Locker Enterprises Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05409269 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

LOCKER ENTERPRISES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

M Locker

C J Locker

T Locker

Mrs G L Locker-Schofield

SECRETARY:

C J Locker

REGISTERED OFFICE:

Woodlands Caravan Park

Harlech

Gwynedd

LL46 2UE

REGISTERED NUMBER:

05409269 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co.

Chartered Accountants

6 Claremont Buildings

Claremont Bank

Shrewsbury

Shropshire

SY1 1RJ

FIXED ASSETS

Intangible assets

5

227,500

318,750

Tangible assets

6

746,377

739,936

973,877

1,058,686

CURRENT ASSETS

Stocks

533

811

Debtors

7

18,626

8,732

Cash at bank and in hand

51,176

76,292

70,335

85,835

CREDITORS

Amounts falling due within one year

8

226,331

251,041

NET CURRENT LIABILITIES

(155,996

)

(165,206

)

TOTAL ASSETS LESS CURRENT LIABILITIES

817,881

893,480

CREDITORS

Amounts falling due after more than one year

9

742,743

764,216

NET ASSETS

75,138

129,264

CAPITAL AND RESERVES

Called up share capital

102

102

Revaluation reserve

11

75,000

75,000

Retained earnings

36

54,162

SHAREHOLDERS' FUNDS

75,138

129,264

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 20 February 2018 and were signed on its behalf by:

M Locker - Director

1.	STATUTORY INFORMATION

Locker Enterprises 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These are the company's first set of financial statements prepared in accordance with FRS 102 (see the first year

adoption note for an explanation of the transition).

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

At the year end the company had net current liabilities of £155,996 (2016: £165,206). As can be seen in the

creditors note the directors' current accounts have balances of £134,442 (2016: £153,303), the directors have

provided support for the company and fully expect it to continue for the foreseeable future. The directors

therefore consider the going concern basis to be appropriate.

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 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Depreciation has not been provided in respect of freehold property. The director considers that this accounting

policy which represents a departure from the Companies Act 2006 is necessary for the financial statements to

show a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

912,500

AMORTISATION

At 1 June 2016

593,750

Amortisation for year

91,250

At 31 May 2017

685,000

NET BOOK VALUE

At 31 May 2017

227,500

At 31 May 2016

318,750

6.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 June 2016

708,282

5,413

9,074

At 31 May 2017

708,282

5,413

9,074

DEPRECIATION

At 1 June 2016

-

3,181

3,916

Charge for year

-

558

1,032

Eliminated on disposal

-

-

-

At 31 May 2017

-

3,739

4,948

NET BOOK VALUE

At 31 May 2017

708,282

1,674

4,126

At 31 May 2016

708,282

2,232

5,158

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 June 2016

38,490

3,480

764,739

Additions

30,851

3,080

33,931

Disposals

(25,890

)

-

(25,890

)

At 31 May 2017

43,451

6,560

772,780

DEPRECIATION

At 1 June 2016

14,476

3,230

24,803

Charge for year

10,076

1,260

12,926

Eliminated on disposal

(11,326

)

-

(11,326

)

At 31 May 2017

13,226

4,490

26,403

NET BOOK VALUE

At 31 May 2017

30,225

2,070

746,377

At 31 May 2016

24,014

250

739,936

Cost or valuation at 31 May 2017 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 2011

75,000

-

-

Cost

633,282

5,413

9,074

708,282

5,413

9,074

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2011

-

-

75,000

Cost

43,451

6,560

697,780

43,451

6,560

772,780

If freehold property had not been revalued they would have been included at the following historical cost:

31.5.17

31.5.16

£

£

Cost

633,282

633,282

Value of land in freehold land and buildings

588,032

588,032

Freehold property was valued on an open market basis on 31 May 2011 by Colliers International .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 June 2016

38,490

Additions

30,851

Disposals

(25,890

)

At 31 May 2017

43,451

DEPRECIATION

At 1 June 2016

14,476

Charge for year

10,076

Eliminated on disposal

(11,326

)

At 31 May 2017

13,226

NET BOOK VALUE

At 31 May 2017

30,225

At 31 May 2016

24,014

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Deferred tax asset

13,444

5,362

Prepayments

5,182

3,370

18,626

8,732

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

30,000

30,000

Hire purchase contracts

5,184

6,244

Trade creditors

2,781

2,289

Tax

(409

)

3,530

Social security and other taxes

2,064

3,865

VAT

10,982

11,400

Other creditors

2,000

2,000

Directors' current accounts

134,442

153,303

Accrued expenses

39,287

38,410

226,331

251,041

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans - 1-2 years

30,000

30,000

Bank loans - 2-5 years

90,000

90,000

Bank loans more than 5 years

by instalments

595,844

627,295

Hire purchase contracts

26,899

16,921

742,743

764,216

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

595,844

627,295

595,844

627,295

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank loans

745,844

777,295

The bank loan listed above is secured by a first legal mortgage over freehold land and buildings at Carmel

Caravan Park, Bryniau Dyserth, Denbighshire.

There is also a debenture in place comprising fixed and floating charges over all assets and undertakings of the

company, including all present and future freehold and leasehold property, book and other debts, chattels,

goodwill and uncalled capital, both present and future.

The company had the following bank loan at 31 May 2017 and 31 May 2016:

A loan of £789,000 repayable by monthly instalments of with a final repayment sufficient to repay the balance,

commencing March 2016 and ending February 2021. Interest is charged at 2.19% per annum above the bank's

base rate.

11.

RESERVES

Revaluation

reserve

£

At 1 June 2016

and 31 May 2017

75,000

12.	FIRST YEAR ADOPTION

These are the company's first financial statements prepared in accordance with FRS 102 "The Financial

Reporting Standard applicable in the United Kingdom and Republic of Ireland". Previously they were prepared

in accordance with previous UK GAAP. The company has prepared its opening balance sheet at the date of

transition to FRS 102, which is 1 June 2015. The transition to FRS 102 has had no material effect on the balance

sheet or on total equity and profit.

Exemptions from full retrospective application

The company's accounting policies presented in the accounting policies note have been applied in preparing the

financial statements for the year ended 31 May 2017, the comparative information and the opening balance sheet

as at the date of transition. Upon transition, the company has applied all the mandatory exceptions from full

retrospective application.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Locker Enterprises Limited for the year ended 31 May 2017 which comprise the Income

Statement, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Locker Enterprises Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Locker Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Locker Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Locker Enterprises Limited and its Board of Directors, as a body, for our work or for this report.

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

D.R.E. & Co.

Chartered Accountants

6 Claremont Buildings

Claremont Bank

Shrewsbury

Shropshire

SY1 1RJ

23 February 2018