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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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LANE RENTAL SERVICES LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTOR AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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LANE RENTAL SERVICES LIMITED |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Independent Auditors' Report | 5 |
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Profit and Loss Account | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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LANE RENTAL SERVICES LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2017 |
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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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INDEPENDENT AUDITORS : |
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Chartered Accountants |
Statutory Auditors |
The Counting House |
Nelson Street |
Hull |
East Yorkshire |
HU1 1XE |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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STRATEGIC REPORT |
for the Year Ended 31 March 2017 |
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The director presents his strategic report for the year ended 31 March 2017. |
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REVIEW OF BUSINESS |
The company continued its principal activity throughout the current year. |
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Key performance indicators |
Management use a range of performance measures to monitor and manage the business. The performance measures |
include financial performance indicators such as profit ratios, liquidity ratios, activity ratios and capital ratios. |
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Development and financial performance during the year |
As reported in the company's profit and loss account, turnover has decreased by 7.98% from £14.7m to £13.5m in the |
current year. |
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Despite difficult trading conditions and the need to remain competitive, a continued re-focus for infrastructure |
investment schemes and a strong order book has led to a maintained level turnover and the company has once again |
reported a healthy profit margin in the current year. |
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Financial position at the reporting date |
The balance sheet shows the company's net assets at the year end have increased by 24.1% from £2.4m to £2.98m in the |
current year. |
Through a mixture of strong leadership, effective staffing and extensive investment in a portfolio of equipment, working |
to full capacity, the company has finished the year in a strong position in terms of its balance sheet. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Management continually monitor the key risks facing the company together with assessing the controls used managing |
these risks. |
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The principal risks and uncertainties facing the company are as follows: |
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Financial risk - financial risk is managed specifically by regular management meetings and the preparation and |
monitoring of mo nthly cash flows. Trade debtors are reviewed regularly to ensure good credit control and minimal bad |
debt write off. |
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Competitor pressure - the company operates in a competitive industry which means not only does it need to attract new |
business, but it must endeavour to retain and nurture existing relationships with customers. |
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Economic downturn - the company acknowledges the importance of maintaining close relationships with its key |
customers in order t o be able to identify the early signs of potential financial difficulties. |
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Reliance on key suppliers - the company's purchasing activities could expose it to over reliance on certain suppliers |
and inflationary pricing pre ssure. The company manages this risk by ensuring there is enough breadth in its supplier |
bases by constantly seeking to find potential alternative suppliers that may be used if necessary. |
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Loss of key personnel - this would present significant operational difficulties, for the company. Management seek to |
ensure that key personne l are appropriately remunerated to ensure that good performance is recognised. Staff are |
continuously kept up to date on new policies and procedures and the company encourages staff development. |
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ON BEHALF OF THE BOARD: |
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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REPORT OF THE DIRECTOR |
for the Year Ended 31 March 2017 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of contractors for asphalt and tarmacadam |
schemes and contractors for road planing. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2017. |
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FUTURE DEVELOPMENTS |
The directors are confident that the company will continue to trade profitably in the future. The aim is to continue the |
focus on infrastructure investment schemes and maintain a strong order book in order to remain competitive and |
overcome any difficulties in the market place. |
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DIRECTOR |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, bank loans, creditors, debtors and hire purchase |
contracts. The main purpose of these instruments is to raise funds for the company's operations. |
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Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's |
approach to managing other risks applicable to the financial instruments concerned is shown below. |
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In respect of bank balances, the liquidity risk is managed by maintaining checks on the balance of the bank account. |
Also the company uses forecasts to predict cash requirements and plans accordingly. |
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Loans comprise of hire purchase agreements and bank loans. Interest and capital is payable on the loan and hire |
purchase agreements. The company manages its liquidity risk by ensuring there are sufficient funds to meet the payments |
as they fall due. |
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All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are |
monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not |
approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the director is |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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REPORT OF THE DIRECTOR |
for the Year Ended 31 March 2017 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
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AUDITORS |
The auditors, Graybrowne Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
LANE RENTAL SERVICES LIMITED |
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We have audited the financial statements of Lane Rental Services Limited for the year ended 31 March 2017 on pages |
