Leamick Building Systems Ltd Filleted accounts for Companies House (small and micro)

LEAMICK BUILDING SYSTEMS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP 04196095 2017-01-01 2017-12-31 04196095 2017-12-31 04196095 2016-12-31 04196095 2016-01-01 2016-12-31 04196095 2016-12-31 04196095 core:PlantMachinery 2017-01-01 2017-12-31 04196095 core:FurnitureFittings 2017-01-01 2017-12-31 04196095 core:MotorVehicles 2017-01-01 2017-12-31 04196095 bus:OrdinaryShareClass1 2017-01-01 2017-12-31 04196095 bus:Director1 2017-01-01 2017-12-31 04196095 core:WithinOneYear 2017-12-31 04196095 core:WithinOneYear 2016-12-31 04196095 core:AfterOneYear 2017-12-31 04196095 core:ShareCapital 2017-12-31 04196095 core:ShareCapital 2016-12-31 04196095 core:RetainedEarningsAccumulatedLosses 2017-12-31 04196095 core:RetainedEarningsAccumulatedLosses 2016-12-31 04196095 bus:SmallEntities 2017-01-01 2017-12-31 04196095 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 04196095 bus:AbridgedAccounts 2017-01-01 2017-12-31 04196095 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 04196095 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 04196095 bus:OrdinaryShareClass1 2017-12-31 04196095 bus:OrdinaryShareClass1 2016-12-31

COMPANY REGISTRATION NUMBER: 04196095

Leamick Building Systems Ltd

Filleted Unaudited Abridged Financial Statements

31 December 2017

Leamick Building Systems Ltd

Abridged Financial Statements

Year Ended 31 December 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Leamick Building Systems Ltd

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed Assets

Tangible assets	5		15,563	5,957

Current Assets

Debtors	421,023	355,257
Cash at bank and in hand	94,209	191,134
	---------	---------
	515,232	546,391

Creditors: amounts falling due within one year	225,523		371,157
	---------		---------
Net Current Assets		289,709	175,234
		---------	---------
Total Assets Less Current Liabilities		305,272	181,191

Creditors: amounts falling due after more than one year		122,062	–

Provisions

Taxation including deferred tax	2,743	833
	---------	---------
Net Assets	180,467	180,358
	---------	---------

Capital and Reserves

Called up share capital	7	2	2
Profit and loss account		180,465	180,356
		---------	---------
Shareholders Funds		180,467	180,358
		---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Leamick Building Systems Ltd

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 13 June 2018 , and are signed on behalf of the board by:

M W Maguire
Director

Company registration number: 04196095

Leamick Building Systems Ltd

Notes to the Abridged Financial Statements

Year Ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8a Watson Road, Worksop, Nottinghamshire, S80 2BB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Revenue recognition

When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively be reference to the stage of completion at the reporting date. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Provision is made for all known or expected losses on individual contracts once such losses are foreseen. The value of work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts, unless such fees exceed the value of the work in progress on any contract when the excess is separately disclosed in trade and other payables as fees invoiced in advance.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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:

Plant & Machinery	-	15% reducing balance
Fixtures & Fittings	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

A provision is recognised in the balance sheet when the company has a present legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and they can make a sufficiently reliable estimate of the potential obligation. From time to time the company is subject to legal claims in the ordinary course of its business, generally none of which are expected to have a significant impact on the company's financial position. Provision has been made for the directors' best estimate of known legal claims, including associated legal costs in defending such claims (see detailed profit and loss). The company takes legal advice as to the likelihood of success of claims and actions and no provision is made where the directors consider, based on that advice, that the action is unlikely to succeed.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 5 ).

5. Tangible assets

	£
Cost
At 1 January 2017	34,247
Additions	16,327
Disposals	( 7,299)
	--------
At 31 December 2017	43,275
	--------
Depreciation
At 1 January 2017	28,290
Charge for the year	4,432
Disposals	( 5,010)
	--------
At 31 December 2017	27,712
	--------
Carrying amount
At 31 December 2017	15,563
	--------
At 31 December 2016	5,957
	--------

6. Secured liabilities

The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £130,178 (2016: £NIL).

7. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

8. Ultimate holding company

The company is a wholly owned subsidiary of MW Maguire Holdings Limited , a company incorporated and registered in England and Wales. The registered office address is 8a Watson Road, Worksop, Nottinghamshire, S80 2BB and copy accounts can be found at Companies House.