Le Flamboyant Ltd - Filleted accounts

Le Flamboyant Ltd - Filleted accounts

LE FLAMBOYANT LIMITED - Company Information

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Registered number
05606458
Le Flamboyant Ltd
Report and Unaudited Accounts
31 December 2017
Le Flamboyant Ltd
Registered number: 05606458
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 4 440,162 441,769
Current assets
Stocks 497 403
Debtors 5 - 17,294
Cash at bank and in hand 217,486 198,970
217,983 216,667
Creditors: amounts falling due within one year 6 (76,934) (133,246)
Net current assets 141,049 83,421
Total assets less current liabilities 581,211 525,190
Creditors: amounts falling due after more than one year 7 (199,175) (221,853)
Net assets 382,036 303,337
Capital and reserves
Called up share capital 40 40
Revaluation reserve 9 60 60
Profit and loss account 381,936 303,237
Shareholders' funds 382,036 303,337
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Narainen
Director
Approved by the board on 19 March 2018
Le Flamboyant Ltd
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and equipment 20% reducing balance
Land and buildings Not depreciated
Stock and work in progress
Stock and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 13 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 124,000
At 31 December 2017 124,000
Amortisation
At 1 January 2017 124,000
At 31 December 2017 124,000
Net book value
At 31 December 2017 -
Goodwill has been fully written off (in equal annual instalments over its estimated economic life of 5 years).
4 Tangible fixed assets
Land and buildings Furniture and equipment Total
£ £ £
Cost
At 1 January 2017 425,700 43,284 468,984
At 31 December 2017 425,700 43,284 468,984
Depreciation
At 1 January 2017 - 27,215 27,215
Charge for the year - 1,607 1,607
At 31 December 2017 - 28,822 28,822
Net book value
At 31 December 2017 425,700 14,462 440,162
At 31 December 2016 425,700 16,069 441,769
5 Debtors 2017 2016
£ £
Trade debtors - 16,709
Other debtors - 585
- 17,294
6 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 19,544 19,544
Corporation tax 29,613 18,524
Director's loan 2,288 67,146
Other taxes and social security costs 3,111 3,632
Other creditors 22,378 24,400
76,934 133,246
7 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 199,175 221,853
8 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 241,397 241,397
The bank loan is secured on the property the business operates from.
9 Revaluation reserve 2017 2016
£ £
At 1 January 2017 60 60
At 31 December 2017 60 60
10 Related party transactions
Interest free loan from related party 2,288 67,146
Director's remuneration 17,720 13,500
Dividends paid to related party 44,000 10,000
11 Controlling party
The company's controlling party comprises M Narainen and his wife, Mrs N Narainen, who each own 50% of the issued share capital.
12 Other information
Le Flamboyant Ltd is a private company limited by shares and incorporated in England. Its registered office is:
23 Cottingham Way
Thrapston
Kettering
Northants
NN14 4PL
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