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Registration number: 05088577

LSI Workplace (Europe) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

LSI Workplace (Europe) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

LSI Workplace (Europe) Limited

Company Information

Directors

Mr M W Lewis

Mrs R L Lewis

Mr R J Ellis

Company secretary

Mrs R L Lewis

Registered office

Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
LSI Workplace (Europe) Limited
Year Ended 31 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LSI Workplace (Europe) Limited for the year ended 31 May 2018 as set out on pages 3 to 10 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 LSI Workplace (Europe) Limited, 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 LSI Workplace (Europe) Limited and state those matters that we have agreed to state to the Board of Directors of LSI Workplace (Europe) Limited, 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 LSI Workplace (Europe) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that LSI Workplace (Europe) Limited 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 LSI Workplace (Europe) Limited. You consider that LSI Workplace (Europe) 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 accounts of LSI Workplace (Europe) 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 accounts.

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

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

3 October 2018

 

LSI Workplace (Europe) Limited

(Registration number: 05088577)
Balance Sheet
31 May 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

5

94,581

14,137

Current assets

 

Debtors

6

281,556

271,019

Cash at bank and in hand

 

5,985

30,722

 

287,541

301,741

Creditors: Amounts falling due within one year

7

(341,861)

(253,837)

Net current (liabilities)/assets

 

(54,320)

47,904

Net assets

 

40,261

62,041

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

40,161

61,941

Total equity

 

40,261

62,041

 

LSI Workplace (Europe) Limited

(Registration number: 05088577)
Balance Sheet
31 May 2018

For the financial year ending 31 May 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.

Approved and authorised by the Board on 3 October 2018 and signed on its behalf by:
 

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

Mr M W Lewis

Director

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 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:
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

The principal place of business is:
5A The iO Centre
Cabot Park
Bristol
BS11 0QL

These financial statements were authorised for issue by the Board on 3 October 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.

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.

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 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

Land and buildings

10% reducing balance

Plant and machinery

25% reducing balance

Fixtures and fittings

25% 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.

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.

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2018

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2017 - 5).

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2017

2,000

2,000

At 31 May 2018

2,000

2,000

Amortisation

At 1 June 2017

2,000

2,000

At 31 May 2018

2,000

2,000

Carrying amount

At 31 May 2018

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2018

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 June 2017

57,224

50,390

17,180

124,794

Additions

50,579

26,056

23,708

100,343

At 31 May 2018

107,803

76,446

40,888

225,137

Depreciation

At 1 June 2017

49,658

43,819

17,180

110,657

Charge for the year

5,815

8,157

5,927

19,899

At 31 May 2018

55,473

51,976

23,107

130,556

Carrying amount

At 31 May 2018

52,330

24,470

17,781

94,581

At 31 May 2017

7,566

6,571

-

14,137

Included within the net book value of land and buildings above is £52,330 (2017 - £7,566) in respect of freehold land and buildings .
 

6

Debtors

2018
£

2017
£

Trade debtors

266,148

149,866

Other debtors

15,408

121,153

Total current trade and other debtors

281,556

271,019

7

Creditors

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2018

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

235,240

138,123

Taxation and social security

 

56,284

57,227

Other creditors

 

50,337

58,487

 

341,861

253,837

8

Related party transactions

Transactions with directors

2018

At 1 June 2017
£

Repayments by director
£

At 31 May 2018
£

Directors Loan

(44,294)

44,294

-

 

(44,294)

44,294

-

     

Directors Loan

(30,659)

30,659

-

 

(30,659)

30,659

-

     

Directors Loan

(30,802)

30,802

-

 

(30,802)

30,802

-

     

 

2017

Advances to directors
£

At 31 May 2017
£

Directors Loan

(44,294)

(44,294)

 

(44,294)

(44,294)

   

Directors Loan

(30,659)

(30,659)

 

(30,659)

(30,659)

   

Directors Loan

(30,802)

(30,802)

 

(30,802)

(30,802)