Locker Architectural Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06752595 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

for

Locker Architectural Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Billingsley

H W Platt

A I Campbell

S R Moss

SECRETARY:

H W Platt

REGISTERED OFFICE:

Locker Group

Farrell Street

Warrington

Cheshire

WA1 2WW

REGISTERED NUMBER:

06752595 (England and Wales)

AUDITORS:

Voisey & Co

Statutory Auditor

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

CURRENT ASSETS

Stocks

86,402

11,199

Debtors

5

893,497

937,363

Cash at bank and in hand

50,256

98,234

1,030,155

1,046,796

CREDITORS

Amounts falling due within one year

6

499,103

583,283

NET CURRENT ASSETS

531,052

463,513

TOTAL ASSETS LESS CURRENT LIABILITIES

531,052

463,513

PROVISIONS FOR LIABILITIES

7

275,000

275,000

NET ASSETS

256,052

188,513

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

256,048

188,509

SHAREHOLDERS' FUNDS

256,052

188,513

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 5 July 2018 and were signed on its behalf by:

A Campbell - Director

1.	STATUTORY INFORMATION

Locker Architectural Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of the revision and future periods where the revision affects both current and future periods.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises the fair value of work executed in respect of provision of services and construction contracts

supplied to external customers, excluding VAT. Turnover from contracts is recognised in accordance with the

company's accounting policy on construction contracts (see below).

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported

in the profit and loss account because it excludes items of income and expense that are taxable or deductible in

other years and it further excludes items that are never taxable or deductible. The company's liability for current

tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and

sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have

been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over

its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit or loss.

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result

of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If

the effect is material, provisions are determined by discounting the expected future cash flows at the current time

value of money.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

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 statement of financial position 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 enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs 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 assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 creditors and loans from fellow group companies 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. Financial liabilities

classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

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.

Foreign currencies

Transactions in foreign currency are translated at exchange rates approximating to the rate ruling at the date of

the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are

translated at the foreign exchange rate ruling at that date. Foreign exchange differences are recognised in the

profit and loss account.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are

required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement

is recognised in the period in which the employee's services are received. Termination benefits are recognised

immediately as an expense when the company is demonstrably committed to terminate the employment of an

employee or to provide termination benefits.

Construction contracts

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the

stage of completion of the contract activity at the balance sheet date. Where the outcome of a contract cannot be

estimated reliably, revenue is only recognised to the extent that it is probable that it will be recovered. Profit is

only recognised on a construction contract when the final outcome can be assessed with reasonable certainty and

expected losses are recognised immediately.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 4 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

225,878

350,536

Amounts owed by group undertakings

667,619

586,827

893,497

937,363

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Payments on account

26,077

28,732

Amounts owed to group undertakings

335,208

150,000

Tax

39,006

112,127

Social security and other taxes

89,647

100,442

Other creditors

-

50,000

Accrued expenses

9,165

141,982

499,103

583,283

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Other provisions

Contracts provision

275,000

275,000

Contracts

provision

£

Balance at 1 April 2017

275,000

Balance at 31 March 2018

275,000

Contract provisions are in relation to ongoing and completed contracts for which sales have been recognised but

as yet the true cost to complete the contract to a satisfactory standard has yet to be established. The directors

anticipate a future liability in respect of claims for remedial works. Provisions generated in the year are on a

contract by contract basis and are to be reviewed annually by the directors to establish the company's probable

future liabilities.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

40

Ordinary

10p

4

4

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Urmston BSc FCA (Senior Statutory Auditor)

for and on behalf of Voisey & Co

10.	CONTINGENT LIABILITIES

The bank overdraft facility of the group companies is secured by a debenture on the assets of the company and

an unlimited inter-company guarantee in favour of National Westminster Bank Plc between each of the Locker

Group companies. At the year end date the amount outstanding under the guarantee to the bank was £Nil (2017

£Nil).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Locker Holdings Limited.

The results of the company have been consolidated within the financial statements of Locker Holdings Limited.

This is both the smallest and largest group in which the results of the company are consolidated. Copies of the

consolidated accounts are available from the registered office of that company.