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Registration number: 02514825

Libanus Press Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Libanus Press Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Libanus Press Limited

(Registration number: 02514825)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

4,871

4,799

Current assets

 

Stocks

6

7,075

11,069

Debtors

7

3,554

8,265

Cash at bank and in hand

 

18,616

21,339

 

29,245

40,673

Creditors: Amounts falling due within one year

8

(12,246)

(16,259)

Net current assets

 

16,999

24,414

Total assets less current liabilities

 

21,870

29,213

Provisions for liabilities

(1,005)

(866)

Net assets

 

20,865

28,347

Capital and reserves

 

Called up share capital

3,000

3,000

Profit and loss account

17,865

25,347

Total equity

 

20,865

28,347

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:

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Libanus Press Limited

(Registration number: 02514825)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 19 October 2018 and signed on its behalf by:
 

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

Mrs C Mitchell
Company secretary and director

 

Libanus Press Limited

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 England and Wales.

The address of its registered office is:
Rose Tree House
Silverless Street
Marlborough
Wiltshire
SN8 1JQ
England

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Libanus Press Limited

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

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 equipment

15% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

 

Libanus Press Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

23,858

23,858

At 31 March 2018

23,858

23,858

Amortisation

At 1 April 2017

23,858

23,858

At 31 March 2018

23,858

23,858

Carrying amount

At 31 March 2018

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2017

1,954

16,392

18,346

Additions

-

1,425

1,425

At 31 March 2018

1,954

17,817

19,771

Depreciation

At 1 April 2017

1,359

12,187

13,546

Charge for the year

89

1,265

1,354

At 31 March 2018

1,448

13,452

14,900

Carrying amount

At 31 March 2018

506

4,365

4,871

At 31 March 2017

595

4,204

4,799

 

Libanus Press Limited

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

6

Stocks

2018
£

2017
£

Work in progress

5,335

9,000

Other inventories

1,740

2,069

7,075

11,069

7

Debtors

2018
£

2017
£

Trade debtors

3,554

7,237

Prepayments

-

431

Other debtors

-

597

3,554

8,265

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

8,796

12,143

Other creditors

3,450

4,116

12,246

16,259