Levins & Scott Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06401202 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

LEVINS & SCOTT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

P Scott

SECRETARY:

F Levins

REGISTERED OFFICE:

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

REGISTERED NUMBER:

06401202 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Investments

4

159,224

159,224

CURRENT ASSETS

Cash at bank

3,406

377

CREDITORS

Amounts falling due within one year

5

3,412

3,711

NET CURRENT LIABILITIES

(6

)

(3,334

)

TOTAL ASSETS LESS CURRENT LIABILITIES

159,218

155,890

CAPITAL AND RESERVES

Called up share capital

6

2

2

Retained earnings

159,216

155,888

SHAREHOLDERS' FUNDS

159,218

155,890

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 16 April 2018 and were signed by:

P Scott - Director

1.	STATUTORY INFORMATION

Levins & Scott 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 (£).

The financial statements have been rounded to the nearest £.

The accounting period end was changed in the previous accounting year. The comparative period is for the

period of 9 months and is not entirely comparable to the current year.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 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 statement, when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the 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 cost 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.

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

impairment at each reporting end date. If an asset is impaired the impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss, the impairment is reversed. The reversal is such that the current

carrying amount does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, 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.

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.

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.

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 NIL (2016 - 2 ).

4.	FIXED ASSET INVESTMENTS

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

1,350

1,008

Taxation and social security

-

726

Other creditors

2,062

1,977

3,412

3,711

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following loan from/(to) the director subsisted during the year ended 31 December 2017 and the period

ended 31 December 2016:

YE 2017

YE 2016

£

£

P Scott

Balance outstanding at start of year

(1,270

)

(1,270

)

Balance outstanding at end of year

(1,270

)

(1,270

)

Maximum balance outstanding during year

(1,270

)

(1,270

)

The above loan is interest free and repayable on demand.

8.	RELATED PARTY DISCLOSURES

During the year total dividends of £88,000 were paid to the director.

There is an amount owing to Barbican Independent Financial Advisors Limited as at the year end of £1,350

(2016: £1,008).

There is an amount owing to F Levins a shareholder of the company, as at the year end of £450 (2016: £450).

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

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

financial statements of Levins & Scott Limited for the year ended 31 December 2017 which comprise the Income

Statement, 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 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-standards-and-guidance.

This report is made solely to the director of Levins & Scott Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Levins & Scott Limited and state those matters that we have agreed to state to the director of Levins & Scott Limited 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 Levins & Scott Limited and its director for our work or for this report.

It is your duty to ensure that Levins & Scott Limited 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 profit of Levins & Scott Limited. You consider that Levins & Scott Limited 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 Levins & Scott Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

10 September 2018