Company registration number:
Lombard Ocean Limited
for the Year Ended 31 December 2021
Lombard Ocean Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lombard Ocean Limited
Company Information
Director |
Mr G J Hendry |
Registered office |
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Accountants |
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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.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Lombard Ocean Limited
(Registration number: 02220184)
Balance Sheet as at 31 December 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Director
Lombard Ocean Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Lombard Ocean Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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- |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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)