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Company registration number: 02220184

Lombard Ocean Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Lombard Ocean Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Lombard Ocean Limited

Company Information

Director

Mr G J Hendry

Registered office

29 Vitesse Road
Triumph Trading Estate
Liverpool
Merseyside
L24 9BB

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lombard Ocean Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lombard Ocean Limited for the year ended 31 December 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lombard Ocean Limited, as a body, in accordance with the terms of our engagement letter dated 9 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Lombard Ocean Limited and state those matters that we have agreed to state to the Board of Directors of Lombard Ocean Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lombard Ocean Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lombard Ocean 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 Lombard Ocean Limited. You consider that Lombard Ocean 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 Lombard Ocean 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.

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

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

7 September 2022

 

Lombard Ocean Limited

(Registration number: 02220184)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

5,850

6,811

Current assets

 

Debtors

5

70,675

71,361

Cash at bank and in hand

 

122,438

122,707

 

193,113

194,068

Creditors: Amounts falling due within one year

6

(60,352)

(75,925)

Net current assets

 

132,761

118,143

Total assets less current liabilities

 

138,611

124,954

Provisions for liabilities

(1,112)

(1,294)

Net assets

 

137,499

123,660

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

136,499

122,660

Shareholders' funds

 

137,499

123,660

For the financial year ending 31 December 2021 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.

 

Lombard Ocean Limited

(Registration number: 02220184)
Balance Sheet as at 31 December 2021

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 director on 5 September 2022
 

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

Mr G J Hendry
Director

 

Lombard Ocean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:
29 Vitesse Road
Triumph Trading Estate
Liverpool
Merseyside
L24 9BB

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

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 value added tax, rebates and discounts.

Government grants

Government grants, in respect of the Coronavirus Job Retention Scheme, are included in the period to which the grant relates. Government grants are accounted for using the accruals model under FRS102.

Deferred tax

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

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.

 

Lombard Ocean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Motor vehicles

25% reducing balance

Leases

Assets held under hire purchase contracts are capitalised and depreciated over their useful lives. The capital elements of future obligations under hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged to the profit and loss account over the period of the hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2020 - 2).

 

Lombard Ocean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

63,635

16,145

79,780

Additions

928

-

928

At 31 December 2021

64,563

16,145

80,708

Depreciation

At 1 January 2021

63,635

9,334

72,969

Charge for the year

186

1,703

1,889

At 31 December 2021

63,821

11,037

74,858

Carrying amount

At 31 December 2021

742

5,108

5,850

At 31 December 2020

-

6,811

6,811

5

Debtors

2021
£

2020
£

Trade debtors

68,574

69,606

Other debtors

2,101

1,755

70,675

71,361

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

52,005

60,834

Taxation and social security

3,856

7,727

Accruals and deferred income

2,905

2,165

Other creditors

1,586

5,199

60,352

75,925

 

Lombard Ocean Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Creditors include net obligations under hire purchase contracts which are secured on the assets concerned of £Nil (2020 - £3,613)