Company Registration No. SC272733 (Scotland)
LIT SCREENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
LIT SCREENS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
LIT SCREENS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,000
21,000
Tangible assets
4
2,331
3,480
16,331
24,480
Current assets
Debtors
5
11,418
3,553
Cash at bank and in hand
9,358
3,563
20,776
7,116
Creditors: amounts falling due within one year
6
(63,588)
(44,925)
Net current liabilities
(42,812)
(37,809)
Total assets less current liabilities
(26,481)
(13,329)
Capital and reserves
Called up share capital
7
3,375
3,250
Share premium account
145,609
140,734
Profit and loss reserves
(175,465)
(157,313)
Total equity
(26,481)
(13,329)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 September 2019
Mr D M Macleod
Director
Company Registration No. SC272733
LIT SCREENS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2017
3,250
140,734
(113,109)
30,875
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
-
(44,204)
(44,204)
Balance at 31 December 2017
3,250
140,734
(157,313)
(13,329)
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
-
(18,152)
(18,152)
Issue of share capital
7
125
4,875
-
5,000
Balance at 31 December 2018
3,375
145,609
(175,465)
(26,481)
LIT SCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Lit Screens Limited is a private company limited by shares incorporated in Scotland. The registered office is Office 7, Commercial Centre Stirling Emterprise Park, Players Road, Stirling, FK7 7RP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the basis the company will continue as a going concern. The directors however, appreciate that this status is dependent upon the continued support of themselves, suppliers and lenders.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
Straight line 10 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
25% on cost
Fixtures, fittings & equipment
33% on cost
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
LIT SCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 2).
3
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2018 and 31 December 2018
125,723
Amortisation and impairment
At 1 January 2018
104,723
Amortisation charged for the year
7,000
At 31 December 2018
111,723
Carrying amount
At 31 December 2018
14,000
At 31 December 2017
21,000
LIT SCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2018
11,924
4,402
59,674
76,000
Additions
-
-
885
885
At 31 December 2018
11,924
4,402
60,559
76,885
Depreciation and impairment
At 1 January 2018
10,454
4,217
57,848
72,519
Depreciation charged in the year
490
91
1,454
2,035
At 31 December 2018
10,944
4,308
59,302
74,554
Carrying amount
At 31 December 2018
980
94
1,257
2,331
At 31 December 2017
1,470
185
1,825
3,480
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
10,080
-
Other debtors
238
3,333
Prepayments and accrued income
1,100
220
11,418
3,553
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
5,337
9,652
Taxation and social security
439
353
Deferred income
17,011
-
Other creditors
39,301
32,970
Accruals and deferred income
1,500
1,950
63,588
44,925
LIT SCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
3,375 (2017: 3,250) Ordinary of £1 each
3,375
3,250
2018-12-312018-01-01falseCCH SoftwareCCH Accounts Production 2019.200No description of principal activity30 September 2019Mr D M MacleodFrench Duncan LLPSC2727332018-01-012018-12-31SC2727332018-12-31SC2727332017-12-31SC272733core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-12-31SC272733core:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-12-31SC272733core:PlantMachinery2018-12-31SC272733core:FurnitureFittings2018-12-31SC272733core:ComputerEquipment2018-12-31SC272733core:PlantMachinery2017-12-31SC272733core:FurnitureFittings2017-12-31SC272733core:ComputerEquipment2017-12-31SC272733core:CurrentFinancialInstruments2018-12-31SC272733core:CurrentFinancialInstruments2017-12-31SC272733core:ShareCapital2018-12-31SC272733core:ShareCapital2017-12-31SC272733core:SharePremium2018-12-31SC272733core:SharePremium2017-12-31SC272733core:RetainedEarningsAccumulatedLosses2018-12-31SC272733core:RetainedEarningsAccumulatedLosses2017-12-31SC272733core:SharePremium2016-12-31SC272733bus:Director12018-01-012018-12-31SC2727332017-01-012017-12-31SC272733core:RetainedEarningsAccumulatedLosses2018-01-012018-12-31SC272733core:ShareCapital2018-01-012018-12-31SC272733core:SharePremium2018-01-012018-12-31SC272733core:IntangibleAssetsOtherThanGoodwill2018-01-012018-12-31SC272733core:PlantMachinery2018-01-012018-12-31SC272733core:FurnitureFittings2018-01-012018-12-31SC272733core:ComputerEquipment2018-01-012018-12-31SC272733core:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-12-31SC272733core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-01-012018-12-31SC272733core:PlantMachinery2017-12-31SC272733core:FurnitureFittings2017-12-31SC272733core:ComputerEquipment2017-12-31SC2727332017-12-31SC272733bus:PrivateLimitedCompanyLtd2018-01-012018-12-31SC272733bus:FRS1022018-01-012018-12-31SC272733bus:AuditExemptWithAccountantsReport2018-01-012018-12-31SC272733bus:SmallCompaniesRegimeForAccounts2018-01-012018-12-31SC272733bus:CompanySecretary12018-01-012018-12-31SC272733bus:FullAccounts2018-01-012018-12-31xbrli:purexbrli:sharesiso4217:GBP