Line Wall Corporation Limited - Period Ending 2017-03-31

Registration number: 06698812

Line Wall Corporation Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Line Wall Corporation Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 5

Line Wall Corporation Limited

Company Information

Directors

Mr M F Keegan Mr T P Keegan Mrs K M Gray Mrs V J Davies

Registered office

Ashlack Hall Grizebeck Kirkby-in-Furness Cumbria LA17 7XN

Accountants

Rotherham Taylor Limited Chartered Accountants 21 Navigation Business Village Navigation Way Ashton-on-Ribble Preston Lancashire PR2 2YP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Line Wall Corporation Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Line Wall Corporation Limited for the year ended 31 March 2017 as set out on pages 3 to 5 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 Line Wall Corporation 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 Line Wall Corporation Limited and state those matters that we have agreed to state to the Board of Directors of Line Wall Corporation 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 Line Wall Corporation Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Line Wall Corporation 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 Line Wall Corporation Limited. You consider that Line Wall Corporation 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 Line Wall Corporation 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.

......................................

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
Lancashire
PR2 2YP

3 November 2017

Page 2

Line Wall Corporation Limited

(Registration number: 06698812)
Balance Sheet as at 31 March 2017

	2017 £	2016 £
Fixed assets
Investments	1,987,008	1,973,993
Capital and reserves
Called up share capital	100	100
Share premium reserve	8,101,137	8,101,137
Profit and loss account	(6,114,229)	(6,127,244)
Total equity	1,987,008	1,973,993

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 November 2017 and signed on its behalf by:
 

.........................................

Mr M F Keegan

Director

The notes on pages 4 to 5 form an integral part of these financial statements.

Page 3

Line Wall Corporation Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Ashlack Hall
Grizebeck
Kirkby-in-Furness
Cumbria
LA17 7XN

2	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. Exemption has been taken under the provisions of the Companies Act 2006 from preparing consolidated financial statements. These financial statements therefore contain information about Line Wall Corporation Limited as an individual company and do not contain consolidated financial information as the parent of a group.

Investments

Investments in subsidiary undertakings are valued on a net asset basis which the directors consider represents the best indication of fair value at the year end.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

Line Wall Corporation Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 5).

4	Investments

	2017 £	2016 £
Investments in subsidiaries	1,987,008	1,973,993

Subsidiaries	£
Cost or valuation
At 1 April 2016	1,973,993
Revaluation	13,015
At 31 March 2017	1,987,008
Carrying amount
At 31 March 2017	1,987,008
At 31 March 2016	1,973,993

5	Transition to FRS 102

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 last financial statements under previous UK GAAP were for the year ended 31 March 2016 and the date of transition to FRS 102 was therefore 1 April 2015. As a consequence of adopting FRS 102, a number of accounting policies have changed to comply with that standard however there has been no effect on the balance of net assets and profit or loss as previously reported.

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