L A Regenerates Ltd - Period Ending 2020-05-31

L A Regenerates Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

L A Regenerates Ltd

Company Information

Directors

Mr Andrew Napier Mr Lawrence Smith

Registered office

27 North Bridge Street Hawick Borders TD9 9BD

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

L A Regenerates Ltd

(Registration number: SC505822)
Balance Sheet as at 31 May 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	9,259	12,345
Current assets
Debtors	5	389	1,492
Cash at bank and in hand		996	2,169
		1,385	3,661
Creditors: Amounts falling due within one year	6	(22,364)	(22,301)
Net current liabilities		(20,979)	(18,640)
Net liabilities		(11,720)	(6,295)
Capital and reserves
Called up share capital	7	10	10
Profit and loss account		(11,730)	(6,305)
Shareholders' deficit		(11,720)	(6,295)

For the financial year ending 31 May 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

Approved and authorised by the Board on 8 July 2020 and signed on its behalf by:
 

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

Mr Andrew Napier
Director

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

Mr Lawrence Smith
Director

L A Regenerates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
27 North Bridge Street
Hawick
Borders
TD9 9BD
Scotland

The principal place of business is:
5/6 East Nisbet Farm Cottages
Jedburgh
TD8 6TS
Scotland

These financial statements were authorised for issue by the Board on 8 July 2020.

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

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Tangible assets

Tangible assets are stated in the balance sheet 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
Tooling	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.

L A Regenerates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
 Recognition and measurement
Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
 Impairment
At the end of each financial period financial instruments measured at fair value are assessed for objective evidence of impairment. Impairment loss is recognised in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

L A Regenerates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020

4	Tangible assets

	Tooling £	Total £
Cost or valuation
At 1 June 2019	16,460	16,460
At 31 May 2020	16,460	16,460
Depreciation
At 1 June 2019	4,115	4,115
Charge for the year	3,086	3,086
At 31 May 2020	7,201	7,201
Carrying amount
At 31 May 2020	9,259	9,259
At 31 May 2019	12,345	12,345

5

Debtors

	2020 £	2019 £
Other debtors	389	1,492
	389	1,492

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	63	-
Other creditors	22,301	22,301
	22,364	22,301

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

L A Regenerates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020

8	Related party transactions

Transactions with directors

2020	At 1 June 2019 £	At 31 May 2020 £
Mr Andrew Napier
During the period, directors loaned the company money. There are no fixed terms of repayment and the loans are interest free.	(11,500)	(11,500)
Mr Lawrence Smith
During the period, directors loaned the company money. There are no fixed terms of repayment and the loans are interest free.	(11,151)	(11,151)

2019	At 1 June 2018 £	Repayments by director £	At 31 May 2019 £
Mr Andrew Napier
During the period, directors loaned the company money. There are no fixed terms of repayment and the loans are interest free.	-	(11,150)	(11,500)
Mr Lawrence Smith
During the period, directors loaned the company money. There are no fixed terms of repayment and the loans are interest free.	-	(11,151)	(11,151)