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A & LC Redditch Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Beresfords
Chartered Accountants
Castle House
Castle Hill Avenue
Folkestone
Kent
CT20 2TQ

A & LC Redditch Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 12

A & LC Redditch Ltd

Company Information

Directors

Mr A K Connell Mrs L E Connell

Company secretary

Mr A K Connell

Registered office

Unit 52, Padgets Lane South Moon Moat Ind Est Redditch Worcestershire B98 0RD

Page 1

A & LC Redditch Ltd

(Registration number: 06817681)
Balance Sheet as at 28 February 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	7,208	21,708
Tangible assets	5	60,227	42,669
		67,435	64,377
Current assets
Stocks	6	103,914	108,810
Debtors	7	179,472	215,692
Cash at bank and in hand		48,164	39,326
		331,550	363,828
Creditors: Amounts falling due within one year	8	(141,807)	(150,587)
Net current assets		189,743	213,241
Total assets less current liabilities		257,178	277,618
Creditors: Amounts falling due after more than one year	8	(66,351)	(83,669)
Provisions for liabilities		(1,869)	(6,835)
Net assets		188,958	187,114
Capital and reserves
Called up share capital		3	3
Profit and loss account		188,955	187,111
Total equity		188,958	187,114

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 2

A & LC Redditch Ltd

(Registration number: 06817681)
Balance Sheet as at 28 February 2018

For the financial year ending 28 February 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 May 2018 and signed on its behalf by:
 

......................................... Mr A K Connell Company secretary and director

......................................... Mrs L E Connell Director

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

1	General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Unit 52, Padgets Lane
South Moon Moat Ind Est
Redditch
Worcestershire
B98 0RD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Page 4

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10 years straight line.
Fixtures and fittings	10 years straight line.
Motor vans	3 years straight line.
Office equipment	5 years straight line.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line.
Licence fee	10 years straight line.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 5

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 6

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2017 - 7).

Page 7

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

4	Intangible assets

	Goodwill  £	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 March 2017	67,500	10,000	77,500
At 28 February 2018	67,500	10,000	77,500
Amortisation
At 1 March 2017	48,375	7,417	55,792
Amortisation charge	13,500	1,000	14,500
At 28 February 2018	61,875	8,417	70,292
Carrying amount
At 28 February 2018	5,625	1,583	7,208
At 28 February 2017	19,125	2,583	21,708

Page 8

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2017	1,655	3,225	67,036	93,551	165,467
Additions	-	-	26,871	6,274	33,145
Disposals	-	-	-	(19,683)	(19,683)
At 28 February 2018	1,655	3,225	93,907	80,142	178,929
Depreciation
At 1 March 2017	747	615	52,441	68,994	122,797
Charge for the year	166	323	3,568	11,531	15,588
Eliminated on disposal	-	-	-	(19,683)	(19,683)
At 28 February 2018	913	938	56,009	60,842	118,702
Carrying amount
At 28 February 2018	742	2,287	37,898	19,300	60,227
At 28 February 2017	908	2,610	14,594	24,557	42,669

Page 9

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

6

Stocks

	2018 £	2017 £
Raw materials and consumables	103,914	108,810

7

Debtors

	2018 £	2017 £
Trade debtors	154,355	189,257
Prepayments	14,609	21,606
Other debtors	10,508	4,829
	179,472	215,692

Page 10

A & LC Redditch Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

8

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	9	21,314	11,306
Trade creditors		100,140	117,518
Taxation and social security		13,087	8,481
Other creditors		7,266	13,282
		141,807	150,587