Lilybank Trading Company Limited Filleted accounts for Companies House (small and micro)
Lilybank Trading Company Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
SC183707
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For the year ended |
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Abridged Financial Statements |
Year ended 31 March 2018
Contents |
Page |
Abridged statement of financial position |
1 |
Notes to the abridged financial statements |
3 |
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Abridged Statement of Financial Position |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Investments |
6 |
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Current assets
Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Abridged Statement of Financial Position (continued) |
2018 |
2017 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 December 2018
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
SC183707
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Notes to the Abridged Financial Statements |
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 22A Wellhall Road, Hamilton, Lanarkshire, ML3 9BG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Revenue recognition
Taxation
Operating leases
Tangible assets
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:
Motor vehicles |
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Equipment |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation is not provided on Investment Properties.
Impairment of fixed assets
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2017:
2
).
5.
Tangible assets
£ |
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Cost |
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At 1 April 2017 and 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
242,328 |
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At 31 March 2017 |
242,676 |
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6.
Investments
£ |
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Cost |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Impairment |
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At 1 April 2017 and 31 March 2018 |
– |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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7.
Directors' advances, credits and guarantees
The company made payments and advances to the directors totalling £68,762 (2017 - £198,214) in the year and the directors made repayments of £148,880 (2017 - £60,000). The balance owed by the directors at 31 March 2018 was £39,964 (2017 - £120,082). Interest at 3% is paid on the outstanding loan balance and amounted to £1,728 (2017 - £551).
8.
Related party transactions
The company owns 50% of the issued share capital of Clydeforth Engineers and Contractors Ltd. A G Gilchrist is a director of that company. The company received management fees from Clydeforth Engineers & Contractors Ltd in the year amounting to £102,420 (2017 - £42,675). Dividends of £60,000 (2017 - £60,000) were paid to the directors in the year.