Level Contracts Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07422161 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 October 2017

for

Level Contracts Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Teear

Mr S A Lines

REGISTERED OFFICE:

Tanyard House

Church Street

Newnham

Daventry

Northamptonshire

NN11 3ET

REGISTERED NUMBER:

07422161 (England and Wales)

ACCOUNTANTS:

Cottons Accountants LLP

1 Billing Road

Northampton

Northamptonshire

NN1 5AL

FIXED ASSETS

Intangible assets

3

5,400

7,200

Tangible assets

4

24,104

25,121

29,504

32,321

CURRENT ASSETS

Stocks and Work in progress

1,860

28,636

Debtors

5

187,275

90,831

Cash at bank

22,881

21,559

212,016

141,026

CREDITORS

Amounts falling due within one year

6

161,215

132,644

NET CURRENT ASSETS

50,801

8,382

TOTAL ASSETS LESS CURRENT LIABILITIES

80,305

40,703

CREDITORS

Amounts falling due after more than one year

7

(35,396

)

(17,310

)

PROVISIONS FOR LIABILITIES

(4,679

)

(5,024

)

NET ASSETS

40,230

18,369

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

40,228

18,367

SHAREHOLDERS' FUNDS

40,230

18,369

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 18 May 2018 and were signed on its behalf by:

Mr A C Teear - Director

Mr S A Lines - Director

1.	STATUTORY INFORMATION

Level Contracts Ltd 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, 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.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs

in bringing stocks and work in progress to their present location and condition.

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.

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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

18,000

AMORTISATION

At 1 November 2016

10,800

Amortisation for year

1,800

At 31 October 2017

12,600

NET BOOK VALUE

At 31 October 2017

5,400

At 31 October 2016

7,200

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2016

916

40,874

1,999

43,789

Additions

-

7,645

712

8,357

Disposals

-

(5,995

)

-

(5,995

)

At 31 October 2017

916

42,524

2,711

46,151

DEPRECIATION

At 1 November 2016

767

16,204

1,697

18,668

Charge for year

149

7,187

539

7,875

Eliminated on disposal

-

(4,496

)

-

(4,496

)

At 31 October 2017

916

18,895

2,236

22,047

NET BOOK VALUE

At 31 October 2017

-

23,629

475

24,104

At 31 October 2016

149

24,670

302

25,121

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/17

31/10/16

£

£

Trade debtors

187,275

126,867

Bad debt provision

-

(36,036

)

187,275

90,831

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/10/17

31/10/16

£

£

Debt Factoring

20,969

14,662

Other loans

24,910

11,635

Trade creditors

9,994

3,292

Corporation tax

31,284

19,996

CIS payable

7,101

5,266

VAT

46,296

64,059

Other creditors

54

-

Directors' current accounts

7,738

12,383

Accrued expenses

12,869

1,351

161,215

132,644

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/10/17

31/10/16

£

£

Other loans - 1-2 years

27,938

12,790

Other loans - 2-5 years

7,458

4,520

35,396

17,310

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/10/17

31/10/16

£

£

Debt factoring

20,969

14,662

A debenture charge was registered at Companies House on 24th August 2014 in respect of the debt factor. The

debenture is over all company property and trade debtors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/10/17

31/10/16

value:

£

£

2

Ordinary A

£1

2

2

10.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under previous UK GAAP were for the year ended 31 October 2016. The date of transition to FRS 102 was 1

November 2015. The transition to FRS 102 did not result in any changes in accounting policies and so there

are no differences between the profit for the financial year ended 31 October 2016 and the total equity as at 1

November 2015 and 31 October 2016 under UK GAAP as previously reported and FRS 102.