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COMPANY REGISTRATION NUMBER: 4373169
LGreggain & Company Limited
Unaudited Financial Statements
31 March 2022
LGreggain & Company Limited
Financial Statements
Year ended 31 March 2022
Contents
Pages
Officers and professional advisers
1
Directors' report
2 to 3
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
4
Statement of comprehensive income
5
Statement of financial position
6 to 7
Statement of changes in equity
8
Notes to the financial statements
9 to 13
LGreggain & Company Limited
Officers and Professional Advisers
The board of directors
Mr JE Greggain
Mrs T Tucker
Mr J Greggain
Company secretary
Mrs T Tucker
Registered office
Unit 9
Honeyborough Industrial Estate
Neyland
Milford Haven
Pembrokeshire
SA73 1SE
Accountants
Evens & Co Ltd
Chartered Accountants
Hamilton House
Hamilton Terrace
Milford Haven
Pembrokeshire
SA73 3JP
LGreggain & Company Limited
Directors' Report
Year ended 31 March 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022 .
Directors
The directors who served the company during the year were as follows:
Mr JE Greggain
Mrs T Tucker
Mr J Greggain
Directors responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with the applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company Law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent;
* prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 September 2022 and signed on behalf of the board by:
Mr JE Greggain
Mrs T Tucker
Director
Director
Mr J Greggain
Director
LGreggain & Company Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of LGreggain & Company Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of LGreggain & Company Limited for the year ended 31 March 2022, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of LGreggain & Company Limited, as a body, in accordance with the terms of our engagement letter dated 29 June 2021. Our work has been undertaken solely to prepare for your approval the financial statements of LGreggain & Company Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LGreggain & Company Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that LGreggain & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of LGreggain & Company Limited. You consider that LGreggain & Company 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 financial statements of LGreggain & Company 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 financial statements.
Evens & Co Ltd Chartered Accountants
Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP
12 September 2022
LGreggain & Company Limited
Statement of Comprehensive Income
Year ended 31 March 2022
2022
2021
Note
£
£
Turnover
1,409,154
1,295,070
Cost of sales
( 1,298,632)
( 1,306,424)
------------
------------
Gross profit/(loss)
110,522
( 11,354)
Administrative expenses
( 187,622)
( 125,081)
Other operating income
19,834
72,626
---------
---------
Operating loss
( 57,266)
( 63,809)
Other interest receivable and similar income
1,227
2,441
Interest payable and similar expenses
( 9)
---------
---------
Loss before taxation
5
( 56,048)
( 61,368)
Tax on loss
6
15,410
10,665
--------
--------
Loss for the financial year and total comprehensive income
( 40,638)
( 50,703)
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
LGreggain & Company Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
7
204,856
199,521
Current assets
Stocks
2,118,350
1,459,086
Debtors
8
202,496
755,912
Cash at bank and in hand
169,194
384,860
------------
------------
2,490,040
2,599,858
Creditors: amounts falling due within one year
9
( 133,589)
( 123,051)
------------
------------
Net current assets
2,356,451
2,476,807
------------
------------
Total assets less current liabilities
2,561,307
2,676,328
Creditors: amounts falling due after more than one year
10
( 4)
( 77)
Provisions
Taxation including deferred tax
11
( 15,410)
------------
------------
Net assets
2,561,303
2,660,841
------------
------------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
2,561,203
2,660,741
------------
------------
Shareholders funds
2,561,303
2,660,841
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LGreggain & Company Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
Mr JE Greggain
Mrs T Tucker
Director
Director
Mr J Greggain
Director
Company registration number: 4373169
LGreggain & Company Limited
Statement of Changes in Equity
Year ended 31 March 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2020
2
2,887,944
2,887,946
Loss for the year
( 50,703)
( 50,703)
----
------------
------------
Total comprehensive income for the year
( 50,703)
( 50,703)
Issue of shares
98
98
Dividends paid and payable
( 176,500)
( 176,500)
----
------------
------------
Total investments by and distributions to owners
98
( 176,500)
( 176,402)
At 31 March 2021
100
2,660,741
2,660,841
Loss for the year
( 40,638)
( 40,638)
----
------------
------------
Total comprehensive income for the year
( 40,638)
( 40,638)
Dividends paid and payable
( 58,900)
( 58,900)
----
--------
--------
Total investments by and distributions to owners
( 58,900)
( 58,900)
----
------------
------------
At 31 March 2022
100
2,561,203
2,561,303
----
------------
------------
LGreggain & Company Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9, Honeyborough Industrial Estate, Neyland, Milford Haven, Pembrokeshire, SA73 1SE.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2.5% on cost
Plant & Machinery
-
15 - 25% on a reducing balance basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2021: 14 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
25,195
24,618
--------
--------
6. Tax on loss
Major components of tax income
2022
2021
£
£
Current tax:
UK current tax expense
24,485
Deferred tax:
Origination and reversal of timing differences
( 15,410)
( 35,150)
--------
--------
Tax on loss
( 15,410)
( 10,665)
--------
--------
7. Tangible assets
Freehold Property
Plant & Machinery
Total
£
£
£
Cost
At 1 April 2021
207,428
218,389
425,817
Additions
44,108
44,108
Disposals
( 36,000)
( 36,000)
---------
---------
---------
At 31 March 2022
207,428
226,497
433,925
---------
---------
---------
Depreciation
At 1 April 2021
89,010
137,286
226,296
Charge for the year
5,186
20,009
25,195
Disposals
( 22,422)
( 22,422)
---------
---------
---------
At 31 March 2022
94,196
134,873
229,069
---------
---------
---------
Carrying amount
At 31 March 2022
113,232
91,624
204,856
---------
---------
---------
At 31 March 2021
118,418
81,103
199,521
---------
---------
---------
8. Debtors
2022
2021
£
£
Trade debtors
1,455
2,400
Other debtors
201,041
753,512
---------
---------
202,496
755,912
---------
---------
Other debtors include an amount of £nil (2021 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
98,911
69,128
Corporation tax
24,465
Social security and other taxes
11,146
10,551
Other creditors
23,532
18,907
---------
---------
133,589
123,051
---------
---------
Barclays Bank PLC holds a charge over the property known as Unit 9, Honeyborough Industrial Estate, Honeyborough, Neyland, SA73 1SE. Westhill Developments Limited holds a charge over the property known as Land at Beaconing Farm, Neyland Road, Neyland, Milford Haven, Pembrokeshire.
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
4
77
----
----
11. Provisions
Deferred tax (note 12)
£
At 1 April 2021
15,410
Charge against provision
( 15,410)
--------
At 31 March 2022
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions (note 11)
15,410
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
15,410
----
--------
13. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
14. Related party transactions
The company was under the control of Mr JE Greggain and Mrs T Tucker , the directors, throughout the current and previous year by virtue of their majority shareholdings. During the year the company paid dividends totalling £58,900 (2021 - £176,500) to the shareholders.