Lybrook Holdings Limited - Period Ending 2017-03-31
Lybrook Holdings Limited - Period Ending 2017-03-31
Company registration number:
for the Year Ended
Lybrook Holdings Limited
Contents
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Lybrook Holdings Limited
(Registration number: 01112574)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
|||
Deferred tax liabilities |
(69,566) |
(74,266) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Fair value reserve |
273,299 |
297,064 |
|
Profit and loss reserve |
( |
|
|
Total equity |
|
|
Page 1
Lybrook Holdings Limited
(Registration number: 01112574)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 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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Page 2
Lybrook Holdings Limited
Statement of Changes in Equity
for the Year Ended 31 March 2017
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss reserve |
Total |
|
At 1 April 2016 |
|
|
|
|
|
Movement in year : |
|||||
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Transfer of fair value adjustment |
- |
- |
(23,765) |
- |
(23,765) |
Total movement for the year |
- |
- |
(23,765) |
(64,727) |
(88,492) |
At 31 March 2017 |
|
|
|
( |
|
Page 3
Lybrook Holdings Limited
Statement of Changes in Equity
for the Year Ended 31 March 2017
Share capital |
Capital redemption reserve |
Fair value reserve |
Profit and loss reserve |
Total |
|
At 1 April 2015 |
|
|
|
|
|
Movement in year : |
|||||
Profit for the year |
- |
- |
- |
|
|
Total comprehensive income |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Total movement for the year |
- |
- |
- |
(48,045) |
(48,045) |
At 31 March 2016 |
|
|
|
|
|
Page 4
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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. Note 11 to the financial statements sets out the effects of the transition to FRS 102 1A.
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 (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 5
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet
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 |
Leasehold improvements |
12.5% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 6
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 debtors.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Page 7
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Investment properties |
2017 |
|
At 1 April 2016 |
|
Disposals |
( |
Fair value adjustments |
( |
At 31 March 2017 |
|
The investment property has been valued at fair value by the directors.
There has been no valuation of investment property by an independent valuer.
Investments |
2017 |
2016 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2016 |
|
Provision |
|
Carrying amount |
|
At 31 March 2017 |
|
At 31 March 2016 |
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 8
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
- |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
Taxation and social security |
|
|
|
Corporation tax |
4,570 |
54,276 |
|
Other creditors |
|
|
|
|
|
||
Creditors: amounts falling due after more than one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
|
Other borrowings |
|
|
|
|
2017 |
2016 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
- |
|
|
|
Loans and borrowings due in greater than five years
Included in the loans and borrowings are the following amounts due after more than five years:
2017 |
2016 |
|
After more than five years by instalments |
|
|
Page 9
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
Advances to directors |
Re- |
At 31 March 2017 |
M W Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(25,450) |
( |
|
( |
D J Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(25,731) |
( |
|
( |
S W Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(23,469) |
( |
|
( |
2016 |
At 1 April 2015 |
Advances to directors |
Re- |
At 31 March 2016 |
M W Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(25,450) |
( |
|
( |
D J Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(25,731) |
( |
|
( |
S W Lyus |
||||
Directors' interest free loan account, repayable on demand. |
(23,469) |
( |
|
( |
Page 10
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Transition to FRS 102 |
FRS102.1A requires deferred tax to be provided on the uplift of property, plant and equipment. Under previous UK GAAP this provision was not required.
The impact including any taxation implications from the transition is as follows:
Balance Sheet at 1 April 2015
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Tangible assets |
1,037,609 |
(1,002,506) |
- |
35,103 |
Investment property |
- |
1,002,506 |
- |
1,002,506 |
1,037,609 |
- |
- |
1,037,609 |
|
Current assets |
||||
Stocks |
55,420 |
- |
- |
55,420 |
Debtors |
572,808 |
- |
- |
572,808 |
Cash at bank and in hand |
16,201 |
- |
- |
16,201 |
644,429 |
- |
- |
644,429 |
|
Creditors: Amounts falling due within one year |
(694,880) |
- |
- |
(694,880) |
Net current liabilities |
(50,451) |
- |
- |
(50,451) |
Total assets less current liabilities |
987,158 |
- |
- |
987,158 |
Creditors: Amounts falling due after more than one year |
(511,359) |
- |
- |
(511,359) |
Provisions for liabilities |
(5,907) |
- |
(74,266) |
(80,173) |
Net assets/(liabilities) |
469,892 |
- |
(74,266) |
395,626 |
Capital and reserves |
||||
Called up share capital |
810 |
- |
- |
810 |
Capital redemption reserve |
690 |
- |
- |
690 |
Revaluation reserve |
371,330 |
(371,330) |
- |
- |
Fair value reserve |
- |
371,330 |
(74,266) |
297,064 |
Profit and loss reserve |
97,062 |
- |
- |
97,062 |
Total equity |
469,892 |
- |
(74,266) |
395,626 |
Page 11
Lybrook Holdings Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
As originally reported |
Re- |
Re- |
As restated |
|
Fixed assets |
||||
Tangible assets |
1,003,611 |
(1,003,611) |
- |
- |
Investment property |
- |
1,003,611 |
- |
1,003,611 |
Investments |
10 |
- |
- |
10 |
1,003,621 |
- |
- |
1,003,621 |
|
Current assets |
||||
Debtors |
160,068 |
- |
- |
160,068 |
Creditors: Amounts falling due within one year |
(268,277) |
- |
- |
(268,277) |
Net current liabilities |
(108,209) |
- |
- |
(108,209) |
Total assets less current liabilities |
895,412 |
- |
- |
895,412 |
Creditors: Amounts falling due after more than one year |
(473,566) |
- |
- |
(473,566) |
Provisions for liabilities |
- |
- |
(74,266) |
(74,266) |
Net assets/(liabilities) |
421,846 |
- |
(74,266) |
347,580 |
Capital and reserves |
||||
Called up share capital |
810 |
- |
- |
810 |
Capital redemption reserve |
690 |
- |
- |
690 |
Revaluation reserve |
371,330 |
(371,330) |
- |
- |
Fair value reserve |
- |
371,330 |
(74,266) |
297,064 |
Profit and loss reserve |
49,016 |
- |
- |
49,016 |
Total equity |
421,846 |
- |
(74,266) |
347,580 |
Page 12