Company Registration No. 07526220 (England and Wales)
LANCROFT COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
LANCROFT COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
LANCROFT COMMERCIAL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
59,708
15,208
Current assets
Stocks
142,752
142,752
Debtors
3
265,000
-
Cash at bank and in hand
58,865
164,547
466,617
307,299
Creditors: amounts falling due within one year
4
(94,078)
(42,108)
Net current assets
372,539
265,191
Total assets less current liabilities
432,247
280,399
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
432,246
280,398
Total equity
432,247
280,399
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 27 September 2018
Mr M Marsden
Director
Company Registration No. 07526220
LANCROFT COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information
Lancroft Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Knights Court, Archers Way, Battlefield Enterprise Park, Shrewsbury, SY1 3GA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
.
LANCROFT COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 3 -
2
Fixed asset investments
2018
2017
£
£
Investments
59,708
15,208
Fixed asset investments revalued
The company holds classic motor vehicles as investments. Carrying value is currently set at historic cost which the director regards as a reasonable approximation to fair value for the time being.
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
265,000
-
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
45,278
-
Corporation tax
46,200
35,300
Other taxation and social security
1,600
5,808
Other creditors
1,000
1,000
94,078
42,108
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1 each
1
1
1
1
6
Directors' transactions
Dividends totalling £44,000 (2017 - £285,000) were paid in the year in respect of shares held by the company's directors.