Lancashire Lofts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06402700 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2018

FOR

LANCASHIRE LOFTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Taylor

A Disley

SECRETARY:

J B Taylor

REGISTERED OFFICE:

7 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

REGISTERED NUMBER:

06402700 (England and Wales)

ACCOUNTANTS:

TLL Accountants

7-9 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

FIXED ASSETS

Intangible assets

4

18,000

19,800

Tangible assets

5

1,121

1,326

19,121

21,126

CURRENT ASSETS

Stocks

9,870

1,117

Debtors

6

319

11,318

Cash at bank

22,153

51,600

32,342

64,035

CREDITORS

Amounts falling due within one year

7

50,771

84,617

NET CURRENT LIABILITIES

(18,429

)

(20,582

)

TOTAL ASSETS LESS CURRENT LIABILITIES

692

544

PROVISIONS FOR LIABILITIES

213

266

NET ASSETS

479

278

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

379

178

SHAREHOLDERS' FUNDS

479

278

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 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 26th September 2018 and were signed on its behalf by:

J B Taylor - Director

A Disley - Director

1.	STATUTORY INFORMATION

Lancashire Lofts 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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2017

and 31st March 2018

36,000

AMORTISATION

At 1st April 2017

16,200

Charge for year

1,800

At 31st March 2018

18,000

NET BOOK VALUE

At 31st March 2018

18,000

At 31st March 2017

19,800

5.	TANGIBLE FIXED ASSETS

Fixtures

Tools and

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2017

and 31st March 2018

3,000

631

800

4,431

DEPRECIATION

At 1st April 2017

2,275

95

735

3,105

Charge for year

109

80

16

205

At 31st March 2018

2,384

175

751

3,310

NET BOOK VALUE

At 31st March 2018

616

456

49

1,121

At 31st March 2017

725

536

65

1,326

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

11,100

Other debtors

319

218

319

11,318

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

9,970

-

Taxation and social security

14,612

21,218

Other creditors

26,189

63,399

50,771

84,617

8.	CONTROL OF THE ENTITY

The company is controlled by the directors by virtue of their 100% ownership of the issued share capital.