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Registration number: 01256363

L.C.R. Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

Rawcliffe & Co Limited
Chartered Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

 

L.C.R. Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Abridged Financial Statements

5 to 10

 

L.C.R. Limited

Company Information

Director

Robert Christopher Kearns

Registered office

197 Church Street
Blackpool
Lancashire
Lancashire
FY1 3NY

Accountants

Rawcliffe & Co Limited
Chartered Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
L.C.R. Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of L.C.R. Limited for the year ended 31 March 2017 as set out on pages 3 to 10 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of L.C.R. Limited, as a body, in accordance with the terms of our engagement letter dated 19 September 2007. Our work has been undertaken solely to prepare for your approval the accounts of L.C.R. Limited and state those matters that we have agreed to state to the Board of Directors of L.C.R. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L.C.R. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that L.C.R. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of L.C.R. Limited. You consider that L.C.R. 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 accounts of L.C.R. 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 accounts.

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

Rawcliffe & Co Limited
Chartered Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

26 June 2017

 

L.C.R. Limited

(Registration number: 01256363)
Abridged Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

4,203

4,670

Tangible assets

5

247,694

254,116

Other financial assets

3,115

3,115

 

255,012

261,901

Current assets

 

Stocks

6

29,312

21,797

Debtors

22,703

20,471

Cash at bank and in hand

 

139,485

156,214

 

191,500

198,482

Prepayments and accrued income

 

5,335

5,477

Creditors: Amounts falling due within one year

(17,300)

(17,674)

Net current assets

 

179,535

186,285

Total assets less current liabilities

 

434,547

448,186

Provisions for liabilities

(1,197)

-

Accruals and deferred income

 

(30,332)

(39,412)

Net assets

 

403,018

408,774

Capital and reserves

 

Called up share capital

740

740

Revaluation reserve

122,440

122,440

Profit and loss account

279,838

285,594

Total equity

 

403,018

408,774

 

L.C.R. Limited

(Registration number: 01256363)
Abridged Balance Sheet as at 31 March 2017

For the financial year ending 31 March 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 26 June 2017
 

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

Robert Christopher Kearns

Director

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
197 Church Street
Blackpool
Lancashire
Lancashire
FY1 3NY

These financial statements were authorised for issue by the director on 26 June 2017.

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged 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.

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

Motor Vehicles

25% reducing balance

Freehold property

2% reducing balance

Fixtures, fittings, tools and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

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% Straight Line on remainder brought forward

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2016 - 6).

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2016

8,369

At 31 March 2017

8,369

Amortisation

At 1 April 2016

3,699

Amortisation charge

467

At 31 March 2017

4,166

Carrying amount

At 31 March 2017

4,203

At 31 March 2016

4,670

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2016

359,927

Additions

604

At 31 March 2017

360,531

Depreciation

At 1 April 2016

105,811

Charge for the year

7,026

At 31 March 2017

112,837

Carrying amount

At 31 March 2017

247,694

At 31 March 2016

254,116

Included within the net book value of land and buildings above is £241,393 (2016 - £295,908) in respect of freehold land and buildings.
 

6

Stocks

2017
£

2016
£

Other inventories

29,312

21,797

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

7

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in the notes.

Balance Sheet at 1 April 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Intangible assets

 

5,021

-

-

5,021

Tangible assets

 

259,654

-

-

259,654

Investments

 

3,115

-

-

3,115

 

267,790

-

-

267,790

Current assets

 

Stocks

 

27,195

-

-

27,195

Debtors

 

16,707

-

-

16,707

Cash at bank and in hand

 

150,493

-

-

150,493

 

194,395

-

-

194,395

Creditors: Amounts falling due within one year

 

(54,306)

-

-

(54,306)

Net current assets

 

140,089

-

-

140,089

Net assets

 

407,879

-

-

407,879

Capital and reserves

 

Called up share capital

 

(740)

-

-

(740)

Revaluation reserve

 

(122,440)

-

-

(122,440)

Profit and loss account

 

(284,699)

-

-

(284,699)

Total equity

 

(407,879)

-

-

(407,879)

 

L.C.R. Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Intangible assets

 

4,670

-

-

4,670

Tangible assets

 

254,116

-

-

254,116

Investments

 

3,115

-

-

3,115

 

261,901

-

-

261,901

Current assets

 

Stocks

 

21,797

-

-

21,797

Debtors

 

25,948

-

-

25,948

Cash at bank and in hand

 

156,214

-

-

156,214

 

203,959

-

-

203,959

Creditors: Amounts falling due within one year

 

(57,086)

-

-

(57,086)

Net current assets

 

146,873

-

-

146,873

Net assets

 

408,774

-

-

408,774

Capital and reserves

 

Called up share capital

 

(740)

-

-

(740)

Revaluation reserve

 

(122,440)

-

-

(122,440)

Profit and loss account

 

(285,594)

-

-

(285,594)

Total equity

 

(408,774)

-

-

(408,774)