Lough Neagh Sand Traders Limited Company Accounts

Lough Neagh Sand Traders Limited Company Accounts

LOUGH NEAGH SAND TRADERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI632142
Lough Neagh Sand Traders Limited
Filleted Unaudited Financial Statements
30 June 2017
Lough Neagh Sand Traders Limited
Financial Statements
Year ended 30 June 2017
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Lough Neagh Sand Traders Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Lough Neagh Sand Traders Limited
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lough Neagh Sand Traders Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Lough Neagh Sand Traders Limited, as a body, in accordance with the terms of our engagement letter dated 27 November 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Lough Neagh Sand Traders Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lough Neagh Sand Traders Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Lough Neagh Sand Traders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lough Neagh Sand Traders Limited. You consider that Lough Neagh Sand Traders Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lough Neagh Sand Traders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BMK ACCOUNTING LIMITED Chartered Accountants
43 Lockview Road Stranmillis Belfast BT9 5FJ
15 March 2018
Lough Neagh Sand Traders Limited
Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Current assets
Debtors
4
200
200
Cash at bank and in hand
14,950
2,782
--------
-------
15,150
2,982
Creditors: amounts falling due within one year
5
13,627
1,461
--------
-------
Net current assets
1,523
1,521
-------
-------
Total assets less current liabilities
1,523
1,521
-------
-------
Net assets
1,523
1,521
-------
-------
Capital and reserves
Called up share capital
200
200
Profit and loss account
1,323
1,321
-------
-------
Shareholders funds
1,523
1,521
-------
-------
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 June 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 .
These financial statements were approved by the board of directors and authorised for issue on 14 March 2018 , and are signed on behalf of the board by:
Mr E Finnegan
Director
Company registration number: NI632142
Lough Neagh Sand Traders Limited
Notes to the Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Murray House, Murray Street, Belfast, Co. Antrim, BT1 6DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 25 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4. Debtors
2017
2016
£
£
Other debtors
200
200
----
----
5. Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
–
330
Social security and other taxes
1,313
181
Other creditors
12,314
950
--------
-------
13,627
1,461
--------
-------
6. Financial instruments at fair value
The company has no financial instruments.
7. Related party transactions
There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 102.
8. Control
The shareholders are of the opinion that there is no ultimate controlling party.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 25 June 2015.
No transitional adjustments were required in equity or profit or loss for the Period.