Larvic Limited
Larvic Limited
Registered number: 03821544
Unaudited Financial Statements
For The Year Ended 31 August 2017
Dhillon Accountants Limited
Chartered Accountants
T/A A Dhillon & Co
61-63 Alexandra Road
Walsall
WS1 4DX
Larvic Limited
Unaudited Financial Statements
For The Year Ended 31 August 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Larvic Limited
Balance Sheet
As at
31 August 2017
Balance Sheet
Registered number:
03821544
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 7 |
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| Tangible Assets | 8 |
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| CURRENT ASSETS | |||||
| Stocks | 9 |
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| Debtors | 10 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 11 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 12 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 100,306 | 155,089 | |||
Page 1
Larvic Limited
Balance Sheet (continued)
As at
31 August 2017
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Larvic Limited
Notes to the Financial Statements
For The Year Ended 31 August 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements for the Period ended 31 August 2017 are the first financial statements of Larvic Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fittings & Equipment |
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| Motor Vehicles |
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1.5.
Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value.
1.6.
Taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilites are not discounted.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
Larvic Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2017
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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7.
Intangible Assets
| Goodwill | |||
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| Cost | |||
| As at |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 4
Larvic Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2017
8.
Tangible Assets
| Fittings & Equipment | Motor Vehicles | Total | |
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| Cost | |||
| As at |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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9.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock | 78,532 | 78,532 | |
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10.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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Page 5
Larvic Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2017
11.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Net wages | 11,685 | - | |
| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Bank loan is secured.
12.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans |
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Bank loan is secured.
13.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2017 | 2016 | ||
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| £ | £ | ||
| Deferred tax |
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Page 6
Larvic Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2017
15.
Dividends
| 2017 | 2016 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 60,000 | - | ||
16.
Related Party Transactions
The company paid rent and service charge in the year amounting to £11,624 (2016-£11,478) for the use of leasehold property owned by the director Mr. R Deb on normal commercial basis.
17.
General Information
Larvic Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03821544 . The registered office is First Floor, 61-63 Alexandra Road, Walsall, WS1 4DX.
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