seven to nineteen. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted |
by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a |
body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of director and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Director to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 March 2017 and of its profit for the year then
ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report |
and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the |
financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material misstatements in |
the Strategic Report or the Report of the Director. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
LANE RENTAL SERVICES LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditors |
The Counting House |
Nelson Street |
Hull |
East Yorkshire |
HU1 1XE |
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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PROFIT AND LOSS ACCOUNT |
for the Year Ended 31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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760,060 | 625,875 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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824,686 | 770,009 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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BALANCE SHEET |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
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Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 March 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2017 |
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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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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Lane Rental Services 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 |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and Companies Act 2006. There |
were no material departures from that standard. The financial statements have been prepared under the historical |
cost convention. |
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The financial statements are presented in Sterling (£). |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• |
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
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Significant judgements and estimates |
In the application of the company’s accounting policies, which are described in note 2, 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 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 an ongoing 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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There have been no critical estimations or judgements in applying the company's accounting policies in the |
current year. |
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Turnover |
Turnover represents amounts receivable, excluding VAT and trade discounts, by the company for goods supplied |
and services provided during the year. |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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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 |
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Tangible fixed assets |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is |
provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less |
estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
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Freehold property - 2% on cost less residual value |
Plant and machinery - 20% on cost and 15% on cost |
Fixtures and fittings - 25% on cost |
Commercial vehicles - 25% on cost |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, |
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at |
the end of its useful life. |
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Impairment of assets |
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At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of |
its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss. |
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Government grants |
Government grants received are treated as deferred credits and credited to profit and loss account over the |
estimated useful life of the relevant fixed asset. |
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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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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. |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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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 |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of |
the financial instrument. The company holds basic financial instruments, which comprise cash, and cash |
equivalents, trade and other debtors, trade and other creditors and loans payable. |
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i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand and deposits held with banks. |
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ii) Trade and other debtors |
Trade and other debtors receivable within one year are measured at the undiscounted amount of the cash |
expected to be received, net of any impairment. |
At the end of each reporting period, the company assesses whether there is objective evidence that any receivable |
amount may be impaired. A provision for impairment 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. The |
amount of the provision is the difference between the asset's carrying amount and the present value of the |
estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised |
immediately in profit or loss. |
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iii) Trade and other creditors |
Trade and other creditors payable within one year are measured at the undiscounted amounts of the cash |
expected to be paid. |
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iv) Loans payable |
Loans payable are initially measured at the transaction price, including any transaction costs, and subsequently |
measured at amortised cost using the effective interest method. |
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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 the profit and loss account 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 profit and loss account on a straight line basis over the |
period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
31.3.17 | 31.3.16 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
31.3.17 | 31.3.16 |
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Administration | 14 | 12 |
Production | 56 | 64 |
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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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31.3.17 | 31.3.16 |
£ | £ |
Director's remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.3.17 | 31.3.16 |
£ | £ |
Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Operating lease payments |
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Government grants | ( |
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Hire of plant and machinery |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.17 | 31.3.16 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase |
