Lear & Co Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07788083 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

LEAR & CO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

M A Lear

Miss S Jefferies

REGISTERED OFFICE:

Wansdyke Business Services Centre

Midsomer Enterprise Park

Radstock Road

Midsomer Norton

BA3 2BB

BUSINESS ADDRESS:

Pinnacle House

166 Gloucester Road North

Patchway

Bristol

BS34 5BG

REGISTERED NUMBER:

07788083 (England and Wales)

ACCOUNTANTS:

Simple Accounts Limited

Wansdyke Business Services Centre

Midsomer Enterprise Park

Radstock Road

Midsomer Norton

Somerset

BA3 2BB

FIXED ASSETS

Intangible assets

4

-

3,600

Tangible assets

5

660,751

37,915

660,751

41,515

CURRENT ASSETS

Debtors

6

19,513

20,714

Cash at bank

55,768

67,928

75,281

88,642

CREDITORS

Amounts falling due within one year

7

74,414

64,605

NET CURRENT ASSETS

867

24,037

TOTAL ASSETS LESS CURRENT LIABILITIES

661,618

65,552

CREDITORS

Amounts falling due after more than one year

8

(596,848

)

(16,200

)

PROVISIONS FOR LIABILITIES

(5,641

)

(4,583

)

NET ASSETS

59,129

44,769

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

59,127

44,767

SHAREHOLDERS' FUNDS

59,129

44,769

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 Profit and Loss Account has not been delivered.

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

M A Lear - Director

Miss S Jefferies - Director

1.	STATUTORY INFORMATION

Lear & Co 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.

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

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.

These financial statements for the year ended 30 June 2017 are the first financial statements that comply with

FRS102 Section 1A small entities. The date of transition is 1 July 2015.

The transition to FRS 102 section 1A small entities has had no direct impact upon the accounting policies as

used previously and therefore there has been no impact upon the opening equity or profit for the comparative

period.

Turnover

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

value added tax and other sales taxes.

Franchise agreement

The company has entered into a Franchise Agreement in order to operate the Nursery for a period of 5 years and

as a result the initial cost of the agreement will be amortised over the corresponding period.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost, 20% on cost and 10% on cost

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.

Hire purchase and leasing commitments

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 number of employees during the year was 24 (2016 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2016

and 30 June 2017

18,000

AMORTISATION

At 1 July 2016

14,400

Charge for year

3,600

At 30 June 2017

18,000

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

3,600

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2016

-

69,251

69,251

Additions

622,336

28,379

650,715

At 30 June 2017

622,336

97,630

719,966

DEPRECIATION

At 1 July 2016

-

31,336

31,336

Charge for year

12,000

15,879

27,879

At 30 June 2017

12,000

47,215

59,215

NET BOOK VALUE

At 30 June 2017

610,336

50,415

660,751

At 30 June 2016

-

37,915

37,915

On the basis that the Property was only acquired in February 2017, no formal 'Revaluation' has been undertaken

in this it's first period of ownership up to 30 June 2017. A formal Valuation will be undertaken for all future

years moving forwards.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

17,350

8,151

Other debtors

2,163

12,563

19,513

20,714

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts

22,145

9,350

Trade creditors

10,809

10,868

Taxation and social security

18,263

17,542

Other creditors

23,197

26,845

74,414

64,605

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans

586,648

-

Other creditors

10,200

16,200

596,848

16,200

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

496,853

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.17

30.6.16

£

£

Bank loans

608,793

9,350

HSBC Bank Plc has a 'Fixed & Floating' charge in place which covers all the property or undertakings of the

company dated 4 May 2012 in respect of the Bank Overdraft and Loan Facilities.

Lloyds Bank Plc has a 'Fixed' charge in place which covers the property at 166a Gloucester Road North, Bristol

BS34 5BG' along with 'Fixed & Floating' charges in relation to all property or undertakings of the company

dated 23 February 2017 in respect of the Mortgage Facility.

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 Lear & Co Limited for the year ended 30 June 2017 which comprise the Profit and Loss Account,

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 Lear & Co 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 Lear & Co Limited and state those matters that we have agreed to state to the Board of Directors of Lear & Co 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 Lear & Co Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lear & Co 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 Lear & Co Limited. You consider that Lear & Co 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 Lear & Co 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.

Simple Accounts Limited

Wansdyke Business Services Centre

Midsomer Enterprise Park

Radstock Road

Midsomer Norton

Somerset

BA3 2BB

30 April 2018