LB Foundations Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC275166 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

LB Foundations Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Russell

D MacColl

SECRETARY:

D MacColl

REGISTERED OFFICE:

Low Boreland Farm

Lesmahagow

Lanarkshire

ML11 9PY

REGISTERED NUMBER:

SC275166 (Scotland)

ACCOUNTANTS:

Gordon Ferguson Consulting Ltd

Upper Floor

Comac House

2 Coddington Crescent

Eurocentral

Lanarkshire

ML1 4YF

FIXED ASSETS

Tangible assets

4

270,678

139,207

CURRENT ASSETS

Stocks

696,177

713,023

Debtors

5

11,940

67,279

Cash at bank and in hand

600,853

549,198

1,308,970

1,329,500

CREDITORS

Amounts falling due within one year

6

631,611

759,230

NET CURRENT ASSETS

677,359

570,270

TOTAL ASSETS LESS CURRENT LIABILITIES

948,037

709,477

CREDITORS

Amounts falling due after more than one year

7

-

(3,000

)

PROVISIONS FOR LIABILITIES

(45,356

)

(19,344

)

NET ASSETS

902,681

687,133

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

902,679

687,131

SHAREHOLDERS' FUNDS

902,681

687,133

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 July 2018 and were signed on its behalf by:

C Russell - Director

D MacColl - Director

1.	STATUTORY INFORMATION

LB Foundations Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number 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 received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items. Work in progress includes a proportionate element of profit where the outcome of the contract can

be assessed with reasonable certainty.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2016

496,264

Additions

173,877

At 31 October 2017

670,141

DEPRECIATION

At 1 November 2016

357,057

Charge for year

42,406

At 31 October 2017

399,463

NET BOOK VALUE

At 31 October 2017

270,678

At 31 October 2016

139,207

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 November 2016

40,000

Additions

142,029

At 31 October 2017

182,029

DEPRECIATION

At 1 November 2016

17,500

Charge for year

11,543

At 31 October 2017

29,043

NET BOOK VALUE

At 31 October 2017

152,986

At 31 October 2016

22,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

6,077

62,071

Other debtors

5,863

5,208

11,940

67,279

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Hire purchase contracts

3,000

12,000

Trade creditors

405,263

401,794

Taxation and social security

108,378

124,864

Other creditors

114,970

220,572

631,611

759,230

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Hire purchase contracts

-

3,000

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £250,000 (2016 - £250,000) were paid to the directors .

9.	ULTIMATE CONTROLLING PARTY