Registration number:
Laytons Computer Services Limited
for the Year Ended 31 March 2017
Chartered Accountants
15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU
Laytons Computer Services Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Laytons Computer Services Limited
(Registration number: 03346936)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr J V Gavan
Director
Page 1 |
Laytons Computer Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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Laytons Computer Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
The net investment in finance leases represents the amounts due to the company in respect of assets let under finance agreements.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2017 |
2016 |
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Other inventories |
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Page 3 |
Laytons Computer Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Less non-current portion |
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Total current trade and other debtors |
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Details of non-current trade and other debtors
£33,033 (2016 -£98,286) of other debtors is classified as non current, in relation to the net investment in finance lease rentals receivable after more than one year.
Creditors |
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2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
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2016 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loan is secured by a debenture over the assets of the company.
Related party transactions |
Summary of transactions with other related parties
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Laytons Computer Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Income and receivables from related parties
2017 |
Other related parties |
Sale of goods |
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Leases |
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Amounts receivable from related party |
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2016 |
Other related parties |
Sale of goods |
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Leases |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2017 |
Other related parties |
Rendering of services |
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Amounts payable to related party |
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2016 |
Other related parties |
Rendering of services |
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Amounts payable to related party |
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Loans from related parties
2017 |
Other related parties |
At start of period |
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2016 |
Other related parties |
At start of period |
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Terms of loans from related parties
Page 5 |
Laytons Computer Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
No restatement of shareholders' funds and profit after tax in respect of the comparative period has been required as a consequence of adopting FRS 102.
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