REGISTERED NUMBER:
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LAVER GROUP LIMITED |
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PREVIOUSLY KNOWN AS |
COLIN LAVER HEATING LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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REGISTERED NUMBER:
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LAVER GROUP LIMITED |
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PREVIOUSLY KNOWN AS |
COLIN LAVER HEATING LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2021 |
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LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 8 |
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LAVER GROUP LIMITED |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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BALANCE SHEET |
30 JUNE 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 for Laver Group Limited were approved by the director and authorised for issue on
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LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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Laver Group Limited is private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The presentation currency of the financial statements is the Pound Sterling (£) and has been rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects 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 following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
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Impairment of assets |
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
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Provisions and contingencies |
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue recognition |
Revenue earned in relation to the provision of services is recognised over the period during which the service is provided. Revenue earned on the sale of goods is recognised on the despatch of goods. |
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Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets are included at cost less depreciation. No depreciation is charged on land or investment property. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first-in first-out basis. The cost of work-in-progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on selling price less the estimated cost of disposal. |
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Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
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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 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. |
LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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 shorter. |
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The interest element of the obligations is charged to the income statement 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 the income statement in the period to which they relate. |
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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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Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate. |
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Investment property |
The company's land and buildings are treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties are measured at fair value annually, with the change recognised in the income statement. Surpluses or deficits on revaluation are then transferred from Retained Earnings to a separate non-distributable reserve. |
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Going concern |
In preparing the financial statements, the director has considered the current financial position of the company and has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered the company's net assets and liquidity position. |
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Regarding the impact of COVID-19, the director has taken all reasonable and necessary measures to safeguard the business and the welfare of the staff. The director is aware that the situation is continually evolving and is prepared to adapt with the latest developments and recommendations. |
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After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts. |
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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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LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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4. | TANGIBLE FIXED ASSETS |
Investment | Plant and | Motor |
Property | machinery | vehicles | Totals |
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COST |
At 1 July 2020 |
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Additions |
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Disposals |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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The investment property is disclosed using alternative accounting rules. The investment property was valued by the director at the balance sheet date at £147,683 (2020 - £147,683) at open market basis, on an existing use basis. The comparable amount under historical cost accounting rules is £147,683 (2020 - £147,683). |
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The net book value of tangible fixed assets includes £ 121,744 (2020 - £ 84,022 ) in respect of assets held under hire purchase contracts. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Amounts recoverable on |
contracts |
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LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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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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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Hire purchase contracts | 120,803 | 95,109 |
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The hire purchase liability is secured on the assets to which they relate. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | OTHER FINANCIAL COMMITMENTS |
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The company had total commitments relating to the leasing of vehicles at the balance sheet date of £394,527 (2020: £543,039). The commitments were secured against the vehicles to which they relate. |
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The company entered into a cross guarantee between Albion Management (Holdings) Limited and another company with the bank on 2 July 2011. |
LAVER GROUP LIMITED (REGISTERED NUMBER: 01572590) |
PREVIOUSLY KNOWN AS COLIN LAVER HEATING LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year amounts owing to the director totalled £205 (2020 - £1,280). The balance is interest free, unsecured and repayable on demand. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Albion Management (Holdings) Limited, a company registered in England and Wales. Albion Management (Holdings) Limited is controlled by its shareholders. |
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Albion Management (Holdings) Limited does not prepare consolidated financial statements as it is exempt under section 398 of the Companies Act 2006. Copies of the financial statements are available from the registrar of Companies, Crown Way, Maindy, CF14 3UZ. |