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Registration number: 05088577

LSI Workplace (Europe) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

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

Mr R Hill

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 2022

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 2022 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

16 June 2022

 

LSI Workplace (Europe) Limited

(Registration number: 05088577)
Balance Sheet
31 May 2022

Note

2022
£

2021
£

Tangible assets

5

100,733

108,888

Current assets

 

Debtors

6

218,298

186,336

Cash at bank and in hand

 

138,301

92,064

 

356,599

278,400

Creditors: Amounts falling due within one year

7

(376,865)

(382,370)

Net current liabilities

 

(20,266)

(103,970)

Net assets

 

80,467

4,918

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

80,367

4,818

Total equity

 

80,467

4,918

 

LSI Workplace (Europe) Limited

(Registration number: 05088577)
Balance Sheet
31 May 2022

For the financial year ending 31 May 2022 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 16 June 2022 and signed on its behalf by:
 

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

Mr M W Lewis

Director

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2022

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:
Unit G4A
Horizon 38
Bolingbroke Way
Filton
Bristol
BS34 6FE

These financial statements were authorised for issue by the Board on 16 June 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 balance sheet 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 2022

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 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 6 (2021 - 6).

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

2,000

2,000

At 31 May 2022

2,000

2,000

Amortisation

At 1 June 2021

2,000

2,000

At 31 May 2022

2,000

2,000

Carrying amount

At 31 May 2022

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2021 - £Nil).
 

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2022

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2021

131,185

86,816

65,323

283,324

Additions

-

-

187

187

At 31 May 2022

131,185

86,816

65,510

283,511

Depreciation

At 1 June 2021

55,473

64,686

54,277

174,436

Charge for the year

-

5,532

2,810

8,342

At 31 May 2022

55,473

70,218

57,087

182,778

Carrying amount

At 31 May 2022

75,712

16,598

8,423

100,733

At 31 May 2021

75,712

22,130

11,046

108,888

Included within the net book value of land and buildings above is £75,713 (2021 - £75,713) in respect of freehold land and buildings .
 

6

Debtors

2022
£

2021
£

Trade debtors

176,781

161,546

Other debtors

41,517

24,790

Total current trade and other debtors

218,298

186,336

7

Creditors

 

LSI Workplace (Europe) Limited

Notes to the Financial Statements
Year Ended 31 May 2022

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

79,750

104,583

Trade creditors

 

172,812

157,764

Taxation and social security

 

61,349

37,350

Other creditors

 

62,954

82,673

 

376,865

382,370

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

79,750

104,583

9

Related party transactions

Transactions with directors

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr M W Lewis

Directors Loan

398

(34,162)

-

(33,764)

         
       

Mrs R L Lewis

Directors Loan

(20,000)

(2,448)

22,448

-

         
       

 

2021

At 1 June 2020
£

Advances to director
£

Repayments by director
£

At 31 May 2021
£

Mr M W Lewis

Directors Loan

(34,953)

(15,000)

50,350

398

         
       

Mrs R L Lewis

Directors Loan

-

(20,000)

-

(20,000)