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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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L.S. POW & SONS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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L.S. POW & SONS LIMITED |
L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 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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L.S. POW & SONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 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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ACCOUNTANTS: |
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Chartered Accountants |
Dean House |
94 Whiteladies Road |
Clifton |
Bristol |
BS8 2QX |
L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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BALANCE SHEET |
31 MAY 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Investments | 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 LIABILITIES | ( |
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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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 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. |
L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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BALANCE SHEET - continued |
31 MAY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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L.S. Pow & Sons Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value (excluding VAT) of deliveries and services rendered during the year. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stock has been valued on a basis consistent with previous years at the lower of cost and realisable value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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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 | Long | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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Disposals |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 June 2016 |
and 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Other tax debtor |
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Prepayments and accrued income |
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Other debtors include £nil (2015: £35,928) receivable after more than one year. |
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6. | CURRENT ASSET INVESTMENTS |
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The company holds various unlisted investments, which are stated in the balance sheet at cost. They have a |
market value at 31 May 2017 of £685 (2016: £685). |
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The company holds listed investments, which have nil cost value (2016: nil). They have a market value at 31 |
May 2017 of £43,603 (2016: £35,269). |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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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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Directors' current accounts |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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L.S. POW & SONS LIMITED (REGISTERED NUMBER: 01257336) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.17 | 31.5.16 |
£ | £ |
Bank loans |
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The bank loans are secured by a charge over the company's freehold land and buildings and a directors' |
guarantee. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.17 | 31.5.16 |
value: | £ | £ |
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Ordinary | £1 | 10,000 | 10,000 |
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11. | RELATED PARTY DISCLOSURES |
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The directors have loaned the company £392,129. The loans are interest free and repayable on demand. |
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12. | FIRST YEAR ADOPTION |
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The company has adopted Financial Reporting Standard 102 Section 1a Small Entities for the year ended 31 |
May 2017, which has resulted in no adjustments to the comparative prior year amounts. |
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Accordingly, there are no changes in equity at 1 June 2015 (the date of transition to FRS 102 Section 1a) or at 31 |
May 2016 being the end of the last annual financial statements determined in accordance with the previous |
financial reporting framework. |
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Similarly, there are no changes in the profit determined in accordance with the previous reporting framework for |
the year ended 31 May 2016 to the profit determined in accordance with FRS 102 Section 1a for the same |
period. |