Lighthouse Mortgages Limited |
Registered number: |
05056017 |
Balance Sheet |
as at 31 March 2017 |
|
Notes |
|
|
2017 |
|
|
2016 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
|
|
21 |
|
|
1,200 |
|
Current assets |
Debtors |
3 |
|
157,496 |
|
|
158,000 |
Cash at bank and in hand |
|
|
41 |
|
|
109 |
|
|
|
157,537 |
|
|
158,109 |
|
Creditors: amounts falling due within one year |
4 |
|
(163,812) |
|
|
(163,298) |
|
Net current liabilities |
|
|
|
(6,275) |
|
|
(5,189) |
|
Net liabilities |
|
|
|
(6,254) |
|
|
(3,989) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(6,354) |
|
|
(4,089) |
|
Shareholder's funds |
|
|
|
(6,254) |
|
|
(3,989) |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
L T Davies |
Director |
Approved by the board on 12 December 2017 |
|
Lighthouse Mortgages Limited |
Notes to the Accounts |
for the year ended 31 March 2017 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures and fittings |
20% straight line |
|
Computer equipment |
33% straight line |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 April 2016 |
14,027 |
|
At 31 March 2017 |
14,027 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
12,827 |
|
Charge for the year |
1,179 |
|
At 31 March 2017 |
14,006 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
21 |
|
At 31 March 2016 |
1,200 |
|
|
3 |
Debtors |
2017 |
|
2016 |
£ |
£ |
|
|
Other debtors |
157,496 |
|
158,000 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
£ |
£ |
|
|
Corporation tax |
676 |
|
947 |
|
Other creditors |
163,136 |
|
162,351 |
|
|
|
|
|
|
163,812 |
|
163,298 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
During the year under review Mr L T Davies acted as a serving director of the following companies, Lighthouse Vending Holdings Limited and Lighthouse Vending Limited. Mr LT Davies holds 60% of the shares in Lighthouse Vending Holdings Limited and is a 100% shareholder of the company (Trafalgar International Property Corporation Limited, Company number 06869710) that owns the remaining 40%. Lighthouse Vending Holdings Limited owns 100% of the share capital of Lighthouse Vending Limited Lighthouse Vending Holdings Limited During the year Lighthouse Vending Holdings Limited paid expenses and costs on behalf of the company amounting to £504 (2016: £nil). The balance due from Lighthouse Vending Holdings Limited at the year end is £112,496 (2016: £113,000), This amount is interest free and repayable on demand. Lighthouse Vending Limited Lighthouse Vending Limited paid expenses on behalf of the company in the amount of £786 (2016: £786). The balance due to Lighthouse Vending Limited at the year end is £8,714 (2016: £7,928). This amount is interest free and repayable on demand. |
|
|
6 |
Going Concern |
|
|
The accounts have been prepared on a going concern basis due to the fact that the director and shareholder has undertaken to fully support the company. |
|
|
7 |
Controlling party |
|
|
Mr L T Davies is the ultimate controlling party of the company by virtue of his 100% holding of the company issued share capital. |
|
|
8 |
Other information |
|
|
Lighthouse Mortgages Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Aston House |
|
5 Aston Road North |
|
Birmingham |
|
West Midlands |
|
B6 4DS |