back to L.HOLDEN,LIMITED detail L.Holden Limited - Period Ending 2017-08-31
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Registration number: 00169549

L.Holden Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2017

 

L.Holden Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

L.Holden Limited

(Registration number: 00169549)
Balance Sheet as at 31 August 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

41,012

54,683

Current assets

 

Debtors

5

32,050

31,675

Cash at bank and in hand

 

8,197

18,009

 

40,247

49,684

Creditors: Amounts falling due within one year

6

(66,388)

(70,147)

Net current liabilities

 

(26,141)

(20,463)

Total assets less current liabilities

 

14,871

34,220

Creditors: Amounts falling due after more than one year

6

-

(21,893)

Provisions for liabilities

-

(1,221)

Net assets

 

14,871

11,106

Capital and reserves

 

Called up share capital

7

1,000

1,000

Profit and loss account

13,871

10,106

Total equity

 

14,871

11,106

For the financial year ending 31 August 2017 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 year in question in accordance with section 476; and

The director acknowledges his 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.

 

L.Holden Limited

(Registration number: 00169549)
Balance Sheet as at 31 August 2017

Approved and authorised by the director on 17 May 2018
 

.........................................

Mr Neville Holden
Director

 

L.Holden Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

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:
11 Beech Close
Rishton
BLACKBURN
Lancashire
BB1 4HL
England

These financial statements were authorised for issue by the director on 17 May 2018.

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 in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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.

 

L.Holden Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

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 statement of financial position 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

Office Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

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.

Trade 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.

Trade creditors

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

 

L.Holden Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

 

L.Holden Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2016

2,558

74,380

76,938

At 31 August 2017

2,558

74,380

76,938

Depreciation

At 1 September 2016

2,498

19,757

22,255

Charge for the year

15

13,656

13,671

At 31 August 2017

2,513

33,413

35,926

Carrying amount

At 31 August 2017

45

40,967

41,012

At 31 August 2016

60

54,623

54,683

5

Debtors

2017
£

2016
£

Trade debtors

28,866

30,180

Prepayments

1,398

1,395

Other debtors

1,786

100

32,050

31,675

6

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

8

21,777

22,314

Trade creditors

 

2,196

1,736

Taxation and social security

 

14,873

11,350

Accruals and deferred income

 

1,374

1,342

Other creditors

 

26,168

33,405

 

66,388

70,147

Creditors: amounts falling due after more than one year

 

L.Holden Limited

Notes to the Financial Statements for the Year Ended 31 August 2017

Note

2017
£

2016
£

Due after one year

 

Loans and borrowings

8

-

21,893

7

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

-

21,893

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

21,777

22,314

9

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2017
£

2016
£

Remuneration

8,441

8,446