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No description of principal activities is disclosed
2022-01-31
Sage Accounts Production 21.0 - FRS102_2019
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00157227
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2023-01-28
00157227
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2022-01-31
2023-01-28
00157227
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00157227
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00157227
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2022-01-30
00157227
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2023-01-28
00157227
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2022-01-30
00157227
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2023-01-28
00157227
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2022-01-30
00157227
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2022-01-30
00157227
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00157227
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00157227
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2022-01-30
00157227
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2022-01-30
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00157227
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2023-01-28
Company registration number:
00157227
F.T.B. Lawson Limited
Unaudited filleted financial statements
28 January 2023
F.T.B. LAWSON LIMITED
DIRECTORS AND OTHER INFORMATION
|
|
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Directors |
E L Lawson |
|
|
|
T J De M Lawson |
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|
P Barnes |
(Resigned 10 June 2022) |
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|
V Hurth |
(Resigned 10 June 2022) |
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Company number |
00157227 |
|
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Registered office |
Plym House |
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|
3 Longbridge Road |
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Plymouth |
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PL6 8LT |
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Business address |
54 Fore Street |
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Ivybridge |
|
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Plymouth |
|
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Devon |
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PL21 9AE |
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Accountants |
Westcotts |
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|
Plym House |
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|
3 Longbridge Road |
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Plymouth |
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Devon |
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PL6 8LT |
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|
F.T.B. LAWSON LIMITED
DIRECTORS RESPONSIBILITIES STATEMENT
PERIOD ENDED 28 JANUARY 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
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.
F.T.B. LAWSON LIMITED
INDEPENDENT CHARTERED ACCOUNTANTS REVIEW REPORT TO THE
DIRECTORS OF F.T.B. LAWSON LIMITED
PERIOD ENDED 28 JANUARY 2023
We have reviewed the financial statements of
F.T.B. Lawson Limited
for the period ended 28 January 2023 which comprise statement of financial position, statement of changes in equity and the related notes on pages 6 to 13. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors in accordance with the terms of our engagement letter . Our review has been undertaken so that we may state to the company's directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at 28 January 2023, and of its loss for the period then ended;
-
in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
in accordance with the Companies Act 2006.
Westcotts
Chartered Accountants
Plym House
3 Longbridge Road
Plymouth
Devon
PL6 8LT
F.T.B. LAWSON LIMITED
STATEMENT OF FINANCIAL POSITION
28 JANUARY 2023
|
|
|
28/01/23 |
|
|
|
29/01/22 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
6 |
55,417 |
|
|
|
727,317 |
|
|
Investments |
|
7 |
3,516 |
|
|
|
3,516 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
58,933 |
|
|
|
730,833 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
514,798 |
|
|
|
642,901 |
|
|
Debtors |
|
8 |
82,959 |
|
|
|
82,113 |
|
|
Cash at bank and in hand |
|
|
122,887 |
|
|
|
80,973 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
720,644 |
|
|
|
805,987 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
285,477) |
|
|
|
(
300,396) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
435,167 |
|
|
|
505,591 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
494,100 |
|
|
|
1,236,424 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
10 |
|
|
(
39,794) |
|
|
|
(
46,569) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
3,495) |
|
|
|
(
47,129) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
450,811 |
|
|
|
1,142,726 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
41,061 |
|
|
|
41,061 |
Revaluation reserve |
|
11 |
|
|
- |
|
|
|
357,572 |
Profit and loss account |
|
11 |
|
|
409,750 |
|
|
|
744,093 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
450,811 |
|
|
|
1,142,726 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the period ending 28 January 2023 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 period 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
02 June 2023
, and are signed on behalf of the board by:
E L Lawson
Director
Company registration number:
00157227
F.T.B. LAWSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 28 JANUARY 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Westcotts, Plym House, 3 Longbridge Road, Plymouth, PL6 8LT.
