L R Capital Finance Limited FILLETED ACCOUNTS COVER
L R Capital Finance Limited
Company No. 05852192
Information for Filing with The Registrar
31 March 2018
L R Capital Finance Limited DIRECTORS REPORT REGISTRAR
The Directors present their report and the accounts for the year ended 31 March 2018.
Principal activities
The principal activity of the company during the year under review was that of financial leasing and mortgages.
Directors
The Directors who served at any time during the year were as follows:
A.D. De Alwis
C.R.R. De Alwis
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
C.R.R. De Alwis
Company Secretary
12 October 2018
L R Capital Finance Limited BALANCE SHEET REGISTRAR
at
31 March 2018
Company No.
05852192
Notes
2018
2017
£
£
Current assets
Debtors
808,67310,864
Cash at bank and in hand
20,32519,800
828,99830,664
Creditors: Amount falling due within one year
(699,717)
90,050
Net current assets
129,281120,714
Total assets less current liabilities
129,281120,714
Net assets
129,281120,714
Capital and reserves
Called up share capital
5353
Profit and loss account
2
129,228120,661
Total equity
129,281120,714
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
All the members have consented to the preparation of abridged financial statements for the year ended 31 March 2018 in accordance with the Companies Act 2006.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 12 October 2018
And signed on its behalf by:
C.R.R. De Alwis
Director
L R Capital Finance Limited NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 March 2018
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
2
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
3
Advances and credits to directors
Included within Other debtors are the following loans to directors:
Director
Description
At 1 April 2017
Advanced
Repaid
At 31 March 2018
£
£
£
£
A.D. De AlwisLoan in the ordinary course of busines at commercial rates.394,9315,342-400,273
C.R.R. De AlwisLoan in the ordinary course of busines at commercial rates.394,9315,342-400,273
789,86210,684-800,546
4
Related party disclosures
Controlling parties
Immediate controlling party
Charles De Alwis Corporate Services Ltd
Ultimate controlling party
C R R De Alwis
5
Additional information
Its registered number is:
05852192
Its registered office is:
Red Lion Farm
119 Coxtie Green Road
Brentwood
Essex
CM14 5PT
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