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Bad debt insurance |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.17 | 31.3.16 |
£ | £ |
Current tax: |
UK corporation tax |
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Over/under provision | 1 | - |
Total current tax |
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Deferred tax | ( |
) | ( |
) |
Tax on profit |
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UK corporation tax has been charged at 20% (2016 - 20%). |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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31.3.17 | 31.3.16 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes | ( |
) | ( |
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Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
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Utilisation of tax losses | ( |
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Adjustments to tax charge in respect of previous periods |
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Chargeable gains | 3,000 | - |
Total tax charge | 114,832 | 111,250 |
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The applicable main tax rate has changed following the substantive enactment of Finance Act 2014. |
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7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
and 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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LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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( |
) |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
) |
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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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Motor | Commercial |
vehicles | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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( |
) | ( |
) |
At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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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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Included in cost of land and buildings is freehold land of £ 352,009 (2016 - £ 150,000 ) which is not depreciated. |
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Included within the total net book value of tangible fixed assets is £2,762,505 (2016: £3,327,424) in respect of |
assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was |
£1,082,947 (2016: £1,067,011). |
|
Tangible fixed assets with a carrying value of £4,244,596 (2016: £3,713,191) are pledged as security for the |
company's bank loans. |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
An impairment loss of £194,572 (2016: £154,794) was recognised against trade debtors. |
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors | 124 | 34,833 |
Accruals and deferred income |
|
|
Deferred government grants |
|
|
|
|
|
11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
Deferred government grants |
|
|
|
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.3.17 | 31.3.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
|
12. | LOANS - continued |
31.3.17 | 31.3.16 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 84,206 | 105,576 |
|
Bank loans totalling £201,706 are repayable by monthly instalments between April 2017 and August 2025. |
Interest is charged on this loan at 2.25% over base rate. |
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31.3.17 | 31.3.16 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
31.3.17 | 31.3.16 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.17 | 31.3.16 |
£ | £ |
Bank overdraft |
|
|
Bank loans |
|
|
Hire purchase contracts | 2,159,926 | 1,463,330 |
|
|
|
The bank loans are secured by a fixed and floating charge over land and buildings and all of the assets of the |
company. |
|
Hire purchase liabilities are secured on the related asset financed. |
|
There is also an unlimited multilateral guarantee given by the company, LRS Holdings Limited and DWCO 4 |
Limited, the immediate parent company and ultimate parent company respectively, of Lane Rental Services |
Limited. |
|
There is also an unlimited multilateral guarantee given by the company, Aggregate Recycling (UK) Limited, |
Lane Rental (Road Planing) Limited and LRS Holdings Limited. |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
|
15. | PROVISIONS FOR LIABILITIES |
31.3.17 | 31.3.16 |
£ | £ |
Deferred tax | 136,434 | 232,054 |
|
Deferred |
tax |
£ |
Balance at 1 April 2016 |
|
Credit to Profit and Loss Account during year | ( |
) |
Balance at 31 March 2017 |
|
|
The above provided amounts relate to corporation tax deferred by accelerated capital allowances and are based |
on a corporation tax rate of 17% (2016: 20%). |
|
It is not expected that there will be a material net reversal of deferred tax next year (2016: £nil), relating to the |
reversal of existing timing differences on tangible fixed assets. |
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2016 |
|
Profit for the year |
|
At 31 March 2017 |
|
|
The retained earnings reserve represents cumulative profits or losses, net of dividends paid and other |
adjustments. |
|
18. | ULTIMATE PARENT COMPANY |
|
The ultimate parent company at the balance sheet date was DWCO 4 Limited. The immediate parent company is |
LRS Holdings Limited. |
|
Copies of DWCO 4 Limited consolidated financial statements can be obtained from the company secretary at |
Hereford Road, Pocklington Industrial Estate, Pocklington, York, YO42 1NR. |
|
19. | CONTINGENT LIABILITIES |
|
The company has given the bank an unlimited multilateral guarantee in respect of companies under the common |
ownership of M A Reay. At 31 March 2017 the potential liability of the company under this arrangement was |
£Nil (2016: £366,984). |
LANE RENTAL SERVICES LIMITED (REGISTERED NUMBER: 02800789) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2017 |
|
20. | RELATED PARTY DISCLOSURES |
|
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. |
|
Lane Rental Services Limited is related to Aggregate Recycling (UK) Limited by virtue of being under the |
common control of the director. |
|
Lane Rental Services Limited is related to Lane Rental (Plant Hire) Services Limited by virtue of being under the |
common control of the director. |
|
At the year end, Aggregate Recycling (UK) Limited owed the company £8,450 (2016: £8,450) in respect of a |
current account balance. |
|
At the year end Lane Rental (Plant Hire) Services Limited owed the company £Nil (2016: £250,000) in respect |
of a current account balance. |
|
During the year the company purchased fixed assets from Aggregate Recycling (UK) Limited totalling £Nil |
(2016: £54,000). |
|
The following profit and loss account transactions took place during the year in respect of Aggregate Recycling |
(UK) Limited: management income of £Nil (2016: £80,000), maintenance recharges of £69,000 (2016: £Nil), |
sale of goods totalling £27,000 (2016: £Nil). |
|
The following profit and loss account transactions took place during the year in respect of Lane Rental (Plant |
Hire) Services Limited: plant hire charge £36,000 (2016: £36,000). |
|
The company paid rent to M A Reay, the director, amounting to £9,000 (2016: £34,000) in respect of properties |
occupied by the company. These transactions are at normal commercial rates. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|