Principal activity
The principal activity of the company is that of retailer of kitchenware and homeware.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 freehold properties measured at fair value through profit or loss
.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
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|
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Fittings fixtures and equipment |
- |
10% straight line |
|
Motor vehicles |
- |
7 years straight line |
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are 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 stocks to their present location and condition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
53
(2022:
63
).
5.
Intangible assets
|
|
Goodwill |
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 30 January 2022 and 28 January 2023 |
289,999 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 30 January 2022 and 28 January 2023 |
289,999 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 January 2023 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
At 29 January 2022 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 30 January 2022 |
795,095 |
542,780 |
36,375 |
1,374,250 |
|
|
|
|
Additions |
- |
243 |
- |
243 |
|
|
|
|
Disposals |
(
795,095) |
(
619) |
- |
(
795,714) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 28 January 2023 |
- |
542,404 |
36,375 |
578,779 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 30 January 2022 |
141,272 |
485,831 |
19,830 |
646,933 |
|
|
|
|
Charge for the year |
- |
13,123 |
5,197 |
18,320 |
|
|
|
|
Disposals |
(
141,272) |
(
619) |
- |
(
141,891) |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 28 January 2023 |
- |
498,335 |
25,027 |
523,362 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 January 2023 |
- |
44,069 |
11,348 |
55,417 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 29 January 2022 |
653,823 |
56,949 |
16,545 |
727,317 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The company applied the transitional arrangements of section 35 of FRS 102 and used a previous valuation as the deemed cost for certain freehold properties. The properties are being depreciated from the valuation date. As assets are depreciated or sold an appropriate transfer is made from the revaluation reserve to retained earnings.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 28 January 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
- |
- |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 29 January 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
408,332 |
408,332 |
|
|
|
|
|
|
Aggregate depreciation |
(157,792) |
(157,792) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
250,540 |
250,540 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year the freedhold property in F.T.B Lawson Ltd was hived up into the parent company SET Lawson Holdings Ltd on the 1st June 2022. Subsequently the revaluation reserve amounts of £357,572 were realised.
7.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 30 January 2022 and 28 January 2023 |
3,516 |
3,516 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 30 January 2022 and 28 January 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 January 2023 |
3,516 |
3,516 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 29 January 2022 |
3,516 |
3,516 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
28/01/23 |
29/01/22 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,014 |
1,061 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
3,232 |
- |
|
Other debtors |
|
78,713 |
81,052 |
|
|
|
_______ |
_______ |
|
|
|
82,959 |
82,113 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
28/01/23 |
29/01/22 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
4,861 |
8,333 |
|
Trade creditors |
|
94,242 |
105,677 |
|
Accruals and deferred income |
|
31,503 |
34,180 |
|
Social security and other taxes |
|
79,362 |
74,930 |
|
Other creditors |
|
75,509 |
77,276 |
|
|
|
_______ |
_______ |
|
|
|
285,477 |
300,396 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due after more than one year
|
|
|
28/01/23 |
29/01/22 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
39,794 |
40,785 |
|
Other creditors |
|
- |
5,784 |
|
|
|
_______ |
_______ |
|
|
|
39,794 |
46,569 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is unsecured and was provided by HSBC in May 2020 as a Bounce Back Loan under the Government's Covid-19 business support initiative. The repayments will be paid over 6 years commencing in December 2021 and fully paid by 2027.
11.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
16,750 |
16,750 |
Later than 1 year and not later than 5 years |
29,313 |
46,063 |
|
_______ |
_______ |
|
46,063 |
62,813 |
|
_______ |
_______ |
|
|
|
13.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 28/01/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors loan account |
(
549) |
109 |
(
440) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Period ended 29/01/22 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Directors loan account |
(
573) |
24 |
(
549) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
14.
Parent Company
During the year a share for share exchange was completed and the company is now owned 100% by SET Lawson Holdings Ltd. The registered office is 52 & 54 Fore Street Ivybridge, Devon, PL21 9AE.