Loading Bay Specialists Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01699363

Loading Bay Specialists Limited

Filleted Financial Statements

31 December 2017

Loading Bay Specialists Limited

Statement of Financial Position

31 December 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	4	552,975	568,591

Current assets

Stocks		283,598	487,383
Debtors	5	875,816	979,910
Cash at bank and in hand		678,156	697,968
		------------	------------
		1,837,570	2,165,261

Creditors: amounts falling due within one year	6	1,036,809	1,257,263
		------------	------------
Net current assets		800,761	907,998
		------------	------------
Total assets less current liabilities		1,353,736	1,476,589
		------------	------------
Net assets		1,353,736	1,476,589
		------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Revaluation reserve	35,000	35,000
Profit and loss account	1,308,736	1,431,589
	------------	------------
Shareholders funds	1,353,736	1,476,589
	------------	------------

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.

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 9 April 2018 , and are signed on behalf of the board by:

J Schubert

Director

Company registration number: 01699363

Loading Bay Specialists Limited

Accounting Policies

Year ended 31 December 2017

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain fixed assets.

Revenue recognition

Turnover represents the value, net of Value Added Tax, of goods sold and services provided to customers.

Taxation

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

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	-	over 50 years
Plant, Equipment & Vehicles	-	over 3 - 10 years

Freehold land is not depreciated.

Stocks

Stock is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Loading Bay Specialists Limited

Notes to the Financial Statements

Year ended 31 December 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 Mark Road, Hemel Hempstead, Herts, HP2 7DN.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 40 (2016: 41 ).

4. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2017	491,637	602,548	1,094,185
Additions	–	73,679	73,679
Disposals	–	( 62,895)	( 62,895)
	---------	---------	------------
At 31 December 2017	491,637	613,332	1,104,969
	---------	---------	------------
Depreciation
At 1 January 2017	57,018	468,576	525,594
Charge for the year	5,893	76,698	82,591
Disposals	–	( 56,191)	( 56,191)
	---------	---------	------------
At 31 December 2017	62,911	489,083	551,994
	---------	---------	------------
Carrying amount
At 31 December 2017	428,726	124,249	552,975
	---------	---------	------------
At 31 December 2016	434,619	133,972	568,591
	---------	---------	------------

Tangible assets held at valuation

Freehold land and buildings were valued on 21 December 2010 by Brasier Freeth, Chartered Surveyors. The directors are of the opinion that the current value is not materially different. The net book value of freehold land and buildings determined by reference to historical cost is £323,170 (2016 : £326,608). Accumulated depreciation based on historical cost would have been £45,726 (2016: £42,288).

5. Debtors

	2017	2016
	£	£
Trade debtors	776,095	904,002
Other debtors	99,721	75,908
	---------	---------
	875,816	979,910
	---------	---------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	299,211	404,011
Amounts owed to group undertakings and undertakings in which the company has a participating interest	227,934	360,850
Social security and other taxes	136,548	182,941
Other creditors	373,116	309,461
	------------	------------
	1,036,809	1,257,263
	------------	------------

The amounts owed to group undertakings is payable to the parent company, Door & Door Components Ltd. Interest is payable at 3.5% above base rate. The interest charge for the year was £9,880 (2016 : £12,000). There is no fixed date for repayment. A provision has been recognised for expected claims against product guarantees. It is expected that most of this expenditure will be incurred in the next financial year. The provision, the amount of which has not been disclosed as it is considered to be commercially sensitive, has not been discounted since the effect of discounting is not material.

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	–	2,350
Later than 1 year and not later than 5 years	1,309	–
	-------	-------
	1,309	2,350
	-------	-------

8. Limitation of auditors liability

The company's engagement letter with the company's auditors, dated 3 January 2018, includes a clause that limits the liability of the auditors to £250,000.

9. Summary audit opinion

The auditor's report for the year dated 9 April 2018 was unqualified.

The senior statutory auditor was Shane Kirton , for and on behalf of Kirton & Co .

10. Directors' advances, credits and guarantees

During the year no advances, credits or guarantees were made in respect of the directors'.

11. Related party transactions

During the year there were no related party transactions that were not conducted under normal trading terms.