Lancashire Glass (Holdings) Limited 31/12/2018 iXBRL

Lancashire Glass (Holdings) Limited 31/12/2018 iXBRL

LANCASHIRE GLASS (HOLDINGS) LIMITED - Company Information

Print Friendly Version

31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01074315 2018-01-01 2018-12-31 01074315 2018-12-31 01074315 2017-12-31 01074315 2017-01-01 2017-12-31 01074315 2017-12-31 01074315 2016-12-31 01074315 bus:Director1 2018-01-01 2018-12-31 01074315 core:LandBuildings core:OwnedOrFreeholdAssets 2018-12-31 01074315 core:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 01074315 core:HedgingReserve 2018-01-01 2018-12-31 01074315 core:RetainedEarningsAccumulatedLosses 2018-01-01 2018-12-31 01074315 core:WithinOneYear 2018-12-31 01074315 core:WithinOneYear 2017-12-31 01074315 core:ShareCapital 2018-12-31 01074315 core:ShareCapital 2017-12-31 01074315 core:HedgingReserve 2018-12-31 01074315 core:HedgingReserve 2017-12-31 01074315 core:RetainedEarningsAccumulatedLosses 2018-12-31 01074315 core:RetainedEarningsAccumulatedLosses 2017-12-31 01074315 core:ShareCapital 2016-12-31 01074315 core:HedgingReserve 2016-12-31 01074315 core:RetainedEarningsAccumulatedLosses 2016-12-31 01074315 core:LandBuildings core:OwnedOrFreeholdAssets 2017-12-31 01074315 core:LandBuildings core:OwnedOrFreeholdAssets 2017-12-31 01074315 core:LandBuildings core:OwnedOrFreeholdAssets 2018-01-01 2018-12-31 01074315 bus:SmallEntities 2018-01-01 2018-12-31 01074315 bus:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 01074315 bus:FullAccounts 2018-01-01 2018-12-31 01074315 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 01074315 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31
Company registration number: 01074315
Lancashire Glass (Holdings) Limited
Unaudited filleted financial statements
31 December 2018
Lancashire Glass (Holdings) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lancashire Glass (Holdings) Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 600,000 340,000
_______ _______
600,000 340,000
Current assets
Debtors 6 1,953 2,677
Cash at bank and in hand 18,680 15,373
_______ _______
20,633 18,050
Creditors: amounts falling due
within one year 7 ( 22,521) ( 21,451)
_______ _______
Net current liabilities ( 1,888) ( 3,401)
_______ _______
Total assets less current liabilities 598,112 336,599
Provisions for liabilities ( 82,436) ( 40,485)
_______ _______
Net assets 515,676 296,114
_______ _______
Capital and reserves
Called up share capital 1,530 1,530
Fair value reserve 402,483 184,434
Profit and loss account 111,663 110,150
_______ _______
Shareholders funds 515,676 296,114
_______ _______
For the year ending 31 December 2018 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 year 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 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 10 June 2019 , and are signed on behalf of the board by:
J L Sutton
Director
Company registration number: 01074315
Lancashire Glass (Holdings) Limited
Statement of changes in equity
Year ended 31 December 2018
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 January 2017 1,530 184,434 110,146 296,110
Profit for the year 31,092 31,092
_______ _______ _______ _______
Total comprehensive income for the year - - 31,092 31,092
Dividends paid and payable ( 31,088) ( 31,088)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 31,088) ( 31,088)
_______ _______ _______ _______
At 31 December 2017 and 1 January 2018 1,530 184,434 110,150 296,114
Profit for the year 247,650 247,650
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 218,049 ( 218,049) -
_______ _______ _______ _______
Total comprehensive income for the year - 218,049 29,601 247,650
Dividends paid and payable ( 28,088) ( 28,088)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 28,088) ( 28,088)
_______ _______ _______ _______
At 31 December 2018 1,530 402,483 111,663 515,676
_______ _______ _______ _______
Lancashire Glass (Holdings) Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is George Business Park, Cemetery Road, Southport, Merseyside, PR8 5EF.
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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of property rents and utility charges receivable from tenants, net of Value Added Tax.
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.
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:
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 year amounted to 2 (2017: 2 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 January 2018 340,000 340,000
Revaluation 260,000 260,000
_______ _______
At 31 December 2018 600,000 600,000
_______ _______
Depreciation
At 1 January 2018 and 31 December 2018 - -
_______ _______
Carrying amount
At 31 December 2018 600,000 600,000
_______ _______
At 31 December 2017 340,000 340,000
_______ _______
Investment property
The above freehold property is an investment property with a carrying value of £600,000 (2017 £340,000). The carrying value is in accordance with an independent qualified chartered surveyor's report dated 11 February 2019 which is considered by the directors to be a fair reflection of the value property at the balance sheet date.
6. Debtors
2018 2017
£ £
Trade debtors 114 107
Other debtors 1,839 2,570
_______ _______
1,953 2,677
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 6,944 7,411
Social security and other taxes 3,499 2,469
Other creditors 12,078 11,571
_______ _______
22,521 21,451
_______ _______