Leweston Enterprises Limited - Period Ending 2020-07-31
Leweston Enterprises Limited - Period Ending 2020-07-31
Company registration number:
for the Year Ended
Leweston Enterprises Limited
(Registration number: 07212188)
Balance Sheet as at 31 July 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Leweston Enterprises Limited
Notes to the Financial Statements
for the Year Ended 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England .
The address of its registered office is:
United Kingdom
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.
These financial statements are presented in Sterling (£).
Going concern
The Directors have prepared the financial statements on a going concern basis. Although the company has net current liabilities it continues to benefit from financial support from its parent company, Leweston School Trust, through an inter-company loan. The company’s trade was significantly impacted in 2019-20 by COVID-19 in the Spring and Summer terms. As a result, the Company has relied on the support of its parent company during the period and the Directors have received assurances that such support will continue for the foreseeable future until the Company is able to return to trading under normal market conditions.
On this basis the Directors have concluded that the company is a going concern. The financial statements do not include any adjustments that would result from the company not being able to meet its liabilities as they fall due.
Turnover recognition
Turnover is recognised at the fir value of the consideration received or receivable for sale of goods and services in the ordinary course of the business. Lettings income is recorded over the period in which the letting occurred. Turnover of goods and services, provided to customers, is shown net of Value Added Tax.
Leweston Enterprises Limited
Notes to the Financial Statements
for the Year Ended 31 July 2020
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Plant and Machinery |
15% reducing balance and 10% straight line |
Office equipment |
33% straight line |
Property improvements |
2% straight line |
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.
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.
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.
Leweston Enterprises Limited
Notes to the Financial Statements
for the Year Ended 31 July 2020
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss account includes all current and prior period profits and losses.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Property improvements |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2019 |
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Additions |
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At 31 July 2020 |
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Depreciation |
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At 1 August 2019 |
- |
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Charge for the year |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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At 31 July 2019 |
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Included within the net book value of land and buildings above is £38,061 (2019 - £29,879) in respect of property improvements.
Leweston Enterprises Limited
Notes to the Financial Statements
for the Year Ended 31 July 2020
Stocks |
2020 |
2019 |
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Stocks |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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- |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Leweston Enterprises Limited
Notes to the Financial Statements
for the Year Ended 31 July 2020
Related party transactions |
Summary of transactions with subsidiaries
The company has taken advantage of the exemption not to disclose transactions with other group companies on the grounds that it is wholly owned.
Relationship between entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The address of Leweston Trust School is:
Audit Report |