Accounts filed on 30-06-2016

Accounts filed on 30-06-2016

LONTRA LIMITED - Company Information

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LONTRA LIMITED

Company Registration Number:
05063449 (England and Wales)

Report of the Directors and Unaudited Financial Statements

Period of accounts

Start date: 01 July 2015

End date: 30 June 2016

LONTRA LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2016

Company Information
Report of the Directors
Profit and Loss Account
Gains and Losses
Balance sheet
Notes to the Financial Statements

LONTRA LIMITED

Company Information

for the Period Ended 30 June 2016




Director: Colin Thomas Billiet
Simon Hombersley
Clive Hudson
Stephen Francis Lindsey
John Ramsay Spruell
Richard Stasyshan
David John Price
Peter Watson
Registered office: Unit 7
Folly Lane
Napton
Southam
Warwickshire
CV47 8NZ
Company Registration Number: 05063449 (England and Wales)

LONTRA LIMITED

Directors' Report Period Ended 30 June 2016

The directors present their report with the financial statements of the company for the period ended 30 June 2016

Directors
 The directors shown below have held office during the whole of the period from
01 July 2015 to 30 June 2016
Colin Thomas Billiet
Simon Hombersley
Clive Hudson
Stephen Francis Lindsey
John Ramsay Spruell

The director(s) shown below were appointed to the company during the period
Richard Stasyshan on 13 October 2015
David John Price on 17 May 2016

The director(s) shown below resigned during the period
Peter Watson on 19 July 2015

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on 30 August 2016
And Signed On Behalf Of The Board By:

Name: John Neil Fleming
Status: Director

LONTRA LIMITED

Profit and Loss Account

for the Period Ended 30 June 2016


Notes
2016
£
2015
£
Turnover: 2 165,121 61,554
Cost of sales: ( 178,493 ) ( 223,726 )
Gross profit or (loss): ( 13,372 ) ( 162,172 )
Distribution costs: 0 0
Administrative expenses: ( 1,450,721 ) ( 1,227,916 )
Other operating income: 0 0
Operating profit or (loss): 3 ( 1,464,093 ) ( 1,390,088 )
Interest receivable and similar income: 3,611 3,865
Interest payable and similar charges: 0 0
Profit or (loss) on ordinary activities before taxation: ( 1,460,482 ) ( 1,386,223 )
Tax on profit or (loss) on ordinary activities: 4 567,911 64,607
Profit or (loss) for the financial year: ( 892,571 ) ( 1,321,616 )

The notes form part of these financial statements

LONTRA LIMITED

Statement of total recognised gains and losses

The company does not have any gains and losses other than Profit and Loss for the period to report

LONTRA LIMITED

Balance sheet

As at 30 June 2016


Notes
2016
£
2015
£
Fixed assets
Intangible assets: 5 723,033 723,033
Tangible assets: 6 66,842 153,118
Total fixed assets: 789,875 876,151
Current assets
Stocks: 0 0
Debtors: 7 270,792 113,507
Cash at bank and in hand: 1,026,178 1,821,155
Total current assets: 1,296,970 1,934,662
Creditors: amounts falling due within one year: 8 ( 113,060 ) ( 215,360 )
Net current assets (liabilities): 1,183,910 1,719,302
Total assets less current liabilities: 1,973,785 2,595,453
Creditors: amounts falling due after more than one year: 9 ( 1,300,424 ) ( 1,229,564 )
Provision for liabilities: 0 0
Total net assets (liabilities): 673,361 1,365,889

The notes form part of these financial statements

LONTRA LIMITED

Balance sheet continued

As at 30 June 2016


Notes
2016
£
2015
£
Capital and reserves
Called up share capital: 10 3,632 3,597
Revaluation reserve: 11 5,606,566 5,406,558
Profit and loss account: 12 ( 4,936,837 ) ( 4,044,266 )
Shareholders funds: 673,361 1,365,889

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities 2015.

The financial statements were approved by the Board of Directors on 30 August 2016

SIGNED ON BEHALF OF THE BOARD BY:

Name: John Neil Fleming
Status: Director

The notes form part of these financial statements

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The Company made a loss for the year of £892,571 and at the year end had net current assets of £1,183,910. The directors consider that the company has adequate funding to enable it to continue in operational existence for a period of at least 12 months from the date of the approval of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the gong concern basis.

    Turnover policy

    Turnover represents grants received and royalties receivable, excluding value added tax.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

    Leasehold improvement - over the life of the lease
    Computer equipment - over 2 years
    Workshop equipment - over 2 years
    Office furniture - over 2 years

    Intangible fixed assets amortisation policy

    Research expenditure is written off to the profit and loss account in the year in which it incurred. Until June 2010 patent and development costs were capitalised in accordance with the policies below.

    Patents
    Patents are valued at cost less accumulated amortisation. Amortisation will be applied when the intellectual property in the patent is used in revenue generating products and will be calculated to write off the patent costs over their estimated useful lives.

    Research and development
    Development expenditure held on the balance sheet will be amortised over the period during which the company is expected to benefit, starting when product or licence revenue is received.

