Linskill Armstrong Limited Company Accounts

LINSKILL ARMSTRONG LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04189475

Linskill Armstrong Limited

Filleted Unaudited Financial Statements

31 March 2017

Linskill Armstrong Limited

Financial Statements

Year ended 31 March 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 9

Linskill Armstrong Limited

Officers and Professional Advisers

The board of directors	S.P. Butler
	C.M. Butler

Company secretary	C.M. Butler

Registered office	58 Thornhill Park
	Streetly
	Sutton Coldfield
	B74 2LN

Accountants	Daw White Murrall
	Chartered accountant
	1 George Street
	Snow Hill
	Wolverhampton
	WV2 4DG

Bankers	HSBC Bank plc
	289 Lichfield Road
	Four Oaks
	Sutton Coldfield
	B74 4BY

Linskill Armstrong Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Linskill Armstrong Limited

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Daw White Murrall Chartered accountant

1 George Street Snow Hill Wolverhampton WV2 4DG

21 December 2017

Linskill Armstrong Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		270,745	271,442

Current assets

Debtors	6	16,448	30,128
Cash at bank and in hand		146,754	145,763
		---------	---------
		163,202	175,891

Creditors: amounts falling due within one year	7	62,778		81,869
		---------		---------
Net current assets			100,424	94,022
			---------	---------
Total assets less current liabilities			371,169	365,464

Creditors: amounts falling due after more than one year	8		16,366	23,890

Provisions

Taxation including deferred tax	6,466	6,605
	---------	---------
Net assets	348,337	334,969
	---------	---------

Capital and reserves

Called up share capital	2,001	2,001
Profit and loss account	346,336	332,968
	---------	---------
Shareholders funds	348,337	334,969
	---------	---------

These 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 statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Linskill Armstrong Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:

S.P. Butler

Director

Company registration number: 04189475

Linskill Armstrong Limited

Notes to the Financial Statements

Year ended 31 March 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 58 Thornhill Park, Streetly, Sutton Coldfield, B74 2LN.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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:

	Fixtures & fittings	-	20% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2016 and 31 March 2017	270,000	4,049	274,049
	---------	-------	---------
Depreciation
At 1 April 2016	–	2,607	2,607
Charge for the year	–	697	697
	---------	-------	---------
At 31 March 2017	–	3,304	3,304
	---------	-------	---------
Carrying amount
At 31 March 2017	270,000	745	270,745
	---------	-------	---------
At 31 March 2016	270,000	1,442	271,442
	---------	-------	---------

Tangible assets held at valuation

The company's investment properties have been revalued in the financial statements based on the sale of similar properties in the immediately surrounding area.

6. Debtors

	2017	2016
	£	£
Trade debtors	16,448	30,128
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	7,492	7,308
Trade creditors	398	412
Corporation tax	17,803	29,409
Social security and other taxes	17,901	26,287
Other creditors	19,184	18,453
	--------	--------
	62,778	81,869
	--------	--------

The debts due to HSBC Bank plc in respect of the properties held by the company are secured by specific mortgages over those properties together with a charge over the income from those properties.

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	16,366	23,890
	--------	--------

Details of the security for the bank loans are shown in note 6 to the financial statements .

9. Financial instruments at fair value

	2017	2016
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	270,000	270,000
	---------	---------

Financial instruments such as trade debtors, cash and trade creditors arise directly from the companys's operations .

10. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
S.P. Butler	( 311)	( 327)	( 638)
C.M. Butler	( 311)	( 327)	( 638)
	----	----	-------
	( 622)	( 654)	( 1,276)
	----	----	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
S.P. Butler	( 472)	161	( 311)
C.M. Butler	( 471)	160	( 311)
	----	----	----
	( 943)	321	( 622)
	----	----	----

11. Related party transactions

The company was under the control of S.P. Butler throughout the current and previous year. S.P. Butler is the managing director and majority shareholder. During the year dividends amounting to £54,027 (2016 - £68,034) were declared to the directors.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	163,092	89,066	252,158	162,376	109,066	271,442
Current assets	115,579	–	115,579	175,891	–	175,891
Creditors: amounts falling due within one year	( 61,750)	–	( 61,750)	( 81,869)	–	( 81,869)
	---------	--------	---------	---------	---------	---------
Net current assets	53,829	–	53,829	94,022	–	94,022
	---------	--------	---------	---------	---------	---------
Total assets less current liabilities	216,921	89,066	305,987	256,398	109,066	365,464

Creditors: amounts falling due after more than one year	( 31,188)	–	( 31,188)	( 23,890)	–	( 23,890)
Provisions	( 432)	( 4,123)	( 4,555)	( 288)	( 6,317)	( 6,605)
	---------	--------	---------	---------	---------	---------
Net assets	185,301	84,943	270,244	232,220	102,749	334,969
	---------	--------	---------	---------	---------	---------

	---------	--------	---------	---------	---------	---------
Capital and reserves	185,301	84,943	270,244	232,220	102,749	334,969
	---------	--------	---------	---------	---------	---------

In respect of FRS 102 the company has been required to revalue it's investment properties and make provision for the associated deferred tax liabilities at each balance sheet date. The properties have been revalued by reference to the sale prices of similar properties in the immediately surrounding area. The net effects of these adjustments are set out in the table above.