L.S. Transmission Consultancy Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04191630 (England and Wales)

L.S. Transmission Consultancy

Limited

Unaudited Financial Statements for the Year Ended 30th June 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Minns

M J Straker

P Papanastasiou

SECRETARY:

N Minns

REGISTERED OFFICE:

Yorkshire House

York Road

Little Driffield

Driffield

East Yorkshire

YO25 5XA

REGISTERED NUMBER:

04191630 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

461,381

390,893

Investments

6

2,929,302

75

3,390,683

390,968

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

7

1,835,420

1,701,675

Cash at bank and in hand

697,694

1,246,641

2,534,114

2,949,316

CREDITORS

Amounts falling due within one year

8

2,333,840

1,319,318

NET CURRENT ASSETS

200,274

1,629,998

TOTAL ASSETS LESS CURRENT LIABILITIES

3,590,957

2,020,966

CREDITORS

Amounts falling due after more than one year

9

(1,036,046

)

-

PROVISIONS FOR LIABILITIES

(27,369

)

(12,414

)

NET ASSETS

2,527,542

2,008,552

CAPITAL AND RESERVES

Called up share capital

12

300

300

Retained earnings

2,527,242

2,008,252

SHAREHOLDERS' FUNDS

2,527,542

2,008,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 22nd December 2017 and were signed on its behalf by:

M J Straker - Director

P Papanastasiou - Director

1.	STATUTORY INFORMATION

L.S. Transmission Consultancy 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 net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of that consideration due. Where a contract has only been

partially completed at the balance sheet date turnover represents the value of the services provided to

date based on a proportion of the total expected consideration at completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, 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.

Freehold property

no provision

Fixtures and fittings

25% on reducing balance

Motor vehicles

33% on reducing balance

Plant & Machinery

50% on reducing balance

Computer equipment

50% on reducing balance

No depreciation is provided on the freehold property as it is considered by the directors that the

residual value is such that any depreciation charge would be immaterial.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

obsolete and slow moving items.

Contract work in progress is included in debtors stated at net realisable value. Cumulative turnover (i.e.

the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting

periods since inception of the contract) is compared with total payments on account. If turnover

exceeds payments on account an "amount recoverable on contracts" is established and separately

disclosed within debtors. If payments on account are greater than turnover to date, the excess is

classified within creditors.

Payments on account include 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 Profit and loss

account, 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.

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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2016 - 76 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st July 2016

and 30th June 2017

21,154

AMORTISATION

At 1st July 2016

and 30th June 2017

21,154

NET BOOK VALUE

At 30th June 2017

-

At 30th June 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st July 2016

142,082

660

10,951

Disposals

-

(660

)

-

At 30th June 2017

142,082

-

10,951

DEPRECIATION

At 1st July 2016

-

427

8,900

Charge for year

-

68

511

Eliminated on disposal

-

(495

)

-

At 30th June 2017

-

-

9,411

NET BOOK VALUE

At 30th June 2017

142,082

-

1,540

At 30th June 2016

142,082

233

2,051

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st July 2016

164,640

895,887

1,214,220

Additions

103,231

117,565

220,796

Disposals

(11,700

)

(41,084

)

(53,444

)

At 30th June 2017

256,171

972,368

1,381,572

DEPRECIATION

At 1st July 2016

31,870

782,130

823,327

Charge for year

54,770

86,810

142,159

Eliminated on disposal

(4,358

)

(40,442

)

(45,295

)

At 30th June 2017

82,282

828,498

920,191

NET BOOK VALUE

At 30th June 2017

173,889

143,870

461,381

At 30th June 2016

132,770

113,757

390,893

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st July 2016

75

Additions

2,929,227

At 30th June 2017

2,929,302

NET BOOK VALUE

At 30th June 2017

2,929,302

At 30th June 2016

75

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

769,956

916,830

Amounts owed by group undertakings

-

52,413

Amounts recoverable on

contracts

845,587

534,665

Other debtors

219,877

197,767

1,835,420

1,701,675

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

120,000

-

Trade creditors

267,553

180,630

Amounts owed to group undertakings

567,870

-

Taxation and social security

555,866

597,195

Other creditors

822,551

541,493

2,333,840

1,319,318

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

450,000

-

Other creditors

586,046

-

1,036,046

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

159,760

132,852

Between one and five years

179,586

338,805

339,346

471,657

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

570,000

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

300

Ordinary

£1

300

300

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £448,500 (2016 - £805,500) were paid to the directors .

14.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the period ended 30 June 2017.

The effect of transition from previous financial reporting framework to FRS 102 is outlined below.

a) Changes in accounting policies

Consequential and other changes in accounting policies resulting from the adoption of FRS 102 relate

to:

i)

Inclusion of holiday pay accrual.

b) Reconciliation of equity shareholders' funds

Adjustments to previously reported equity shareholders' funds at the date of transition to FRS 102 were

as follows:

1.07.15

30.06.16

Shareholders funds under previous financial reporting framework

1,957,922

2,031,071

Holiday pay accrual

(22,293

)

(22,819

)

Shareholders' funds under FRS 102

1,935,629

2,008,252

c) Reconciliation of comparative period profit or loss

Adjustments to previously reported profit and loss at the date of transition to FRS 102 were as follows:

30.06.16

Profit under previous financial reporting framework

878,649

Holiday pay accrual

(526

)

Profit under FRS 102

878,123