E.J. Lazenby Contracts Limited 03806158 false 2020-10-01 2021-09-30 2021-09-30 The principal activity of the company is Manufacturer of concrete products Digita Accounts Production Advanced 6.30.9574.0 true true 03806158 2020-10-01 2021-09-30 03806158 2021-09-30 03806158 core:RetainedEarningsAccumulatedLosses 2021-09-30 03806158 core:ShareCapital 2021-09-30 03806158 core:FinanceLeases core:CurrentFinancialInstruments 2021-09-30 03806158 core:FinanceLeases core:Non-currentFinancialInstruments 2021-09-30 03806158 core:CurrentFinancialInstruments 2021-09-30 03806158 core:CurrentFinancialInstruments core:WithinOneYear 2021-09-30 03806158 core:Non-currentFinancialInstruments core:AfterOneYear 2021-09-30 03806158 core:Goodwill 2021-09-30 03806158 core:FurnitureFittings 2021-09-30 03806158 core:LandBuildings core:OwnedOrFreeholdAssets 2021-09-30 03806158 core:MotorVehicles 2021-09-30 03806158 core:OfficeEquipment 2021-09-30 03806158 core:PlantMachinery 2021-09-30 03806158 bus:SmallEntities 2020-10-01 2021-09-30 03806158 bus:AuditExemptWithAccountantsReport 2020-10-01 2021-09-30 03806158 bus:FullAccounts 2020-10-01 2021-09-30 03806158 bus:SmallCompaniesRegimeForAccounts 2020-10-01 2021-09-30 03806158 bus:RegisteredOffice 2020-10-01 2021-09-30 03806158 bus:Director1 2020-10-01 2021-09-30 03806158 bus:Director2 2020-10-01 2021-09-30 03806158 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 03806158 core:Goodwill 2020-10-01 2021-09-30 03806158 core:Buildings 2020-10-01 2021-09-30 03806158 core:FurnitureFittings 2020-10-01 2021-09-30 03806158 core:LandBuildings core:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 03806158 core:MotorVehicles 2020-10-01 2021-09-30 03806158 core:OfficeEquipment 2020-10-01 2021-09-30 03806158 core:PlantMachinery 2020-10-01 2021-09-30 03806158 countries:AllCountries 2020-10-01 2021-09-30 03806158 2020-09-30 03806158 core:Goodwill 2020-09-30 03806158 core:FurnitureFittings 2020-09-30 03806158 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-30 03806158 core:MotorVehicles 2020-09-30 03806158 core:OfficeEquipment 2020-09-30 03806158 core:PlantMachinery 2020-09-30 03806158 2019-10-01 2020-09-30 03806158 2020-09-30 03806158 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2020-09-30 03806158 core:ShareCapital core:RestatedAmount 2020-09-30 03806158 core:FinanceLeases core:CurrentFinancialInstruments 2020-09-30 03806158 core:FinanceLeases core:Non-currentFinancialInstruments 2020-09-30 03806158 core:CurrentFinancialInstruments 2020-09-30 03806158 core:CurrentFinancialInstruments core:WithinOneYear 2020-09-30 03806158 core:Non-currentFinancialInstruments core:AfterOneYear 2020-09-30 03806158 core:FurnitureFittings 2020-09-30 03806158 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-30 03806158 core:MotorVehicles 2020-09-30 03806158 core:OfficeEquipment 2020-09-30 03806158 core:PlantMachinery 2020-09-30 03806158 core:RestatedAmount 2020-09-30 iso4217:GBP xbrli:pure

Registration number: 03806158

E.J. Lazenby Contracts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

E.J. Lazenby Contracts Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

E.J. Lazenby Contracts Limited

(Registration number: 03806158)
Balance Sheet as at 30 September 2021

Note

2021
£

(As restated)

2020
£

Fixed assets

 

Tangible assets

5

161,819

162,090

Current assets

 

Stocks

6

88,760

53,771

Debtors

7

1,191,552

955,154

Cash at bank and in hand

 

526,993

1,043,330

 

1,807,305

2,052,255

Creditors: Amounts falling due within one year

8

(907,954)

(1,152,150)

Net current assets

 

899,351

900,105

Total assets less current liabilities

 

1,061,170

1,062,195

Creditors: Amounts falling due after more than one year

8

-

(743)

Provisions for liabilities

(40,012)

(26,905)

Net assets

 

1,021,158

1,034,547

Capital and reserves

 

Called up share capital

10,006

10,006

Profit and loss account

1,011,152

1,024,541

Total equity

 

1,021,158

1,034,547

 

E.J. Lazenby Contracts Limited

(Registration number: 03806158)
Balance Sheet as at 30 September 2021

For the financial year ending 30 September 2021 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 9 September 2022 and signed on its behalf by:
 

E J Lazenby
Director

S Roberts
Director

 
     
 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, United Kingdom.

The address of its registered office is:
Pen Mill Station Yard
Yeovil
Somerset
BA21 5DD

These financial statements were authorised for issue by the Board on 9 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 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.

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 sales/value added tax, returns, rebates and discounts.

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.

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Government grants

Government grants are accounted for under the accruals model.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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.

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

Property improvements

10% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Asset class

Amortisation method and rate

Goodwill

20 years straight line

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 43 (2020 - 39).

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2020

100,000

100,000

At 30 September 2021

100,000

100,000

Amortisation

At 1 October 2020

100,000

100,000

At 30 September 2021

100,000

100,000

Carrying amount

At 30 September 2021

-

-

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

5

Tangible assets

Property improvements
£

Furniture, fittings and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2020

43,779

25,778

162,230

37,082

16,812

285,681

Additions

-

1,897

42,915

3,184

9,712

57,708

Disposals

-

-

(23,184)

(4,952)

-

(28,136)

At 30 September 2021

43,779

27,675

181,961

35,314

26,524

315,253

Depreciation

At 1 October 2020

27,650

11,443

63,644

9,561

11,293

123,591

Charge for the year

4,378

3,916

31,036

7,324

2,664

49,318

Eliminated on disposal

-

-

(15,980)

(3,495)

-

(19,475)

At 30 September 2021

32,028

15,359

78,700

13,390

13,957

153,434

Carrying amount

At 30 September 2021

11,751

12,316

103,261

21,924

12,567

161,819

At 30 September 2020

16,129

14,335

98,586

27,521

5,519

162,090

Included within the net book value of land and buildings above is £11,751 (2020 - £16,129) in respect of freehold land and buildings.
 

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

6

Stocks

2021
£

2020
£

Other inventories

88,760

53,771

7

Debtors

2021
£

2020
£

Trade debtors

651,915

307,560

Prepayments

115,182

93,422

Other debtors

424,455

554,172

1,191,552

955,154

8

Creditors

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

746

4,195

Trade creditors

 

289,208

284,121

Taxation and social security

 

53,221

228,864

Other creditors

 

353,425

405,440

Accruals and deferred income

 

82,362

112,556

Corporation tax liability

 

128,992

116,974

 

907,954

1,152,150

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

-

743

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Finance lease liabilities

-

743

The finance lease liabilities are secured on the assets to which they relate.

 

E.J. Lazenby Contracts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

2021
£

2020
£

Current loans and borrowings

Finance lease liabilities

746

4,195

The finance lease liabilities are secured on the assets to which they relate.