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Registration number: 00157227

F.T.B. Lawson Limited

Unaudited Filleted Financial Statements

for the Period from 29 January 2023 to 27 January 2024

 

F.T.B. Lawson Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

F.T.B. Lawson Limited

Company Information

Director

E L Lawson

Registered office

Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Accountants

Westcotts (SW) LLP
Chartered Accountants
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

 

Independent Chartered Accountants' Review Report to the Director of F.T.B. Lawson Limited
for the Period Ended 27 January 2024

We have reviewed the financial statements of F.T.B. Lawson Limited for the period ended 27 January 2024 which comprise statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes on pages 4 to 17. 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 27 January 2024, 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
Marsh Mills
Devon
PL6 8LT

7 June 2024

 

F.T.B. Lawson Limited

(Registration number: 00157227)
Statement of Financial Position as at 27 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

36,850

55,417

Other financial assets

6

3,516

3,516

 

40,366

58,933

Current assets

 

Stocks

451,500

514,798

Debtors

7

85,663

82,959

Cash at bank and in hand

 

59,145

122,887

 

596,308

720,644

Creditors: Amounts falling due within one year

8

(217,653)

(285,477)

Net current assets

 

378,655

435,167

Total assets less current liabilities

 

419,021

494,100

Creditors: Amounts falling due after more than one year

8

(32,400)

(39,794)

Provisions for liabilities

(205)

(3,495)

Net assets

 

386,416

450,811

Capital and reserves

 

Called up share capital

41,061

41,061

Profit and loss account

345,355

409,750

Shareholders' funds

 

386,416

450,811

 

F.T.B. Lawson Limited

(Registration number: 00157227)
Statement of Financial Position as at 27 January 2024 (continued)

For the financial period ending 27 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 7 June 2024
 


E L Lawson
Director

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024

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:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is retailer of kitchenware and homeware.

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 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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

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.

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

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.

Tax

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.

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

Asset class

Amortisation method and rate

Goodwill

10 years

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.

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

2

Accounting policies (continued)

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:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

10% straight line

Motor vehicles

7 years straight line

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 that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

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.

Financial instruments

Recognition and measurement
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 the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 47 (2023 - 53).

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Cost or valuation

At 29 January 2023

289,999

At 27 January 2024

289,999

Amortisation

At 29 January 2023

289,999

At 27 January 2024

289,999

Carrying amount

At 27 January 2024

-

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

5

Tangible assets

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 29 January 2023

542,404

36,375

578,779

Additions

156

-

156

Disposals

(15,012)

-

(15,012)

At 27 January 2024

527,548

36,375

563,923

Depreciation

At 29 January 2023

498,335

25,027

523,362

Charge for the period

7,895

5,196

13,091

Eliminated on disposal

(9,380)

-

(9,380)

At 27 January 2024

496,850

30,223

527,073

Carrying amount

At 27 January 2024

30,698

6,152

36,850

At 28 January 2023

44,069

11,348

55,417

6

Investments

Other investments other than loans
£

Non-current financial assets

Cost or valuation

At 29 January 2023

3,516

At 27 January 2024

3,516

Carrying amount

At 27 January 2024

3,516

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

1,158

1,014

Amounts owed by related parties

12,837

3,232

Prepayments

71,668

78,713

85,663

82,959

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

8,333

4,861

Trade creditors

47,923

94,242

Accruals and deferred income

20,763

31,503

Taxation and social security

71,156

79,362

Other creditors

69,478

75,509

217,653

285,477

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

32,400

39,794

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.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

F.T.B. Lawson Limited

Notes to the Unaudited Financial Statements for the Period from 29 January 2023 to 27 January 2024 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

2024
£

2023
£

Not later than one year

16,750

16,750

Later than one year and not later than five years

12,563

29,313

29,313

46,063

11

Related party transactions

Transactions with the director

2024

At 29 January 2023
£

At 27 January 2024
£

Directors loan account

(440)

(440)

     
   

 

2023

At 30 January 2022
£

Advances to director
£

At 28 January 2023
£

Directors loan account

(549)

109

(440)

 

12

Parent company

The ultimate controlling party is the parent company, S.E.T. Lawson Holdings Ltd, whose registered office is Plym House, 3 Longbridge Road, Plymouth, PL6 8LT.