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Turnover (analysed below) |
339,136 |
590,060 |
Raw materials and consumables used (analysed below) |
(156,692) |
(345,357) |
Employee benefits expense (analysed below) |
- |
(97,690) |
Depreciation and amortisation expense (analysed below) |
- |
(2,229) |
Other expenses (analysed below) |
(25,774) |
(35,180) |
Operating profit |
156,670 |
109,604 |
Other interest receivable and similar income (analysed below) |
- |
98 |
Interest payable and similar charges (analysed below) |
- |
(32) |
- |
66 |
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Profit before tax |
156,670 |
109,670 |
Lead Work Contracts Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Turnover |
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Sale of goods, UK |
339,136 |
590,060 |
Raw materials and consumables used |
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Opening raw materials |
- |
2,200 |
Purchases |
96,490 |
313,309 |
Closing raw materials |
- |
(2,150) |
Subcontract cost |
41,752 |
31,998 |
Commissions payable |
18,450 |
- |
156,692 |
345,357 |
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Employee benefits expense |
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Wages and salaries |
- |
70,520 |
Staff NIC (Employers) |
- |
4,168 |
Directors remuneration |
- |
17,730 |
Staff welfare |
- |
5,272 |
- |
97,690 |
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Depreciation and amortisation expense |
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Depreciation of plant and machinery (owned) |
- |
283 |
Depreciation of fixtures and fittings (owned) |
- |
114 |
Depreciation of motor vehicles (owned) |
- |
1,832 |
- |
2,229 |
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Other expenses |
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Rent and rates |
- |
520 |
Insurance |
3,153 |
5,477 |
Telephone and fax |
1,282 |
2,861 |
Computer software and maintenance costs |
338 |
466 |
Printing, postage and stationery |
530 |
485 |
Trade subscriptions |
501 |
452 |
Sundry expenses |
25 |
1,389 |
Travel and subsistence |
13,655 |
16,569 |
Customer entertaining (disallowable for tax) |
1,399 |
586 |
Accountancy fees |
4,506 |
5,681 |
Bank charges |
385 |
694 |
25,774 |
35,180 |
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Operating profit |
156,670 |
109,604 |
Other interest receivable and similar income |
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Other interest receivable |
- |
98 |
Lead Work Contracts Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
Year ended 31 December 2016 |
1 July 2014 to 31 December 2015 |
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Interest payable and similar charges |
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Other interest payable |
- |
32 |
Profit before tax |
156,670 |
109,670 |