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Registration number: 03254973

Lincoln Exley Designs Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

 

Lincoln Exley Designs Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 11

 

Lincoln Exley Designs Ltd

Company Information

Director

Mr Lincoln John Exley

Company secretary

Mrs Julia Denise Exley

Registered office

16 Chalk Hill
Watford
Hertfordshire
WD19 4BG

Accountants

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

 

Lincoln Exley Designs Ltd

Director's Report for the Year Ended 31 March 2018

The director presents his report and the financial statements for the year ended 31 March 2018.

Director of the company

The director who held office during the year was as follows:

Mr Lincoln John Exley

Principal activity

The principal activity of the company is sales agency and consultancy

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 2 November 2018 and signed on its behalf by:

.........................................
Mr Lincoln John Exley
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lincoln Exley Designs Ltd
for the 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 accounts of Lincoln Exley Designs Ltd for the year ended 31 March 2018 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Lincoln Exley Designs Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lincoln Exley Designs Ltd and state those matters that we have agreed to state to the Board of Directors of Lincoln Exley Designs Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincoln Exley Designs Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lincoln Exley Designs Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lincoln Exley Designs Ltd. You consider that Lincoln Exley Designs Ltd 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 accounts of Lincoln Exley Designs Ltd. 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 accounts.

......................................

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

2 November 2018

 

Lincoln Exley Designs Ltd

Profit and Loss Account for the Year Ended 31 March 2018

Note

2018
£

2017
£

Turnover

 

11,627

4,560

Cost of sales

 

(8,199)

(3,192)

Gross profit

 

3,428

1,368

Administrative expenses

 

(595)

(950)

Operating profit

 

2,833

418

Profit before tax

3

2,833

418

Taxation

 

(538)

(101)

Profit for the financial year

 

2,295

317

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Lincoln Exley Designs Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2018

2018
£

2017
£

Profit for the year

2,295

317

Total comprehensive income for the year

2,295

317

 

Lincoln Exley Designs Ltd

(Registration number: 03254973)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

95

142

Current assets

 

Debtors

5

12,894

13,986

Cash at bank and in hand

 

8,027

10,144

 

20,921

24,130

Creditors: Amounts falling due within one year

6

(17,372)

(22,923)

Net current assets

 

3,549

1,207

Net assets

 

3,644

1,349

Capital and reserves

 

Called up share capital

7

1,000

1,000

Profit and loss account

2,644

349

Total equity

 

3,644

1,349

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.

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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 2 November 2018
 

.........................................

Mr Lincoln John Exley
Director

 

Lincoln Exley Designs Ltd

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

1,000

349

1,349

Profit for the year

-

2,295

2,295

Total comprehensive income

-

2,295

2,295

At 31 March 2018

1,000

2,644

3,644

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

1,000

32

1,032

Profit for the year

-

317

317

Total comprehensive income

-

317

317

At 31 March 2017

1,000

349

1,349

 

Lincoln Exley Designs Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
16 Chalk Hill
Watford
Hertfordshire
WD19 4BG

The principal place of business is:
16 Chalk Hill
Watford
Hertfordshire
WD19 4BG

These financial statements were authorised for issue by the director on 2 November 2018.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

Lincoln Exley Designs Ltd

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

Tangible assets

Tangible assets are stated in the statement of financial position at 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

25%- Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Profit before tax

Arrived at after charging/(crediting)

2018
£

2017
£

Depreciation expense

47

87

 

Lincoln Exley Designs Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

24,441

24,441

At 31 March 2018

24,441

24,441

Depreciation

At 1 April 2017

24,299

24,299

Charge for the year

47

47

At 31 March 2018

24,346

24,346

Carrying amount

At 31 March 2018

95

95

At 31 March 2017

142

142

5

Debtors

2018
£

2017
£

Other debtors

12,894

13,986

12,894

13,986

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

1

1

Accruals and deferred income

380

370

Other creditors

16,991

22,552

17,372

22,923

7

Share capital

Allotted, called up and fully paid shares

 

Lincoln Exley Designs Ltd

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

 

2018

2017

 

No.

£

No.

£

Share capital of £1 each

1,000

1,000

1,000

1,000