    Other accounting policies

    Accounting convention
    The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

    Development grants received
    Until June 2010 development grants were held as a creditor balance and are shown under long term creditors. This will be credited back to the profit & loss account when the development expenditure to which it relates is amortised.

    Deferred tax
    Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

    Costs of fundraising
    Costs directly related to the cost of issuing new shares are charged against the share premium account.

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 2. Turnover


    Turnover
    Turnover represents grants received and royalties receivable, excluding value added tax.

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 3. Operating profit or (loss)

    Operating profit or (loss) before tax as stated after charging the following.


    2016
    £
    2015
    £
    Depreciation - owned assets: 135,122 109,472
    Depreciation - assets on hire purchase contract: 0 0
    Amortisation of goodwill: 0 0
    Amortisation of other intangible assets: 0 0
    Profit or (loss) on disposal of fixed assets: 0 0
    Operating lease rentals: 0 0
    Bad debts written off: 0 0

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 4. Taxation

    The tax charge on the profit on ordinary activities for the period was as follows:


    2016
    £
    2015
    £
    UK Corporation tax: ( 567,911 ) ( 64,607 )
    Deferred tax: 0 0
    Tax on profit or (loss) on ordinary activities: ( 567,911 ) ( 64,607 )
    Profit or (loss) on ordinary activities before taxation: ( 1,460,482 ) ( 1,386,223 )
    Profit or (loss) on ordinary activities before taxation multiplied by the rate(s) of Corporation Tax applicable: ( 292,097 ) ( 277,245 )
    Expense not deductable for tax purposes: 0 0
    Accelerated capital allowances: 0 0
    Any other adjustments: ( 275,814 ) 212,638
    Current tax charge or (credit): ( 567,911 ) ( 64,607 )

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 5. Intangible assets

    Goodwill Other Total
    Cost £ £ £
    01 July 2015: - 723,033 723,033
    Additions: - 0 0
    Disposals: - 0 0
    Revaluations: - 0 0
    Transfers: - 0 0
    30 June 2016: - 723,033 723,033
    Amortisation
    01 July 2015: - 0 0
    Provided during the period: - 0 0
    On disposals: - 0 0
    Other Adjustments: - 0 0
    30 June 2016: - 0 0
    Net book value
    30 June 2016: - 723,033 723,033
    30 June 2015: - 723,033 723,033

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 6. Tangible assets

    Land and buildings Plant and Machinery Fixtures and fittings Office Equipment Motor vehicles Total
    Cost £ £ £ £ £ £
    01 July 2015: 94,780 270,687 - - - 365,467
    Additions: 0 48,846 - - - 48,846
    Disposals: 0 ( 10,840 ) - - - ( 10,840 )
    Revaluations: 0 0 - - - 0
    Transfers: 0 0 - - - 0
    30 June 2016: 94,780 308,693 - - - 403,473
    Depreciation
    01 July 2015: 33,337 179,012 - - - 212,349
    Charge for year: 47,390 87,732 - - - 135,122
    On disposals: 0 ( 10,840 ) - - - ( 10,840 )
    Other adjustments: 0 0 - - - 0
    30 June 2016: 80,727 255,904 - - - 336,631
    Net book value
    30 June 2016: 14,053 52,789 - - - 66,842
    30 June 2015: 61,443 91,675 - - - 153,118

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 7. Debtors


    2016
    £
    2015
    £
    Trade debtors: 0 600
    Prepayments and accrued income: 48,091 48,300
    Other debtors: 222,701 64,607
    Total: 270,792 113,507

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 8. Creditors: amounts falling due within one year


    2016
    £
    2015
    £
    Bank loans and overdrafts: 0 0
    Amounts due under finance leases and hire purchase contracts: 0 0
    Trade creditors: 55,151 98,500
    Taxation and social security: 28,220 23,729
    Accruals and deferred income: 29,689 93,131
    Other creditors: 0 0
    Total: 113,060 215,360

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 9. Creditors: amounts falling due after more than one year


    2016
    £
    2015
    £
    Bank loans and overdrafts: 0 0
    Amounts due under finance leases and hire purchase contracts: 0 0
    Other creditors: 1,300,424 1,229,564
    Total: 1,300,424 1,229,564

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 10. Called up share capital

    Allotted, called up and paid

    Previous period
    2015
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 359,694 0.01 3,597
    Preference shares: 0 0.00 0
    Total share capital (£): 3,597
    Current period
    2016
    Class Number of shares Nominal value per share (£) Total (£)
    Ordinary shares: 363,219 0.01 3,632
    Preference shares: 0 0.00 0
    Total share capital (£): 3,632

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 11. Revaluation reserve

    £
    At 01 July 2015: 5,406,558
    Surplus or deficit arising from revaluation: 200,008
    At 30 June 2016: 5,606,566

    This is share premium

LONTRA LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2016

  • 12. Profit and loss account


    2016
    £
    2015
    £
    Opening balance: ( 4,044,266 ) ( 2,722,650 )
    Profit or (loss) for the period: ( 892,571 ) ( 1,321,616 )
    Equity dividends paid: 0 0
    Retained profit: ( 4,936,837 ) ( 4,044,266 )