Layland Walker Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04797971

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

LAYLAND WALKER LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

B L Walker

Mrs V J Walker

SECRETARY:

Mrs V J Walker

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

W1B 5DF

REGISTERED NUMBER:

04797971

ACCOUNTANTS:

Thorne Lancaster Parker

Chartered Accountants

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

49,824

57,250

Investments

6

12,307

12,307

62,131

69,557

CURRENT ASSETS

Debtors

7

221,664

12,180

Cash at bank

287,986

970

509,650

13,150

CREDITORS

Amounts falling due within one year

8

542,551

37,090

NET CURRENT LIABILITIES

(32,901

)

(23,940

)

TOTAL ASSETS LESS CURRENT LIABILITIES

29,230

45,617

CREDITORS

Amounts falling due after more than one year

9

27,483

34,812

NET ASSETS

1,747

10,805

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,647

10,705

SHAREHOLDERS' FUNDS

1,747

10,805

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 March 2018 and were signed on its behalf by:

B L Walker - Director

1.	STATUTORY INFORMATION

Layland Walker Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Office Equipment

-

25% on cost

Plant & Equipment

-

16.67% on cost

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic

financial instruments.

a) Basic financial assets

Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction

price and subsequently carried at amortised cost being the transaction price less any amounts settled and any

impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount

and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The

impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or

substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks

and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell

the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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 company after deducting all of its liabilities.

Trade creditors, and other creditors are initially recognised at transaction price and subsequently carried at

amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently

measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the

effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other

resources received or receivable, net of direct costs of issuing the equity instruments.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

5.	PROPERTY, PLANT AND EQUIPMENT

Office

Plant &

Equipment

Equipment

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

9,604

59,169

68,773

DEPRECIATION

At 1 July 2016

9,058

2,465

11,523

Charge for year

546

6,880

7,426

At 30 June 2017

9,604

9,345

18,949

NET BOOK VALUE

At 30 June 2017

-

49,824

49,824

At 30 June 2016

546

56,704

57,250

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

12,307

NET BOOK VALUE

At 30 June 2017

12,307

At 30 June 2016

12,307

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

118,750

-

Other debtors

46,908

857

Directors' current accounts

31,379

-

Tax

11,323

11,323

Prepayments and accrued income

13,304

-

221,664

12,180

Interest has been charged on the directors loan account of 3%.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

7,329

7,329

Trade creditors

52,346

-

Corporation tax

37,742

-

Social security and other taxes

2,093

-

Other creditors

68,108

1,558

Directors' current accounts

-

24,520

Accruals and deferred income

374,933

3,683

542,551

37,090

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

27,483

34,812

10.	FINANCIAL INSTRUMENTS

Company

The Company has the following financial instruments:

Financial assets that are debt instruments measured at

amortised cost

Notes

2017

2016

£

£

Trade debtors

9

118,750

-

Other debtors

9

46,908

857

165,658

857

Financial liabilities measured at amortised cost

Trade creditors

10

52,346

-

Other creditors

10

68,108

1,558

Accruals and deferred income

10

374,933

3,683

Hire purchase contracts

10

34,812

42,141

530,199

47,382

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

B L Walker

Balance outstanding at start of year

(24,520

)

(6,097

)

Amounts advanced

55,899

-

Amounts repaid

-

(18,423

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,379

(24,520

)

The directors loan account balance of £31,379 was repaid after the year end.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr B L Walker

13.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS102 (Section 1A). The last financial

statements prepared under previous UK GAAP were for the year ended 30 June 2016. The date of transition to

FRS102 (Section 1A) was 1 July 2015.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

(Section 1A) and have not impacted on equity or profit or loss.