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Middle Luscombe Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2022

Registration number: 07541208

 

Middle Luscombe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Middle Luscombe Limited

Company Information

Director

Mr C D Towns

Registered office

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

Accountants

Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

 

Middle Luscombe Limited

Balance Sheet

28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

17,163

23,117

Current assets

 

Stocks

600

800

Debtors

5

12,368

9,873

Cash at bank and in hand

 

309

15,150

 

13,277

25,823

Creditors: Amounts falling due within one year

6

(16,181)

(19,567)

Net current (liabilities)/assets

 

(2,904)

6,256

Net assets

 

14,259

29,373

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

14,258

29,372

Shareholders' funds

 

14,259

29,373

 

Middle Luscombe Limited

Balance Sheet

28 February 2022

For the financial year ending 28 February 2022 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 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 C D Towns
Director

   
     

Company Registration Number: 07541208

 

Middle Luscombe Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 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:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Middle Luscombe
Harbertonford
Totnes
TQ9 7HT

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Middle Luscombe Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

Government Grants

Grant income is included in other operating income, it comprises the fair value of the consideration received or receivable for the period.

During the period the business received grants relating to CJRS payments.

The total grants received is £5,313 at the end of the period.

Income in relation to the Coronavirus Job Retention Scheme is included in accordance with the performance model and recognised as the wages to which it relates are incurred.

Tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

10% Straight line

Equipment

20% Straight line

Solar panels

5% Straight line

Stocks

Stocks are stated at the lower of cost and net realisable value.

 

Middle Luscombe Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Middle Luscombe Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

4

Tangible assets

Short leasehold land and buildings
£

Equipment
£

Solar panels
 £

Total
£

Cost or valuation

At 1 March 2021

54,581

2,046

37,551

94,178

At 28 February 2022

54,581

2,046

37,551

94,178

Depreciation

At 1 March 2021

50,595

1,840

18,626

71,061

Charge for the year

3,974

102

1,878

5,954

At 28 February 2022

54,569

1,942

20,504

77,015

Carrying amount

At 28 February 2022

12

104

17,047

17,163

At 28 February 2021

3,986

206

18,925

23,117

5

Debtors

2022
£

2021
£

Trade debtors

-

4,320

Other debtors

12,368

5,553

12,368

9,873

 

Middle Luscombe Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
 £

Trade creditors

-

1,589

Corporation tax

1,385

-

Social security and other taxes

586

3,040

Other creditors

10,342

12,912

Accrued expenses

3,868

2,026

16,181

19,567

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1