LENSTEC_LIMITED - Accounts

The directors present their annual report and financial statements for the year ended 31 December 2017.

The company was dormant throughout the period. The assets and trade were hived into Lenstec Optical Group Limited on 1 May 2016.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dividends of £nil were paid to Lenstec Optical Group Limited Limited as shareholders during the year (2016: £nil).

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Lenstec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Bedwas Business Centre, Bedwas, CAERPHILLY, Mid Glamorgan, UK, CF83 8DU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has not traded during the year or the preceding financial period. During this time the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.

Fixed asset investments are stated at cost less provision for diminution in value.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Included in trade debtors is a balance of £835,558 (2016: £835,558) due from Lenstec Optical Group Limited, the ultimate parent company.

The ultimate parent company is Lenstec Optical Group Limited, a company registered in England & Wales.

The ultimate controlling party is considered to be Mr N Castle due to his shareholding in Lenstec Optical Group Limited.

The consolidated accounts of Lenstec Optical Group Limited are publicly available and can be obtained from Companies House, Crown Way Maindy, Cardiff.