LPM Building Services Limited - Period Ending 2018-03-31
LPM Building Services Limited - Period Ending 2018-03-31
Company registration number:
for the Year Ended
LPM Building Services Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
LPM Building Services Limited
(Registration number: 03151645)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
- |
2,547 |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
358,239 |
358,239 |
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Profit and loss reserve |
( |
( |
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Total equity |
( |
( |
Page 1
LPM Building Services Limited
(Registration number: 03151645)
Balance Sheet as at 31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
LPM Building Services Limited
Statement of Changes in Equity
for the Year Ended 31 March 2018
Ordinary share capital |
Fair value reserve |
Profit and loss reserve |
Total |
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At 1 April 2017 |
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( |
( |
Movement in year : |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 March 2018 |
10,000 |
358,239 |
(672,386) |
(304,147) |
Ordinary share capital |
Fair value reserve |
Profit and loss reserve |
Total |
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At 1 April 2016 |
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( |
( |
Movement in year : |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 March 2017 |
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( |
( |
Page 3
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future notwithstanding the deficiency of £304,146 of shareholders' funds at 31 March 2018.
The validity of the assumption depends on the continuing support of the director who confirms this will be forthcoming, and therefore considers it appropriate to prepare the financial statements on the going concern basis.
Should the going concern basis of preparation of the financial statements be found inappropriate, certain assets may need revaluing and further liabilities provided for, both potential adjustments having consequent effects on the profit and loss account. The financial statements do not include any such adjustments.
It should, however, be noted that the company has entered into a five year voluntary agreement to clear its creditors. On balance the going concern basis is considered valid in light of this.
Turnover recognition
Turnover represents rents received, excluding value added tax.
Page 4
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% on reducing balance |
Plant and machinery |
25% on cost |
Computer equipment |
20% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 5
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Depreciation |
Page 6
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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At 1 April 2017 |
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Charge for the year |
- |
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- |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
- |
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- |
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At 31 March 2017 |
- |
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- |
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Page 7
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Investment properties |
2018 |
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At 1 April 2017 |
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The investment properties have not been valued by an independent valuer, but are carried at what the director believes to be a fair value.
There has been no valuation of investment property by an independent valuer.
Debtors |
2018 |
2017 |
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Other debtors |
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Total current trade and other debtors |
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The carrying amount of trade debtors pledged as security for liabilities amounted to £Nil (2017 - £14,146).
This represents amounts paid, after deduction of fees, to the supervisor of the creditors voluntary arrangement. This amount is held by Milsted Langdon LLP and is for future distribution by dividend to those creditors included within the arrangement..
Page 8
LPM Building Services Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Corporation tax |
9,161 |
5,703 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank borrowings are secured against the value of the investment properties. |
Page 9