Lagan (Alsager) Limited Filleted accounts for Companies House (small and micro)

Lagan (Alsager) Limited Filleted accounts for Companies House (small and micro)

LAGAN (ALSAGER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI062161
Lagan (Alsager) Limited
Filleted Financial Statements
31 March 2018
Lagan (Alsager) Limited
Financial Statements
Year ended 31st March 2018
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
Lagan (Alsager) Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Current assets
Stocks
19,460,631
23,556,636
Debtors
5
9,820,628
17,786,790
Cash at bank and in hand
374,182
1,596,131
-------------
-------------
29,655,441
42,939,557
Creditors: amounts falling due within one year
6
31,014,414
40,433,189
-------------
-------------
Net current (liabilities)/assets
( 1,358,973)
2,506,368
------------
------------
Total assets less current liabilities
( 1,358,973)
2,506,368
Creditors: amounts falling due after more than one year
7
–
4,833,334
------------
------------
Net liabilities
( 1,358,973)
( 2,326,966)
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 1,358,975)
( 2,326,968)
------------
------------
Shareholders deficit
( 1,358,973)
( 2,326,966)
------------
------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 11 September 2018 , and are signed on behalf of the board by:
S BELL Director
Company registration number: NI062161
Lagan (Alsager) Limited
Notes to the Financial Statements
Year ended 31st March 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lagan House, 19 Clarendon Road, Clarendon Dock, Belfast, BT1 3BG.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has prepared its financial statements for the year ended 31st March 2018 on the going concern basis. This assumes that the company will continue in operational existence for the foreseeable future having adequate resources to meet its obligations when they fall due. The company continues to have the support of its ultimate shareholders and its bankers. This is the basis on which the directors consider the company to be a going concern.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements.
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.
Stocks
Trading properties are carried at the lower of cost and net realisable value. The latter is assessed by the company having regard to recent comparable transactions. At the balance sheet date stock and work in progress consists of undeveloped property which is stated at cost and comprises purchase price plus all associated legal and professional costs.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
5. Debtors
2018
2017
£
£
Trade debtors
9,671,024
17,775,432
Other debtors
149,604
11,358
------------
-------------
9,820,628
17,786,790
------------
-------------
The debtors above include the following amounts falling due after more than one year:
2018
2017
£
£
Trade debtors
–
4,833,334
----
------------
6. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
24,357,837
29,225,000
Trade creditors
331,075
352,118
Amounts owed to group company
999,522
1,458,022
Social security and other taxes
–
2,948,320
Other creditors
5,325,980
6,449,729
-------------
-------------
31,014,414
40,433,189
-------------
-------------
Danske Bank holds a legal mortgage over the property of the company at Lawton Road, Alsager, Stoke-on-Trent together with guarantees from the ultimate shareholders.
7. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
–
4,833,334
----
------------
8. Financial instruments at fair value
The company has no financial instruments.
9. Summary audit opinion
The auditor's report for the year dated 12 September 2018 was unqualified.
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
10. Related party transactions
The company is a wholly owned subsidiary of Lagan Developments (Holdings) Limited, a company incorporated in Northern Ireland. S Bell and SG McCann are also directors of Lagan Developments (Holdings) Limited. As a wholly owned subsidiary, no transactions with the group company were undertaken such as are required to be disclosed under FRS 102. The shareholders in the parent company have given personal guarantees in favour of Danske Bank.
11. Controlling party
The company is controlled by Lagan Developments (Holdings) Limited which holds 100% of the issued share capital.