Levingston-Owen Limited Small abridged accounts

LEVINGSTON-OWEN LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 07626074 2016-06-01 2017-05-31 07626074 2017-05-31 07626074 2016-05-31 07626074 2015-06-01 2016-05-31 07626074 2016-05-31 07626074 bus:RegisteredOffice 2016-06-01 2017-05-31 07626074 bus:LeadAgentIfApplicable 2016-06-01 2017-05-31 07626074 bus:Director1 2016-06-01 2017-05-31 07626074 core:ShareCapital 2015-06-01 2016-05-31 07626074 core:RetainedEarningsAccumulatedLosses 2015-06-01 2016-05-31 07626074 core:RetainedEarningsAccumulatedLosses 2016-06-01 2017-05-31 07626074 core:WithinOneYear 2017-05-31 07626074 core:WithinOneYear 2016-05-31 07626074 core:ShareCapital 2017-05-31 07626074 core:ShareCapital 2016-05-31 07626074 core:RetainedEarningsAccumulatedLosses 2017-05-31 07626074 core:RetainedEarningsAccumulatedLosses 2016-05-31 07626074 core:ShareCapital 2015-05-31 07626074 core:RetainedEarningsAccumulatedLosses 2015-05-31 07626074 core:RestatedAmount 2015-05-31 07626074 core:RestatedAmount 2016-05-31 07626074 bus:Director1 2016-05-31 07626074 bus:Director1 2017-05-31 07626074 bus:Director1 2015-05-31 07626074 bus:Director1 2016-05-31 07626074 bus:Director1 2015-06-01 2016-05-31 07626074 bus:FRS102 2016-06-01 2017-05-31 07626074 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 07626074 bus:AbridgedAccounts 2016-06-01 2017-05-31 07626074 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 07626074 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 07626074 core:OfficeEquipment 2016-06-01 2017-05-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Levingston-Owen Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07626074

Levingston-Owen Limited

Filleted Unaudited Abridged Financial Statements

31 May 2017

Levingston-Owen Limited

Abridged Financial Statements

Year ended 31 May 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

Levingston-Owen Limited

Officers and Professional Advisers

Director	Mr S W A Levingston

Registered office	24 Lancashire Road
	Bristol
	BS7 9DL

Accountants	Roger C Oaten
	Chartered accountant
	Ground Floor
	23 Westfield Park
	Redland
	Bristol
	BS6 6LT

Levingston-Owen Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Levingston-Owen Limited

Year ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Levingston-Owen Limited for the year ended 31 May 2017, which comprise the abridged statement of financial position, statement of changes in equity and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Levingston-Owen Limited in accordance with the terms of our engagement letter dated 13 June 2012. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Levingston-Owen Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Levingston-Owen Limited and its director for our work or for this report.

It is your duty to ensure that Levingston-Owen Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Levingston-Owen Limited. You consider that Levingston-Owen 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 abridged financial statements of Levingston-Owen 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 abridged financial statements.

Roger C Oaten Chartered accountant

Ground Floor 23 Westfield Park Redland Bristol BS6 6LT

Levingston-Owen Limited

Abridged Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		607	1,214

Current assets

Debtors	675	4,217
Cash at bank and in hand	5,945	2,150
	-------	-------
	6,620	6,367

Creditors: amounts falling due within one year	5,425		7,550
	-------		-------
Net current assets/(liabilities)		1,195	( 1,183)
		-------	-------
Total assets less current liabilities		1,802	31
		-------	----
Net assets		1,802	31
		-------	----

Capital and reserves

Called up share capital	3	3
Profit and loss account	1,799	28
	-------	----
Members funds	1,802	31
	-------	----

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

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

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Levingston-Owen Limited

Abridged Statement of Financial Position (continued)

31 May 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 1 November 2017 , and are signed on behalf of the board by:

Mr S W A Levingston
Director

Company registration number: 07626074

Levingston-Owen Limited

Statement of Changes in Equity

Year ended 31 May 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 June 2015	1	18,368	18,369

Loss for the year		( 3,340)	( 3,340)
	----	--------	--------
Total comprehensive income for the year	–	( 3,340)	( 3,340)

Issue of shares	2	–	2
Dividends paid and payable	–	( 15,000)	( 15,000)
	----	--------	--------
Total investments by and distributions to owners	2	( 15,000)	( 14,998)

At 31 May 2016	3	28	31

Profit for the year		1,771	1,771
	----	--------	--------
Total comprehensive income for the year	–	1,771	1,771

	----	--------	--------
At 31 May 2017	3	1,799	1,802
	----	--------	--------

Levingston-Owen Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Lancashire Road, Bristol, BS7 9DL.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Tangible assets

	£
Cost
At 1 June 2016 and 31 May 2017	2,428
	-------
Depreciation
At 1 June 2016	1,214
Charge for the year	607
	-------
At 31 May 2017	1,821
	-------
Carrying amount
At 31 May 2017	607
	-------
At 31 May 2016	1,214
	-------

5. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr S W A Levingston	( 7,418)	2,257	( 5,161)
	-------	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr S W A Levingston	( 5,567)	( 1,851)	( 7,418)
	-------	-------	-------

6. Related party transactions

The company was under the control of Mr S W A Levingston throughout the current and previous year. Mr S W A Levingston is the managing director and majority shareholder.