Company Registration No. 10124853 (England and Wales)
LWA Trading Limited
Unaudited financial statements
for the year ended 30 April 2022
Pages for filing with the Registrar
LWA Trading Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LWA Trading Limited
Statement of financial position
As at 30 April 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
5,500
100
Cash at bank and in hand
1,485
3,897
6,985
3,997
Creditors: amounts falling due within one year
4
(8,400)
(7,570)
Net current liabilities
(1,415)
(3,573)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(1,515)
(3,673)
Total equity
(1,415)
(3,573)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
David Stevens
Director
Company Registration No. 10124853
LWA Trading Limited
Notes to the financial statements
For the year ended 30 April 2022
Page 2
1
Accounting policies
Company information
LWA Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is St John's Court, Easton Street, High Wycombe, HP11 1JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably
1.3
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LWA Trading Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
1
Accounting policies (continued)
Page 3
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
LWA Trading Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,400
Other debtors
100
100
5,500
100
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,400
5,400
Taxation and social security
900
Other creditors
2,100
2,170
8,400
7,570
LWA Trading Limited
Notes to the financial statements (continued)
For the year ended 30 April 2022
Page 5
5
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A shares of £1 each
90
90
10 Ordinary B shares of £1 each
10
10
100
100
The Ordinary A £1 shares and Ordinary B £1 shares are separate classes of shares for the purpose of declaration of dividends. The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of shares. The Ordinary A £1 and Ordinary B £1 shares rank pari passu in all other respects.
6
Related party transactions
During the year, the company made sales of £4,500 (2021 - £nil) to, and purchases of £nil (2021 - £nil) from companies in which there is a common director. At the year end, an amount of £nil (2021 - £5,400) was due to these companies.
7
Ultimate controlling party
The ultimate controlling party of the company is David Stevens, a director, by virtue of his majority shareholding