Lacefern Limited - Period Ending 2018-03-31
Lacefern Limited - Period Ending 2018-03-31
Year Ended
Registration number:
Lacefern Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Lacefern Limited
Company Information
Directors |
Mr D M D Wheeler Mrs J P Wheeler |
Company secretary |
Mrs J P Wheeler |
Registered office |
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Accountants |
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Page 1 |
Lacefern Limited
Balance Sheet
31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 03684267
Page 2 |
Lacefern Limited
Notes to the Financial Statements
Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
Lacefern Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land held with Freehold Property |
Not depreciated |
Fixtures & Fittings |
15% reducing balance |
Motor Vehicles |
25% reducing balance |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
• Short term trade and creditors;and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 4 |
Lacefern Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Included within the net book value of land and buildings above is £1,286,656 (2017 - £1,313,684) in respect of freehold land and buildings.
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Corporation tax |
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6,100 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Page 5 |
Lacefern Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 6 |