Lateral Investments (Lancaster) Ltd - Period Ending 2018-07-31

Registration number: 06971173

Lateral Investments (Lancaster) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

Lateral Investments (Lancaster) Ltd

Contents

Company Information	1
Director's Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Notes to the Financial Statements	5 to 7

Lateral Investments (Lancaster) Ltd

Company Information

Directors

Mr C J Bilborough

Registered office

Hammer Farm Jervaulx Masham Ripon North Yorkshire HG4 4JF

Page 1

Lateral Investments (Lancaster) Ltd

Director's Report for the Year Ended 31 July 2018

The Director presents his report and the financial statements for the year ended 31 July 2018.

Directors of the Company

The directors who held office during the year were as follows:

Mr C J Bilborough

Mrs V Bilborough (resigned 23 October 2017)

Principal activity

The Company was dormant during the current and previous year and has therefore not presented a statement of comprehensive income.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the director on 14 December 2018 and signed on its behalf by:

......................................... Mr C J Bilborough Director

Page 2

Lateral Investments (Lancaster) Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2018

The company has not traded during the year. During this year, the company received no income and incurred no expenditure and therefore made neither profit nor loss.

The notes on pages 5 to 7 form an integral part of these financial statements.

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Lateral Investments (Lancaster) Ltd

(Registration number: 06971173)
Balance Sheet as at 31 July 2018

	Note	2018 £	2017 £
Current assets
Debtors	3	1,277	4,314
Creditors: Amounts falling due within one year	4	-	(3,037)
Net assets		1,277	1,277
Capital and reserves
Called up share capital	5	100	100
Profit and loss account		1,177	1,177
Total equity		1,277	1,277

For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 14 December 2018
 

......................................... Mr C J Bilborough Director

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Lateral Investments (Lancaster) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales. Details of the registered office are shown on page 1.

2	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.

Basis of preparation

These financial statements were prepared on a going concern basis, and in accordance with Section 1A - Small Entities of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including the exemption in paragraph 35.10 (m) of the standard in relation to dormant companies. As the Company was dormant as at the date of transition to FRS 102, it has elected to retain its existing accounting policies as set out below, and it will continue to do so until such time as it ceases to be dormant.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

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.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the Company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Page 5

Lateral Investments (Lancaster) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

3

Debtors

	2018 £	2017 £
Other debtors	1,277	4,314
	1,277	4,314

4

Creditors

	Note	2018 £	2017 £
Due within one year
Social security and other taxes		-	2,960
Income tax liability		-	77
		-	3,037

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Page 6

Lateral Investments (Lancaster) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2018

6	Related party transactions

Summary of transactions with other related parties

Lateral Investments Limited
Company with Common Directors
At the balance sheet date the amount due from Lateral Investments Limited was £1,277 (2017 - £4,314).
 

Page 7