Lane & Skillen Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06501149 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Lane & Skillen Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G H Skillen

Ms J A Skillen

SECRETARY:

Ms J A Skillen

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

REGISTERED NUMBER:

06501149 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Intangible assets

4

12,500

25,000

Tangible assets

5

209,216

126,752

221,716

151,752

CURRENT ASSETS

Stocks

10,500

-

Debtors

6

69,339

55,048

Cash at bank

319,481

108,829

399,320

163,877

CREDITORS

Amounts falling due within one year

7

167,257

142,513

NET CURRENT ASSETS

232,063

21,364

TOTAL ASSETS LESS CURRENT LIABILITIES

453,779

173,116

CREDITORS

Amounts falling due after more than one year

8

(16,975

)

(20,558

)

PROVISIONS FOR LIABILITIES

9

(39,750

)

(25,349

)

NET ASSETS

397,054

127,209

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

396,954

127,109

SHAREHOLDERS' FUNDS

397,054

127,209

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 15 November 2017 and were signed on its behalf by:

Mr G H Skillen - Director

1.	STATUTORY INFORMATION

Lane & Skillen 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.

2.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery: 25% reducing balance

Motor vehicles: 25% reducing balance

Computer equipment: 25% reducing balance

Freehold property 2% on cost

Fixture & fittings 25% reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 6 (2016 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

125,000

AMORTISATION

At 1 April 2016

100,000

Charge for year

12,500

At 31 March 2017

112,500

NET BOOK VALUE

At 31 March 2017

12,500

At 31 March 2016

25,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

133,147

617

85,474

11,947

231,185

Additions

102,400

1,550

42,795

-

146,745

Disposals

(33,000

)

-

(12,995

)

-

(45,995

)

At 31 March 2017

202,547

2,167

115,274

11,947

331,935

DEPRECIATION

At 1 April 2016

82,633

190

13,220

8,390

104,433

Charge for year

28,874

139

20,584

844

50,441

Eliminated on disposal

(25,746

)

-

(6,409

)

-

(32,155

)

At 31 March 2017

85,761

329

27,395

9,234

122,719

NET BOOK VALUE

At 31 March 2017

116,786

1,838

87,879

2,713

209,216

At 31 March 2016

50,514

427

72,254

3,557

126,752

The net book value of assets held under finance leases and hire purchase contracts is £20,478 (2016 - £27,304).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

26,732

46,827

Other debtors

42,607

8,221

69,339

55,048

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

3,583

3,758

Trade creditors

48,331

54,227

Taxation and social security

68,905

17,122

Other creditors

46,438

67,406

167,257

142,513

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

16,975

20,558

9.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

39,750

25,349

Deferred

tax

£

Balance at 1 April 2016

25,349

Accelerated capital allowances

14,401

Balance at 31 March 2017

39,750

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

45

A Ordinary

£1

45

45

45

B Ordinary

£1

45

45

9

C Ordinary

£1

9

9

1

D Ordinary

£1

1

1

100

100