Lakeland Caterers Limited Company Accounts

Lakeland Caterers Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 00752865
Lakeland Caterers Limited
Filleted Unaudited Financial Statements
30 April 2017
Lakeland Caterers Limited
Financial Statements
Year ended 30 April 2017
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Lakeland Caterers Limited
Officers and Professional Advisers
The board of directors
E W Massey
S F Massey
Company secretary
E W Massey
Registered office
C/O Saint & Co
4 Mason Court, Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR
Accountants
Saint and Co
Chartered accountant
4 Mason Court
Gillan Way
Penrith 40 Business Park
Penrith
Cumbria
CA11 9GR
Bankers
Barclays Bank plc
Market Square
Penrith
Cumbria
CA11 7YB
Lakeland Caterers Limited
Statement of Financial Position
30 April 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
187,715
188,178
Current assets
Debtors
6
1,612
1,683
Cash at bank and in hand
148,647
154,402
-----------
-----------
150,259
156,085
Creditors: amounts falling due within one year
7
( 48,892)
( 48,513)
-----------
-----------
Net current assets
101,367
107,572
-----------
-----------
Total assets less current liabilities
289,082
295,750
Provisions
Taxation including deferred tax
( 2,400)
-----------
-----------
Net assets
289,082
293,350
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
9,600
9,600
Profit and loss account
278,482
282,750
-----------
-----------
Members funds
289,082
293,350
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2017 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lakeland Caterers Limited
Statement of Financial Position (continued)
30 April 2017
These financial statements were approved by the board of directors and authorised for issue on 8 January 2018 , and are signed on behalf of the board by:
E W Massey
Director
Company registration number: 00752865
Lakeland Caterers Limited
Notes to the Financial Statements
Year ended 30 April 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Mason Court, Gillan Way, Penrith 40 Business Park, Penrith, Cumbria. CA11 9GR. The principal place of business is Springfield, 5 Springs Road, Keswick, Cumbria, CA12 4AQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
The Investment Property has not been depreciated by the directors, in accordance with FRS 15 as the expenditure on the fixed asset maintains or enhances the asset. Therefore the remaining useful economic life of the asset has been estimated at greater than 50 years, and it is considered that the realisable value is greater than the carrying value of the asset.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 May 2016 and 30 April 2017
205,909
-----------
Depreciation
At 1 May 2016
17,731
Charge for the year
463
-----------
At 30 April 2017
18,194
-----------
Carrying amount
At 30 April 2017
187,715
-----------
At 30 April 2016
188,178
-----------
Tangible assets held at valuation
Investment property values were reviewed by the directors at 30 April 2017. The properties were revalued at 31 January 2008 by the directors, who consider it to be at least the open market value. The directors are of the opinion that there has since been no material change in value.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 30 April 2017
Aggregate cost
168,000
Aggregate depreciation
-----------
Carrying value
168,000
-----------
At 30 April 2016
Aggregate cost
168,000
Aggregate depreciation
-----------
Carrying value
168,000
-----------
6. Debtors
2017
2016
£
£
Other debtors
1,612
1,683
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
4,309
3,930
Other creditors
44,583
44,583
---------
---------
48,892
48,513
---------
---------
8. Directors' advances, credits and guarantees
The directors were not advanced any amounts during the period.
9. Related party transactions
At the year end the company owed £42,783 to Ms Massey by way of an interest free loan. This loan is included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.
10. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
Reconciliation of equity
1 May 2015
30 April 2016
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
188,641
188,641
188,178
188,178
Current assets
166,733
166,733
156,085
156,085
Creditors: amounts falling due within one year
( 51,346)
( 51,346)
( 48,513)
( 48,513)
-----------
-----
-----------
-----------
-----
-----------
Net current assets
115,387
115,387
107,572
107,572
-----------
-----
-----------
-----------
-----
-----------
Total assets less current liabilities
304,028
304,028
295,750
295,750
Provisions
( 2,400)
( 2,400)
( 2,400)
( 2,400)
-----------
--------
-----------
-----------
-----
-----------
Net assets
304,028
( 2,400)
301,628
293,350
293,350
-----------
--------
-----------
-----------
-----
-----------
-----------
--------
-----------
-----------
-----
-----------
Capital and reserves
304,028
( 2,400)
301,628
293,350
293,350
-----------
--------
-----------
-----------
-----
-----------
Tangible fixed assets The company has assets stated at a valuation. The deferred tax on this revaluation has never been provided for. On transition to FRS102 a deferred tax liability was recognised and has been offset against the revaluation reserve brought forward. This amount is revised on an annual basis.