Lagan Press Limited iXBRL

LAGAN PRESS LIMITED - Company Information

Company Number: NI030442

Lagan Press Limited

Directors' Report and Unaudited Financial Statements

for the year ended 31 March 2018

Lagan Press Limited

DIRECTORS AND OTHER INFORMATION


Directors	Charles Nicell
	Joseph Mark Moroney
	Padraig Canavan
	Patrick Gerald Cleary
	Steven Lindsay
	Elizabeth Mary Bradley (Resigned 8 June 2018)
	Thomas Jude Frawley (Resigned 8 June 2018)


Company Secretary	James Kerr


Company Number	NI030442


Registered Office	Stable Lane and Mall Wall
	Bishop Street Within
	BT48 6PU


Accountants	CavanaghKelly
	Chartered Accountants
	36-38 Northland Row
	Dungannon
	Co Tyrone
	BT71 6AP

Lagan Press Limited

DIRECTORS' REPORT

for the year ended 31 March 2018

The directors present their report and the unaudited financial statements for the year ended 31 March 2018.

Principal Activity

The principal activity of the company during the year was the sale of books and similar publications.

Results and Dividends

The (loss)/profit for the year amounted to £(2,712) (2017 - £6,833).

Directors

The directors who served during the year are as follows:

Charles Nicell

Joseph Mark Moroney

Padraig Canavan

Patrick Gerald Cleary

Steven Lindsay

Elizabeth Mary Bradley (Resigned 8 June 2018)

Thomas Jude Frawley (Resigned 8 June 2018)

Statement of directors' Responsibilities and Declaration on Unaudited Financial Statements

General responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' declaration on unaudited financial statements

In relation to the financial statements comprising the Income Statement, the Statement of Financial Position, the Accounting Policies and the related notes:

The directors approve these financial statements and confirm that they are responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business.

The directors confirm that they have made available to CavanaghKelly, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements.

Special provisions relating to small companies

The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

___________________________

Charles Nicell

Director

23 November 2018

Lagan Press Limited

CHARTERED ACCOUNTANTS' REPORT

to the Board of Directors on the unaudited financial statements of Lagan Press Limited for the year ended 31 March 2018

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 March 2018 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of Lagan Press Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lagan Press Limited and state those matters that we have agreed to state to the Board of Directors of Lagan Press Limited, as a body, in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lagan Press Limited and its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

It is your duty to ensure that Lagan Press 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 Lagan Press Limited. You consider that Lagan Press 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 Lagan Press 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.

__________________________________

CAVANAGHKELLY

Chartered Accountants

36-38 Northland Row

Dungannon

Co Tyrone

BT71 6AP

23 November 2018

Lagan Press Limited

INCOME STATEMENT

for the year ended 31 March 2018

	2018	2017
Notes	£	£

Revenue	1,307	8,698

Cost of sales	(1,655)	(1,614)
	─────────	─────────
Gross (loss)/profit	(348)	7,084

Administrative expenses	(2,364)	(251)
	─────────	─────────
(Loss)/profit before taxation	(2,712)	6,833

Tax on (loss)/profit	-	-
	─────────	─────────
(Loss)/profit for the year	(2,712)	6,833
	─────────	─────────
Total comprehensive income	(2,712)	6,833
	═════════	═════════

Lagan Press Limited

Company Number: NI030442

STATEMENT OF FINANCIAL POSITION

as at 31 March 2018

		2018	2017
	Notes	£	£

Current Assets

Inventories

1,842

1,358

Receivables

2,268

1,915

Cash and cash equivalents

3,983

14,842

─────────

8,093

18,115

─────────

Payables: Amounts falling due within one year

(25,481)

(32,791)

─────────

Net Current Liabilities

(17,388)

(14,676)

─────────

Total Assets less Current Liabilities

(17,388)

(14,676)

═════════

Equity

Income statement

(17,388)

(14,676)

─────────

Equity attributable to owners of the company

(17,388)

(14,676)

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that 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 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 23 November 2018 and signed on its behalf by



________________________________
Charles Nicell
Director

Lagan Press Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 March 2018


	Retained	Total
	earnings

	£	£

At 1 April 2016	(21,509)	(21,509)
	─────────	─────────
Profit for the year	6,833	6,833
	─────────	─────────
At 31 March 2017	(14,676)	(14,676)
	─────────	─────────
Loss for the year	(2,712)	(2,712)
	─────────	─────────
At 31 March 2018	(17,388)	(17,388)
	═════════	═════════

Lagan Press Limited

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2018

GENERAL INFORMATION

Lagan Press Limited is a private company limited by guarantee incorporated in Northern Ireland.

ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 March 2018 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Revenue

Revenue represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is recognised upon delivery of goods to the customer.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

25% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

EMPLOYEES

The average monthly number of employees was nil.


4.	PROPERTY, PLANT AND EQUIPMENT
		Fixtures,
		fittings and
		equipment
		£
	Cost

	At 31 March 2018	1,531
		─────────
	Depreciation

	At 31 March 2018	1,531
		─────────
	Carrying amount
	At 31 March 2018	-
		═════════


5.	INVENTORIES	2018	2017
		£	£

	Finished goods and goods for resale	1,842	1,358
		═════════	═════════


6.	RECEIVABLES	2018	2017
		£	£

	Trade receivables	2,268	1,915
		═════════	═════════


7.	PAYABLES	2018	2017
	Amounts falling due within one year	£	£

	Trade payables	350	-
	Other payables	24,531	32,191
	Accruals	600	600
		─────────	─────────
		25,481	32,791
		═════════	═════════

Lagan Press Limited

Supplementary Information

Relating to the Financial Statements

for the year ended 31 March 2018

Lagan Press Limited

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS

TRADING STATEMENT

for the year ended 31 March 2018

	2018		2017
	£		£

Sales

Sales

827

4,378

Other income

480

4,320

─────────

1,307

8,698

─────────

Cost of sales

Opening inventories

1,358

1,364

Materials

2,109

240

Carriage inwards

(54)

(72)

Royalty paid

1,440

─────────

3,497

2,972

Closing inventories

(1,842)

(1,358)

─────────

1,655

1,614

─────────

Gross (loss)/profit

(348)

7,084

─────────

Gross (loss)/profit Percentage

26.6%

81.4%

─────────

Administrative expenses

Telephone	-	73
Travelling and entertainment	-	12
Consultancy fees	1,568	-
Accountancy	600	(24)
Bank charges	189	185
General expenses	7	5
	─────────	─────────
	2,364	251
	─────────	─────────

Net (loss)/profit	(2,712)	6,833
	═════════	═════════