Company No:
Contents
Note | 30.07.2021 | 31.07.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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6,066 | 9,775 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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31,656 | 56,141 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (90,532) | (42,394) | ||
Total assets less current liabilities | (84,466) | (32,619) | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Lulworth Limited (registered number:
M M O'Connor
Director |
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.
Lulworth Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, Cray Road, Sidcup, Kent, DA14 5DA.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Lulworth Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, the directors confirm that they continue to support the business. The company therefore continues to adopt the going concern basis in preparing its financial statements.
The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Asset class Depreciation method and rate
Plant and Machinary 25% straight line
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 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Specifically, judgements and estimates are required in determining the useful economic lives of fixed assets, the recoverability of trade debtors and the adoption of the going concern basis in preparing these accounts.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Period from 01.08.2020 to 30.07.2021 |
Year ended 31.07.2020 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2020 |
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Additions |
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At 30 July 2021 |
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Accumulated depreciation | |||
At 01 August 2020 |
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Charge for the financial period |
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At 30 July 2021 |
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Net book value | |||
At 30 July 2021 |
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At 31 July 2020 |
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30.07.2021 | 31.07.2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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30.07.2021 | 31.07.2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Other taxation and social security |
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30.07.2021 | 31.07.2020 | ||
£ | £ | ||
Bank loans |
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Transactions with owners holding a participating interest in the entity
30.07.2021 | 31.07.2020 | ||
£ | £ | ||
Cost of sales | 26,160 | 30,120 | |
Trade creditor | 38,637 | 12,477 |
During the year to 30 July 2021 Lulworth Limited entered into transactions with Stockwell Motor Factors Limited, both entities are under common control.
Transactions with the entity's director
30.07.2021 | 31.07.2020 | ||
£ | £ | ||
Directors Loan Account | 38,795 | 54,951 |
Amounts due to related parties are provided interest free and without security.