Lewmax Programming Limited - Limited company accounts 17.3
Lewmax Programming Limited - Limited company accounts 17.3
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
FOR |
LEWMAX PROGRAMMING LIMITED |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
LEWMAX PROGRAMMING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chartwell House |
292-294 Hale Lane |
Edgware |
Middlesex |
HA8 8NP |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
The directors present their report with the financial statements of the company for the year ended 31 August 2017. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2016 to the date of this |
report. |
FINANCIAL INSTRUMENTS |
The company's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and loans |
to the company. The main purpose of these instruments is to finance the company's operations. Due to the nature of |
the financial instruments used by the group, there is no exposure to price risk. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding, |
and flexibility through an overdraft facility. The company makes use of money market facilities, as appropriate. |
The company has a loan from the related pension scheme, on which there is a variable rate of interest. The company |
manages the liquidity risk by ensuring that there are sufficient funds available to meet the payments due. |
Trade debtors are managed for credit and cash flow risk by the strict application of policies over the credit offered to |
customers, and by regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
ON BEHALF OF THE BOARD: |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LEWMAX PROGRAMMING LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Lewmax Programming Limited for the year ended 31 August 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 Lewmax Programming 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 Lewmax Programming Limited and state those matters that we have agreed to state to the Board of Directors of Lewmax Programming 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 Lewmax Programming Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lewmax Programming 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 profit of Lewmax Programming Limited. You consider that Lewmax Programming 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 Lewmax Programming 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. |
Chartered Accountants |
Chartwell House |
292-294 Hale Lane |
Edgware |
Middlesex |
HA8 8NP |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2017 |
2017 | 2016 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
BALANCE SHEET |
31 AUGUST 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
1. | STATUTORY INFORMATION |
Lewmax Programming Limited is a |
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 |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
Changes in accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all the years presented, unless otherwise stated. The company |
has adopted FRS 102 in these financial statements. Details of the transition to FRS 102 are disclosed in note 20 |
and on pages 16 to 18. |
Turnover |
Turnover represents amounts receivable from the sale of goods and services net of VAT and trade discounts. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average monthly number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2017 | 2016 |
£ | £ |
Depreciation - owned assets |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 September 2016 |
Additions |
At 31 August 2017 |
DEPRECIATION |
At 1 September 2016 |
Charge for year |
At 31 August 2017 |
NET BOOK VALUE |
At 31 August 2017 |
At 31 August 2016 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 September 2016 |
and 31 August 2017 |
DEPRECIATION |
At 1 September 2016 |
Charge for year |
At 31 August 2017 |
NET BOOK VALUE |
At 31 August 2017 |
At 31 August 2016 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Corporation tax refund |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
LEWMAX PROGRAMMING LIMITED (REGISTERED NUMBER: 02954871) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Hire purchase contracts | 28,332 | 70,831 |
10. | FINANCIAL INSTRUMENTS |
The company's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors |
and loans to the company. The main purpose of these instruments is to finance the company's operations. Due |
to the nature of the financial instruments used by the group, there is no exposure to price risk. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of |
funding, and flexibility through an overdraft facility. The company makes use of money market facilities, as |
appropriate. |
The company has a loan from the related pension scheme, on which there is a variable rate of interest. The |
company manages the liquidity risk by ensuring that there are sufficient funds available to meet the payments |
due. |
Trade debtors are managed for credit and cash flow risk by the strict application of policies over the credit |
offered to customers, and by regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |