Lauderdale Decorators Limited - Filleted accounts

Lauderdale Decorators Limited - Filleted accounts

LAUDERDALE DECORATORS LIMITED - Company Information

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Registered number
05387542
Lauderdale Decorators Limited
Filleted Accounts
31 March 2018
Lauderdale Decorators Limited
Registered number: 05387542
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 4 - 133
Current assets
Debtors 5 13,545 8,832
Cash at bank and in hand - 129
13,545 8,961
Creditors: amounts falling due within one year 6 (13,544) (8,887)
Net current assets 1 74
Net assets 1 207
Capital and reserves
Called up share capital 1 1
Profit and loss account - 206
Shareholder's funds 1 207
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J P Conroy
Director
Approved by the board on 16 December 2018
Lauderdale Decorators Limited
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£).
Significant judgements and estimates
There are no significant judgements and estimates applied to the numbers contained within these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill equally over 5 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings 25% reducing balance
Plant and machinery 25% reducing balance
Computer equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Going concern
The company ceased trading at the end of the year and therefore the financial statements have not been prepared on a going concern basis. There are no material differences between the financial statements as prepared and those had they been prepared on a going concern basis.
2 Employees and directors 2018 2017
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 10,000
At 31 March 2018 10,000
Amortisation
At 1 April 2017 10,000
At 31 March 2018 10,000
Net book value
At 31 March 2018 -
4 Tangible fixed assets
Fixtures & Fittings Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 April 2017 750 1,200 600 2,550
Disposals (750) (1,200) (600) (2,550)
At 31 March 2018 - - - -
Depreciation
At 1 April 2017 707 1,132 578 2,417
On disposals (707) (1,132) (578) (2,417)
At 31 March 2018 - - - -
Net book value
At 31 March 2018 - - - -
At 31 March 2017 43 68 22 133
5 Debtors 2018 2017
£ £
Trade debtors 1,471 -
Other debtors 12,074 8,832
13,545 8,832
6 Creditors: amounts falling due within one year 2018 2017
£ £
Trade creditors - 529
Taxation and social security costs 11,427 6,483
Other creditors 2,117 1,875
13,544 8,887
7 Related party transactions
In the financial year the company paid a total of £33,140 (2017 - £26,200) of dividends to its directors.
8 Other information
Lauderdale Decorators Limited is a private company limited by shares and incorporated in England. Its registered office is:
37 Camberley House
Redhill Street
London
NW1 4AX
9 First year adoption
This is the first year that the company has presented its results and financial position in accordance with FRS 102. The previous year's financial statements were prepared under FRS 105 (Micro-entities).

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have no impact on equity or profit and loss.
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