Laval & Co Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 3414639

Laval & Co Limited

Filleted Unaudited Financial Statements

31 March 2018

Laval & Co Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	499	997
Tangible assets	6	754,412	755,292
Investments	7	100	100
		---------	---------
		755,011	756,389

Current assets

Debtors	8	267,642	202,742
Investments	9	94,890	132,878
Cash at bank and in hand		722	278
		---------	---------
		363,254	335,898

Creditors: amounts falling due within one year	10	216,264		207,939
		---------		---------
Net current assets			146,990	127,959
			---------	---------
Total assets less current liabilities			902,001	884,348

Creditors: amounts falling due after more than one year	11		217,053	225,458

Provisions

Taxation including deferred tax	95,531	95,531
	---------	---------
Net assets	589,417	563,359
	---------	---------

Capital and reserves

Called up share capital	61,000	61,000
Fair Value Reserve	402,754	402,754
Profit and loss account	125,663	99,605
	---------	---------
Shareholders funds	589,417	563,359
	---------	---------

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.

Laval & Co Limited

Statement of Financial Position (continued)

31 March 2018

For the year ending 31 March 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 were approved by the board of directors and authorised for issue on 13 December 2018 , and are signed on behalf of the board by:

Mr M H Laval

Director

Company registration number: 3414639

Laval & Co Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Westfield Park, Redland, Bristol, BS6 6LT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Equipment	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	2,491
	-------
Amortisation
At 1 April 2017	1,494
Charge for the year	498
	-------
At 31 March 2018	1,992
	-------
Carrying amount
At 31 March 2018	499
	-------
At 31 March 2017	997
	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2017	750,000	17,066	35,961	5,050	808,077
Additions	–	591	–	–	591
	---------	--------	--------	-------	---------
At 31 March 2018	750,000	17,657	35,961	5,050	808,668
	---------	--------	--------	-------	---------
Depreciation
At 1 April 2017	–	16,829	30,906	5,050	52,785
Charge for the year	–	207	1,264	–	1,471
	---------	--------	--------	-------	---------
At 31 March 2018	–	17,036	32,170	5,050	54,256
	---------	--------	--------	-------	---------
Carrying amount
At 31 March 2018	750,000	621	3,791	–	754,412
	---------	--------	--------	-------	---------
At 31 March 2017	750,000	237	5,055	–	755,292
	---------	--------	--------	-------	---------

Tangible assets held at valuation

The investment property was acquired on 16 October 2000 and its fair value at the balance sheet date has been determined by reference to recent market prices of similar properties in the area. The company’s investment property has been pledged as security for borrowings.

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2017 and 31 March 2018	100
	----
Impairment
At 1 April 2017 and 31 March 2018	–
	----

Carrying amount
At 31 March 2018	100
	----
At 31 March 2017	100
	----

The company owns 100% of the issued share capital of Laval Digital Ltd a company incorporated in England & Wales.

In the opinion of the directors the value to the company of the unlisted investments is not less than the book value shown above.

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

8. Debtors

	2018	2017
	£	£
Other debtors	267,642	202,742
	---------	---------

9. Investments

	2018	2017
	£	£
Other investments - Azzetz	45,702	43,800
Other investments - Funding Circle	3,163	25,859
Other investments - Ratesetter	31,202	30,413
Other investments - Rebuild	5,318	15,522
Other investments - Savings stream	9,505	17,284
	--------	---------
	94,890	132,878
	--------	---------

10. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	17,333	17,333
Trade creditors	661	–
Corporation tax	5,268	8,030
Social security and other taxes	236	327
Client a/c	11,379	7,740
Other creditors	181,387	174,509
	---------	---------
	216,264	207,939
	---------	---------

The bank loan and overdraft are secured by a fixed and floating charge over the companys property and undertakings dated 28 September 2015.

11. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	217,053	225,458
	---------	---------

The bank loan and overdraft are secured by a fixed and floating charge over the companys property and undertakings dated 28 September 2015.

Included within creditors: amounts falling due after more than one year is an amount of £147,720 (2017: £156,125) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is being repaid by instalments over a Fifteen year term. Interest is charged at 4.39% per annum. Fourteen years remain outstanding at the balance sheet date.

12. Related party transactions

The company was under the control of Mr M Laval throughout the current and previous year. Mr M Laval is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.