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REGISTERED NUMBER:
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LACKEN CONSTRUCTION COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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LACKEN CONSTRUCTION COMPANY LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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LACKEN CONSTRUCTION COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Lacken Construction Company Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
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The key judgements and sources of estimation uncertainty that have a significant effect on the |
amounts recognised in the financial statements are described below. |
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1)The valuation of the stock of building land and associated costs and any impairment of such. |
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2)The valuation of investment property. |
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Tangible fixed assets |
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Freehold | investment property | - |
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Plant and machinery | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling |
costs in bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current tax is recognised as the amount of tax payable using the tax rates and laws that have been |
enacted or subsequently enacted by the balance sheet date. |
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LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Freehold investment property |
Freehold investment property is carried in the balance sheet at market value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold |
investment | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Cost or valuation at 31 March 2017 is represented by: |
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Freehold |
investment | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
Valuation in 1999 | 2,654,438 | - | - | 2,654,438 |
Valuation in 2006 | 2,700,000 | - | - | 2,700,000 |
Valuation in 2011 | (5,354,438 | ) | - | - | (5,354,438 | ) |
Valuation in 2016 | 5,171,112 | - | - | 5,171,112 |
Cost | 2,184,733 | 17,392 | 2,612 | 2,204,737 |
7,355,845 | 17,392 | 2,612 | 7,375,849 |
LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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The property is shown at an insurance based valuation which the directors consider to be the |
approximate current market value. |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Building land | 519,761 | 519,761 |
Work-in-progress |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Mortgages |
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Trade creditors |
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Tax |
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Social security and other taxes | ( |
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Other creditors |
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Rents received in advance | 5,229 | 5,054 |
Directors' current accounts | 126,725 | 179,945 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Mortgages - 1-2 years |
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Mortgages - 2-5 years |
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Mortgages more than 5 years by
instalments |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Mortgages more than 5 years by
instalments |
48,334 |
73,971 |
LACKEN CONSTRUCTION COMPANY LIMITED (REGISTERED NUMBER: 00981187) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Mortgages |
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A mortgage loan of £174,334 is secured by first charges on freehold property. The remaining mortgage |
of £631,100 is guaranteed by the directors. |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2016 |
and 31 March 2017 |
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11. | CONTINGENT LIABILITIES |
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The company is registered with the National House Builders Registration Council but at the date of the |
balance sheet had received no claims giving rise to any liability under guarantees given. |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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1)The directors have personally guaranteed a company mortgage amounting to £631,100 at 31 March |
2017. |
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2)As at 31 March 2017, the company owed the directors £126,726. |
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13. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £10,000 were paid to the directors . |