Lancereal Limited Company Accounts

Lancereal Limited Company Accounts

LANCEREAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02253537
LANCEREAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2017
LANCEREAL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2017
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 8
LANCEREAL LIMITED
BALANCE SHEET
30 September 2017
2017
2016
Note
£
£
Fixed assets
Tangible assets
6
44,867
71,100
Current assets
Stocks
7
309,102
272,732
Debtors
8
506,651
257,013
Cash at bank and in hand
299,018
452,486
------------
------------
1,114,771
982,231
Creditors: amounts falling due within one year
9
( 220,247)
( 205,449)
------------
------------
Net current assets
894,524
776,782
------------
------------
Total assets less current liabilities
939,391
847,882
Creditors: amounts falling due after more than one year
10
–
( 22,215)
Provisions
Taxation including deferred tax
11
( 2,465)
( 6,800)
------------
------------
Net assets
936,926
818,867
------------
------------
Capital and reserves
Called up share capital
13
1,000
1,000
Profit and loss account
935,926
817,867
------------
------------
Members funds
936,926
818,867
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LANCEREAL LIMITED
BALANCE SHEET (continued)
30 September 2017
These financial statements were approved by the board of directors and authorised for issue on 14 June 2018 , and are signed on behalf of the board by:
N Hampson
D M Hampson
Director
Director
Company registration number: 02253537
LANCEREAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2017
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 02253537 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA. The company's principal trading address is Springfield Mills, Penistone Road, Kirkburton, Huddersfield, HD8 0PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 18.
Revenue recognition
Turnover represents the value of goods sold and services provided, net of discounts and of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Any differences are taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicle
-
25% straight line
Computer equipment
-
20% straight line
Impairment of fixed assets
In the year of acquisition tangible fixed assets are depreciated from 1 October.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised and depreciated over their effective lives. The outstanding obligations in respect of finance leases and hire purchase contracts, net of finance charges relating to future periods, are included under creditors due within or after one year as appropriate. The finance element of the total obligations is allocated to accounting periods so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each accounting period. Rentals payable under operating leases are charged to the profit and loss account as incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2016: 6 ).
5. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2017
2016
£
£
Remuneration
31,944
30,653
Company contributions to defined contribution pension plans
40,000
60,000
------------
------------
71,944
90,653
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2017
2016
No.
No.
Defined contribution plans
2
2
------------
------------
6. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicle
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2016
62,368
77,941
30,207
35,945
23,270
229,731
Additions
–
1,713
–
–
–
1,713
------------
------------
------------
------------
------------
------------
At 30 Sep 2017
62,368
79,654
30,207
35,945
23,270
231,444
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Oct 2016
60,104
36,139
25,164
17,972
19,252
158,631
Charge for the year
2,264
14,276
1,261
8,986
1,159
27,946
------------
------------
------------
------------
------------
------------
At 30 Sep 2017
62,368
50,415
26,425
26,958
20,411
186,577
------------
------------
------------
------------
------------
------------
Carrying amount
At 30 Sep 2017
–
29,239
3,782
8,987
2,859
44,867
------------
------------
------------
------------
------------
------------
At 30 Sep 2016
2,264
41,802
5,043
17,973
4,018
71,100
------------
------------
------------
------------
------------
------------
7. Stocks
2017
2016
£
£
Goods for resale and consumables
309,102
272,732
------------
------------
8. Debtors
2017
2016
£
£
Trade debtors
455,788
236,701
Prepayments and accrued income
24,925
17,141
Directors loan account
3,190
1,627
Other debtors
22,748
1,544
------------
------------
506,651
257,013
------------
------------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
137,441
150,735
Accruals and deferred income
5,852
5,367
Corporation tax
48,720
23,300
Social security and other taxes
6,019
20,200
Obligations under finance leases and hire purchase contracts
22,215
5,847
------------
------------
220,247
205,449
------------
------------
10. Creditors: amounts falling due after more than one year
2017
2016
£
£
Hire purchase and finance lease agreements
–
22,215
------------
------------
The aggregate amount of secured liabilities included in creditors is £22,215 (2016: £28,062).
11. Provisions
Deferred tax (note 12)
£
At 1 October 2016
6,800
Charge against provision
( 4,335)
------------
At 30 September 2017
2,465
------------
12. Deferred tax
The deferred tax included in the balance sheet is as follows:
2017
2016
£
£
Included in provisions (note 11)
2,465
6,800
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2017
2016
£
£
Accelerated capital allowances
2,465
6,800
------------
------------
13. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------------
------------
------------
------------
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Later than 1 year and not later than 5 years
70,907
106,809
------------
------------
15. Directors' advances, credits and guarantees
The directors' loan account included in debtors £3,190 (2016: £1,627) is unsecured and currently interest free. The loan was repaid to the company after the year end.
16. Related party transactions
The company is renting premises owned by pension schemes of which N Hampson and D M Hampson are the beneficiaries. The rent charge for the year was £24,000 (2016: £24,000).
17. Controlling party
The company is controlled by the directors.
18. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.