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Registration number: 11480102

Lapwing Holdings Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2022

 

Lapwing Holdings Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Lapwing Holdings Limited

Company Information

Directors

D E Revill

A M Lamb

Company secretary

J Southerden

Registered office

The White House Well Lane
Little Witley
Worcester
WR6 6LL

Accountants

The Numbersmith Limited
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

 

Lapwing Holdings Limited

(Registration number: 11480102)
Abridged Balance Sheet as at 31 July 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

4

100

100

Current assets

 

Stocks

5

39,497

39,017

Debtors

308,740

302,426

Cash at bank and in hand

 

6,321

13,385

 

354,558

354,828

Creditors: Amounts falling due within one year

(360,400)

(359,800)

Net current liabilities

 

(5,842)

(4,972)

Total assets less current liabilities

 

(5,742)

(4,872)

Accruals and deferred income

 

(645)

(630)

Net liabilities

 

(6,387)

(5,502)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(6,587)

(5,702)

Shareholders' deficit

 

(6,387)

(5,502)

For the financial year ending 31 July 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 and the option to not file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Lapwing Holdings Limited

(Registration number: 11480102)
Abridged Balance Sheet as at 31 July 2022

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

.........................................
D E Revill
Director

.........................................
A M Lamb
Director

.........................................
J Southerden
Company secretary

 

Lapwing Holdings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 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:
The White House Well Lane
Little Witley
Worcester
WR6 6LL
United Kingdom

These financial statements were authorised for issue by the Board on 13 September 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 abridged 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 abridged 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.

 

Lapwing Holdings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Lapwing Holdings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

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.

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.

 

Lapwing Holdings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Investments

Total
£

Cost or valuation

At 1 August 2021

100

Provision

Carrying amount

At 31 July 2022

100

At 31 July 2021

100

 

Lapwing Holdings Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022

5

Stocks

2022
£

2021
£

Work in progress

39,497

39,017