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Company registration number: |
03457354
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LEONARD BROWN LIMITED
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REPORT OF THE DIRECTORS' AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 October 2019 |
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LEONARD BROWN LIMITED |
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BALANCE SHEET |
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AS AT 31 October 2019
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2019 |
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2018 |
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Notes |
£ |
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£ |
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£ |
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£ |
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FIXED ASSETS | | | | | | | | | | | |
Intangible assets | | | 3 | | | 9,644 | | | | 133,640 | |
Tangible assets | | | 4 | | | 1,340 | | | | 2,161 | |
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| | | | | | | 10,984 | | | | 135,801 | |
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CURRENT ASSETS |
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Debtors | | | | 67,986 | | | | 32,519 | | | | |
Cash at bank and in hand | | | | 63,118 | | | | 156,804 | | | | |
Current asset investments | | | | 209,298 | | | | 214,855 | | | | |
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| | | | | 340,402 | | | | 404,178 | | | |
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CREDITORS |
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Amounts falling due within one year |
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(2,063) |
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(19,738) |
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NET CURRENT ASSETS |
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338,339 |
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384,440 |
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TOTAL ASSETS LESS |
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CURRENT LIABILITIES |
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349,323 |
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520,241 |
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NET ASSETS |
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349,323 |
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520,241 |
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CAPITAL AND RESERVES |
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Called-up equity share capital |
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105 |
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105 |
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Revaluation Reserve | | | | | | (110,000) | | | | 0 | |
Profit and loss account |
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459,218 |
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520,136 |
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SHAREHOLDERS FUNDS |
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349,323 |
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520,241 |
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For the year ending 31 October 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. | | | | | | | |
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. | | | | | | | |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts. | | | | | | | |
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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. Approved by the board of directors on 11 February 2020 and signed on its behalf. | | | | | | | |
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All members have consented to the preparation of these abridged financial statements. | | | | | | | |
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.......................................................................... |
Leonard Brown - Director |
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11 February 2020
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The annexed notes form part of these financial statements. | | | | | | | |
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LEONARD BROWN LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. |
Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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| Turnover | | | | | | | | | |
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. | |
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| Intangible Assets |
| Goodwill is kept at cost or net realisable value. | |
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| Fixed Assets | | | | | | | | |
| Tangible fixed assets are stated at cost less depreciation. Depreciation i provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | |
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| Fixtures and Fittings - 20 % - 35% per annum reducing balance Computers - 25 % per annum of cost | |
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| Debtors | | | | | | | |
| The client list has been capitalised at cost price. An annual impairment review is carried out to ensure that there has been no diminuation in the value of the asset. The client list has a readily ascertainable market value. | |
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| Pension Scheme | | | | | | | | |
| The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. | |
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2. | Employees | | | |
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| The average number of persons employed by the company (including directors during the year was 1 (2018 : 5). |
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3. | Intangible fixed assets | | | | | | | | | |
| | | | Total |
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| Cost | | | | | | | | | | |
| At start of period | | 133,640 |
| Disposals | | | (13,996) |
| Revaluations | | (110,000) |
| At end of period | |
9,644 |
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| Net Book Values | | | | | | | | | |
| At start of period | | 133,640 |
| At end of period | | 9,644 |
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| Cost Client Lis At 1 November 2018 133,64 At 31 October 2019 9,64 The market value of the client list at 31 October 2019 was £9,644 (£169,882 - 2018). The impaired goodwill was written off against reserves |
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4. | Tangible fixed assets | | | | | | | | | |
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Total |
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| Cost | | | | | | | | | | |
| At start of period | | 6,055 | |
| Disposals | | | (598) | |
| At end of period | | 5,457 | |
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| Depreciation | | | | | | | | | | |
| At start of period | | 3,894 | |
| Provided during the period | | 342 | |
| On disposals | | | (119) | |
| At end of period | | 4,117 | |
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| Net Book Value | | | | | | | | | |
| At start of period | | 2,161 | |
| At end of period | | 1,340 | |
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5. | Directors' advances, credits and guarantees | | | | | | | | |
| On the 31 October 2019 Leonard Brown, a director, owed the company £48,646. (2018 - £24,547). £23,682 was repaid on the 15 November 2019 and the remaining £24,964 is planned to be repaid in April 2020. | |
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