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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 JUNE 2019 |
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LONDON INDUSTRIAL SUPPLIES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 JUNE 2019 |
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FOR |
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LONDON INDUSTRIAL SUPPLIES LIMITED |
LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 29 June 2019 |
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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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LONDON INDUSTRIAL SUPPLIES LIMITED |
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COMPANY INFORMATION |
for the year ended 29 June 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Griffins Court |
24-32 London Road |
NEWBURY |
Berkshire |
RG14 1JX |
LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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BALANCE SHEET |
29 June 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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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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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. |
LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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BALANCE SHEET - continued |
29 June 2019 |
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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
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LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 29 June 2019 |
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1. | STATUTORY INFORMATION |
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London Industrial Supplies Limited is a
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The 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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The financial statements are prepared in sterling which is the functional currency of the company and rounded to |
the nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for |
revenues and expenses during the period. However, the nature of estimation means that actual outcomes could |
differ from those estimates. The following judgements (apart from those involving estimates) have had the most |
significant effect on amounts recognised in the financial statements. |
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Revenue recognition |
The key judgements made by management in respect of revenue is the point at which that revenue should be |
recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of |
the cycle at which to recognise revenue based upon the these terms and in particular where the risks and rewards |
of ownership transfer. |
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Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a |
number of factors. Residual value assessment consider issues such as the remaining life of the asset and the |
projected disposal value. |
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Intangible Fixed Assets |
Intangibles are capitalised in accordance with accounting standards and the Company's accounting policy. |
Management estimate the useful life of intangible assets based on factors such as the expected use in the |
business. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. Turnover relates to the sales within the UK market. The policies adopted for the recognition of |
turnover are as follows: |
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Sales of goods |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the |
buyer, the amount of turnover can be measured reliable, it is probable that the economic benefits associated with |
the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can |
be measured reliable. This is usually on dispatch of the goods. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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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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Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of |
the lease. |
LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 June 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the report date as a result |
of a past event, it is probable that the company will be required to settle the obligation and the amount of the |
obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Impairments |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is |
estimated and compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in the profit and loss, unless it's carried at a revalued amount, where the |
impairment loss is a revaluation decrease. |
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Short-term employees benefits |
Short-term employees' benefits are recognised as an expense in the period in which they are incurred. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 30 June 2018 |
and 29 June 2019 |
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AMORTISATION |
At 30 June 2018 |
and 29 June 2019 |
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NET BOOK VALUE |
At 29 June 2019 |
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At 29 June 2018 |
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LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 June 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 30 June 2018 |
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Additions |
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At 29 June 2019 |
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DEPRECIATION |
At 30 June 2018 |
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Charge for year |
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At 29 June 2019 |
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NET BOOK VALUE |
At 29 June 2019 |
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At 29 June 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 30 June 2018 |
and 29 June 2019 |
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DEPRECIATION |
At 30 June 2018 |
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Charge for year |
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At 29 June 2019 |
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NET BOOK VALUE |
At 29 June 2019 |
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At 29 June 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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LONDON INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03053025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 29 June 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 75,534 | 131,730 |
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The hire purchases are secured over the company assets in which they relate to. |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the year ended 29 June 2019 and the period |
ended 29 June 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The amount above was repaid within nine months of the year end. |
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11. | RELATED PARTY DISCLOSURES |
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At the period end the company owed key management personnel £450 (2018 - £450). |