Laftern Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06550105 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

LAFTERN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr GJ Genders

Mr A Kershaw

REGISTERED OFFICE:

14 Faircharm Trading Estate

Evelyn Drive

Leicester

LE3 2BU

REGISTERED NUMBER:

06550105 (England and Wales)

FIXED ASSETS

Intangible assets

4

4,000

5,000

Tangible assets

5

4,296

4,207

8,296

9,207

CURRENT ASSETS

Stocks

29,295

31,423

Debtors

6

1,331

20,960

Cash at bank and in hand

270

275

30,896

52,658

CREDITORS

Amounts falling due within one year

7

36,978

60,448

NET CURRENT LIABILITIES

(6,082

)

(7,790

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,214

1,417

PROVISIONS FOR LIABILITIES

816

841

NET ASSETS

1,398

576

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,298

476

SHAREHOLDERS' FUNDS

1,398

576

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 9 April 2018 and were signed on its behalf by:

Mr GJ Genders - Director

Mr A Kershaw - Director

1.	STATUTORY INFORMATION

Laftern 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.

This is the first year in which the financial statements have been prepared under FRS 102. There are no material

transitional adjustments.

TURNOVER

Revenue comprises the fair value for the sale of goods, excluding value added taxes and represents net invoice

value less estimated rebates, returns and settlement discounts. In all cases revenue is recognised when the risks

and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, 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.

Fixtures and fittings

-

15% on reducing balance

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.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

10,000

AMORTISATION

At 1 September 2016

5,000

Charge for year

1,000

At 31 August 2017

6,000

NET BOOK VALUE

At 31 August 2017

4,000

At 31 August 2016

5,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2016

9,973

Additions

847

At 31 August 2017

10,820

DEPRECIATION

At 1 September 2016

5,766

Charge for year

758

At 31 August 2017

6,524

NET BOOK VALUE

At 31 August 2017

4,296

At 31 August 2016

4,207

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Directors' loan accounts

1,331

20,960

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

19,071

14,020

Trade creditors

5,292

7,893

Taxation

6,314

24,391

Vat liability

3,331

4,549

Accrued expenses

2,970

9,595

36,978

60,448

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2017 and

31 August 2016:

2017

2016

£

£

Mr GJ Genders and Mr A Kershaw

Balance outstanding at start of year

20,960

19,176

Amounts advanced

28,696

78,364

Amounts repaid

(48,325

)

(76,580

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,331

20,960

10.	RELATED PARTY DISCLOSURES

Dividends of £12,750 were paid to director Mr G Genders during the year (2016: £27,030).

Dividends of £12,250 were paid to director Mr A Kershaw during the year (2016: £25,970).