Lineside Structure Maintenance Limited 30/06/2018 iXBRL

Lineside Structure Maintenance Limited 30/06/2018 iXBRL

LINESIDE STRUCTURE MAINTENANCE LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Lineside Structure Maintenance Limited have consented to the preparation of the abridged statement of financial position for the current year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 3405605
Lineside Structure Maintenance Limited
Unaudited filleted abridged financial statements
30 June 2018
Lineside Structure Maintenance Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Lineside Structure Maintenance Limited
Directors and other information
Directors Mr S D Whalley
Mrs M H Whalley
Secretary Mrs M H Whalley
Company number 3405605
Registered office Works Depot
Lilac Grove
Beeston
Nottingham
NG9 1PF
Business address Works Depot
Lilac Grove
Beeston
Nottingham
NG9 1PF
Accountants Higson & Co
White House
Wollaton Street
Nottingham
NG1 5GF
Bankers National Westminster Bank plc
52 Rectory Road
West Bridgford
Nottingham
NG2 6FF
Lineside Structure Maintenance Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Lineside Structure Maintenance Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lineside Structure Maintenance Limited for the year ended 30 June 2018 which comprise the abridged statement of financial position, statement of changes in equity and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Lineside Structure Maintenance Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Lineside Structure Maintenance Limited and state those matters that we have agreed to state to the board of directors of Lineside Structure Maintenance Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lineside Structure Maintenance Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lineside Structure Maintenance 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 loss of Lineside Structure Maintenance Limited. You consider that Lineside Structure Maintenance 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 Lineside Structure Maintenance 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.
Higson & Co
Chartered Accountants
White House
Wollaton Street
Nottingham
NG1 5GF
10 October 2018
Lineside Structure Maintenance Limited
Abridged statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 70,069 83,190
_______ _______
70,069 83,190
Current assets
Debtors 173,339 266,571
Cash at bank and in hand 230,744 299,289
_______ _______
404,083 565,860
Creditors: amounts falling due
within one year ( 219,769) ( 278,570)
_______ _______
Net current assets 184,314 287,290
_______ _______
Total assets less current liabilities 254,383 370,480
Provisions for liabilities 6 ( 6,617) ( 25,140)
_______ _______
Net assets 247,766 345,340
_______ _______
Capital and reserves
Called up share capital 8 1,000 1,000
Profit and loss account 246,766 344,340
_______ _______
Shareholders funds 247,766 345,340
_______ _______
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2018 , and are signed on behalf of the board by:
Mr S D Whalley
Director
Company registration number: 3405605
Lineside Structure Maintenance Limited
Statement of changes in equity
Year ended 30 June 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2016 1,000 326,285 327,285
(Loss)/profit for the year - 74,055 74,055
_______ _______ _______
Total comprehensive income for the year - 74,055 74,055
Dividends paid and payable - ( 56,000) ( 56,000)
_______ _______ _______
Total investments by and distributions to owners - ( 56,000) ( 56,000)
_______ _______ _______
At 30 June 2017 and 1 July 2017 1,000 344,340 345,340
(Loss)/profit for the year - ( 61,574) ( 61,574)
_______ _______ _______
Total comprehensive income for the year - ( 61,574) ( 61,574)
Dividends paid and payable - ( 36,000) ( 36,000)
_______ _______ _______
Total investments by and distributions to owners - ( 36,000) ( 36,000)
_______ _______ _______
At 30 June 2018 1,000 246,766 247,766
_______ _______ _______
Lineside Structure Maintenance Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Works Depot, Lilac Grove, Beeston, Nottingham, NG9 1PF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 50 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2017: 10 ).
5. Tangible assets
£
Cost
At 1 July 2017 167,650
Additions 12,561
_______
At 30 June 2018 180,211
_______
Depreciation
At 1 July 2017 84,460
Charge for the year 25,682
_______
At 30 June 2018 110,142
_______
Carrying amount
At 30 June 2018 70,069
_______
At 30 June 2017 83,190
_______
6. Provisions
Deferred tax (note 7) Other provisions Total
£ £ £
At 1 July 2017 7,640 17,500 25,140
Charges against provisions ( 1,023) - ( 1,023)
Unused amounts reversed - ( 17,500) ( 17,500)
_______ _______ _______
At 30 June 2018 6,617 - 6,617
_______ _______ _______
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in provisions (note 6) 6,617 7,640
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 6,617 7,640
_______ _______
8. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______