Lablik Homes Limited Filleted accounts for Companies House (small and micro)

LABLIK HOMES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP SC216883 2017-04-01 2018-03-31 SC216883 2018-03-31 SC216883 2017-03-31 SC216883 2016-04-01 2017-03-31 SC216883 2017-03-31 SC216883 core:PlantMachinery 2017-04-01 2018-03-31 SC216883 bus:LeadAgentIfApplicable 2017-04-01 2018-03-31 SC216883 bus:Director1 2017-04-01 2018-03-31 SC216883 core:PlantMachinery 2017-03-31 SC216883 core:PlantMachinery 2018-03-31 SC216883 core:WithinOneYear 2018-03-31 SC216883 core:WithinOneYear 2017-03-31 SC216883 core:ShareCapital 2018-03-31 SC216883 core:ShareCapital 2017-03-31 SC216883 core:RetainedEarningsAccumulatedLosses 2018-03-31 SC216883 core:RetainedEarningsAccumulatedLosses 2017-03-31 SC216883 core:PlantMachinery 2017-03-31 SC216883 bus:SmallEntities 2017-04-01 2018-03-31 SC216883 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 SC216883 bus:FullAccounts 2017-04-01 2018-03-31 SC216883 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 SC216883 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 SC216883 core:OfficeEquipment 2017-04-01 2018-03-31 SC216883 core:OfficeEquipment 2017-03-31 SC216883 core:OfficeEquipment 2018-03-31

COMPANY REGISTRATION NUMBER: SC216883

Lablik Homes Limited

Filleted Unaudited Financial Statements

31 March 2018

Lablik Homes Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3

Lablik Homes Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Lablik Homes Limited

Year ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lablik Homes Limited for the year ended 31 March 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Lablik Homes Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Lablik Homes Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lablik Homes Limited and its director for our work or for this report.

It is your duty to ensure that Lablik Homes 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 profit of Lablik Homes Limited. You consider that Lablik Homes 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 Lablik Homes 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

20 December 2018

Lablik Homes Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		3,753	3,646

Current assets

Stocks		56,145	328,000
Debtors	6	81,929	7,111
Cash at bank and in hand		23,145	9,783
		---------	---------
		161,219	344,894

Creditors: amounts falling due within one year	7	138,578		327,480
		---------		---------
Net current assets			22,641	17,414
			--------	--------
Total assets less current liabilities			26,394	21,060
			--------	--------
Net assets			26,394	21,060
			--------	--------

Capital and reserves

Called up share capital	40,000	40,000
Profit and loss account	( 13,606)	( 18,940)
	--------	--------
Shareholders funds	26,394	21,060
	--------	--------

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 income and retained earnings has not been delivered.

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.

Director's 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 director acknowledges his 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 20 December 2018 , and are signed on behalf of the board by:

Mr D. Blake
Director

Company registration number: SC216883

Lablik Homes 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 Scotland. The address of the registered office is 26 Church Street, Larkhall, Lanarkshire, ML9 1HE, Scotland.

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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

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:

Plant & Machinery	-	20% straight line
Equipment	-	20% straight line

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 6 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 April 2017	4,881	967	5,848
Additions	–	1,059	1,059
	-------	-------	-------
At 31 March 2018	4,881	2,026	6,907
	-------	-------	-------
Depreciation
At 1 April 2017	1,837	365	2,202
Charge for the year	583	369	952
	-------	-------	-------
At 31 March 2018	2,420	734	3,154
	-------	-------	-------
Carrying amount
At 31 March 2018	2,461	1,292	3,753
	-------	-------	-------
At 31 March 2017	3,044	602	3,646
	-------	-------	-------

6. Debtors

	2018	2017
	£	£
Trade debtors	50,328	3,404
Other debtors	31,601	3,707
	--------	-------
	81,929	7,111
	--------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	131,295	145,281
Corporation tax	358	–
Social security and other taxes	3,602	5,655
Other creditors	3,323	176,544
	---------	---------
	138,578	327,480
	---------	---------

8. Director's advances, credits and guarantees

David Blake is a director and shareholder of Blake Homes Limited. During the year the company purchased goods from Blake Homes Limited amounting to £31,616 (2017: £1,245). Included in the trade creditors at the year end was £30,121 owed to Blake Homes Limited. All transactions were conducted at market value. At the year 31 March 2018 the company was owed £Nil from David Blake (2017: £172,921).

9. Controlling party

The company was under the control of the director, David Blake, throughout the year. David Blake is the sole director and shareholder.