Lane & Skillen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06501149 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Lane & Skillen Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G H Skillen

Ms J A Skillen

SECRETARY:

Ms J A Skillen

REGISTERED OFFICE:

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

REGISTERED NUMBER:

06501149 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Intangible assets

4

-

12,500

Tangible assets

5

277,765

209,216

277,765

221,716

CURRENT ASSETS

Stocks

67,844

10,500

Debtors

16,649

69,339

Cash at bank

353,093

319,481

437,586

399,320

CREDITORS

Amounts falling due within one year

119,358

167,257

NET CURRENT ASSETS

318,228

232,063

TOTAL ASSETS LESS CURRENT LIABILITIES

595,993

453,779

CREDITORS

Amounts falling due after more than one year

-

(16,975

)

PROVISIONS FOR LIABILITIES

6

(52,774

)

(39,750

)

NET ASSETS

543,219

397,054

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

543,119

396,954

SHAREHOLDERS' FUNDS

543,219

397,054

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 10 December 2018 and were signed on its behalf by:

Mr G H Skillen - Director

Ms J A Skillen - Director

1.	STATUTORY INFORMATION

Lane & Skillen 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 ten years.

Tangible fixed assets

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

Plant & machinery: 25% reducing balance

Motor vehicles: 25% reducing balance

Computer equipment: 25% reducing balance

Fixture & fittings 25% reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of

its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction

costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the future receipts

discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities

classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

and 31 March 2018

125,000

AMORTISATION

At 1 April 2017

112,500

Amortisation for year

12,500

At 31 March 2018

125,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

12,500

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

331,935

Additions

231,468

Disposals

(179,801

)

At 31 March 2018

383,602

DEPRECIATION

At 1 April 2017

122,719

Charge for year

71,941

Eliminated on disposal

(88,823

)

At 31 March 2018

105,837

NET BOOK VALUE

At 31 March 2018

277,765

At 31 March 2017

209,216

The net book value of assets held under finance leases and hire purchase contracts is NIL (2017 - £20,478).

6.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

52,774

39,750

Deferred

tax

£

Balance at 1 April 2017

39,750

Accelerated capital allowances

13,024

Balance at 31 March 2018

52,774

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

45

A Ordinary

£1

45

45

45

B Ordinary

£1

45

45

9

C Ordinary

£1

9

9

1

D Ordinary

£1

1

1

100

100