L & D Construction South West Ltd - Limited company accounts 18.1.1

REGISTERED NUMBER: 09204891 (England and Wales)

DIRECTORS' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

L & D Construction South West Ltd

Page

Company Information

1

Directors' Report

2

Report of the Accountants

3

Profit & Loss Account

4

Balance Sheet

5

to

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8

to

11

Directors:

L Baverstock

D Parker

Registered office:

129 North Hill

Plymouth

Devon

PL4 8JY

Business address:

Unit 15, Lister Close

Newnham Indutrial Estate

Plympton

Plymouth

Devon

PL7 4BA

Registered number:

09204891 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

The directors present their report with the financial statements of the company for the year ended 31 March 2018.

Principal activity

The principal activity of the company in the year under review was that of the provision of plumbing

and heating services.

Directors

The directors shown below have held office during the whole of the period from 1 April 2017 to the

date of this report.

L Baverstock

D Parker

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in

accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under

that law the directors have elected to prepare the financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). Under company law the directors must not approve the financial statements unless

they are satisfied that they give a true and fair view of the state of affairs of the company and of

the profit or loss of the company for that period. In preparing these financial statements, the

directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show

and explain the company's transactions and disclose with reasonable accuracy at any time the

financial position of the company and enable them to ensure that the financial statements comply

with the Companies Act 2006. They are also responsible for safeguarding the assets of the

company and hence for taking reasonable steps for the prevention and detection of fraud and

other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

On behalf of the board:

L Baverstock - Director

11 July 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of the company for the year ended 31 March 2018 which

comprise the profit and loss account, balance sheet, statement of changes in equity and the

related notes from the company's accounting records and from information and explanations you

have given to us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales

(ICAEW), we are subject to its ethical and other professional requirements which are detailed

within the ICAEW's regulations and guidance at: -

http://www.icaew.com/en/membership/regulations-standard-and-guidance.

This report is made solely to the directors of the company in accordance with our terms of

engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of the company and state those matters that we have agreed to state to you in this

report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other than the company and its directors

for our work or for this report.

It is your duty to ensure that the company has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial

position and results of the company. You consider that the company is exempt from the statutory

audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the

company. For this reason, we have not verified the accuracy or completeness of the accounting

records or information you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Date: .............................................

Turnover

1,479,598

1,875,856

Cost of sales

1,056,888

1,202,397

Gross profit

422,710

673,459

Administrative expenses

311,424

346,422

111,286

327,037

Other operating income

875

4,500

Operating profit

112,161

331,537

Interest receivable and similar income

-

64

112,161

331,601

Interest payable and similar expenses

2,182

2,134

Profit before taxation

109,979

329,467

Tax on profit

23,781

69,036

Profit for the financial year

86,198

260,431

Other comprehensive income

-

-

Total comprehensive income for the year

86,198

260,431

Fixed assets

Tangible assets

4

62,944

37,698

Current assets

Stocks

7,808

3,373

Debtors

5

443,446

438,981

Cash at bank

15,755

44,902

467,009

487,256

Creditors

Amounts falling due within one year

6

123,168

230,221

Net current assets

343,841

257,035

Total assets less current liabilities

406,785

294,733

Creditors

Amounts falling due after more than one year

7

(41,255

)

(16,121

)

Provisions for liabilities

9

(4,400

)

(3,680

)

Net assets

361,130

274,932

Capital and reserves

Called up share capital

10

100

100

Retained earnings

361,030

274,832

Shareholders' funds

361,130

274,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 July 2018 and were signed on its behalf by:

D Parker - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2016

100

14,401

14,501

Changes in equity

Total comprehensive income

-

260,431

260,431

Balance at 31 March 2017

100

274,832

274,932

Changes in equity

Total comprehensive income

-

86,198

86,198

Balance at 31 March 2018

100

361,030

361,130

1.	STATUTORY INFORMATION

L & D Construction South West Limited is a private company, limited by shares, registered in

England and Wales. The company's registered number, business address 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 is measured at the fair value of the consideration receivable, net of discounts and

value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of services is recognised by the reference to the stage of

completion of the contact. The stage of completion of a contact is measured by comparing

the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

15% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete

and sell. Cost is determined using the first in first out method. The carrying amount of stock

sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit &

Loss Account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are translated

into sterling at the rate of exchange ruling at the date of transaction. Exchange differences

are taken into account in arriving at the operating result.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price),

less any impairment losses for bad and doubtful debts. Loans and other financial assets are

initially recognised at transaction price including any transaction costs and subsequently

measured at amortised cost determined using the effective interest method, less any

impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any

transaction costs and subsequently measured at amortised cost determined using the

effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an

obligation at the reporting date as a result of a past event, it is probable that economic

benefit will be transferred to settle the obligation and the amount of the obligation can be

estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

Cost

At 1 April 2017

40,969

Additions

50,929

Disposals

(9,701

)

At 31 March 2018

82,197

Depreciation

At 1 April 2017

3,271

Charge for year

15,982

At 31 March 2018

19,253

Net book value

At 31 March 2018

62,944

At 31 March 2017

37,698

2018

2017

£

£

Net book value of assets included above held under finance leases and hire purchase contracts

30,269

19,722

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

303,935

305,415

Other debtors

139,511

133,566

443,446

438,981

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

13,721

10,384

Trade creditors

71,425

125,499

Taxation and social security

22,530

66,174

Other creditors

15,492

28,164

123,168

230,221

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

41,255

16,121

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts and finance leases

54,976

26,505

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

4,400

3,680

Deferred

tax

£

Balance at 1 April 2017

3,680

Provided during year

720

Balance at 31 March 2018

4,400

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary shares

£1

100

100

11.	RELATED PARTY DISCLOSURES

During the year the company paid Plymstock Plumbing and Heating Limited and LCB

Plumbing and Heating Limited management fees of £100,000 net of vat each. These

companies are the personal companies of the directors.

At 31st March 2018 LCB Plumbing and Heating Limited owed the company £10,483 and

Plymstock Plumbing and Heating Limited was owed £5,607.