false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
2,491
1,494
498
1,992
499
997
100
100
100
xbrli:pure
xbrli:shares
iso4217:GBP
3414639
2017-04-01
2018-03-31
3414639
2018-03-31
3414639
2017-03-31
3414639
2016-04-01
2017-03-31
3414639
2017-03-31
3414639
core:NetGoodwill
2017-04-01
2018-03-31
3414639
core:PlantMachinery
2017-04-01
2018-03-31
3414639
core:FurnitureFittings
2017-04-01
2018-03-31
3414639
core:MotorVehicles
2017-04-01
2018-03-31
3414639
bus:Director1
2017-04-01
2018-03-31
3414639
core:NetGoodwill
2017-03-31
3414639
core:NetGoodwill
2018-03-31
3414639
core:LandBuildings
2017-03-31
3414639
core:PlantMachinery
2017-03-31
3414639
core:FurnitureFittings
2017-03-31
3414639
core:MotorVehicles
2017-03-31
3414639
core:LandBuildings
2018-03-31
3414639
core:PlantMachinery
2018-03-31
3414639
core:FurnitureFittings
2018-03-31
3414639
core:MotorVehicles
2018-03-31
3414639
core:WithinOneYear
2018-03-31
3414639
core:WithinOneYear
2017-03-31
3414639
core:AfterOneYear
2018-03-31
3414639
core:AfterOneYear
2017-03-31
3414639
core:ShareCapital
2018-03-31
3414639
core:ShareCapital
2017-03-31
3414639
core:OtherReservesSubtotal
2018-03-31
3414639
core:OtherReservesSubtotal
core:RestatedAmount
2017-03-31
3414639
core:RetainedEarningsAccumulatedLosses
2018-03-31
3414639
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2017-03-31
3414639
core:RestatedAmount
2017-03-31
3414639
core:NetGoodwill
2017-03-31
3414639
core:CostValuation
core:Non-currentFinancialInstruments
2018-03-31
3414639
core:Non-currentFinancialInstruments
2018-03-31
3414639
core:Non-currentFinancialInstruments
2017-03-31
3414639
core:LandBuildings
2017-03-31
3414639
core:PlantMachinery
2017-03-31
3414639
core:FurnitureFittings
2017-03-31
3414639
bus:SmallEntities
2017-04-01
2018-03-31
3414639
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
3414639
bus:FullAccounts
2017-04-01
2018-03-31
3414639
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
3414639
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
COMPANY REGISTRATION NUMBER:
3414639
Filleted Unaudited Financial Statements
|
|
Statement of Financial Position
|
|
31 March 2018
Fixed assets
Intangible assets
|
5
|
|
499
|
997
|
Tangible assets
|
6
|
|
754,412
|
755,292
|
Investments
|
7
|
|
100
|
100
|
|
|
---------
|
---------
|
|
|
755,011
|
756,389
|
|
|
|
|
|
Current assets
Debtors
|
8
|
267,642
|
|
202,742
|
Investments
|
9
|
94,890
|
|
132,878
|
Cash at bank and in hand
|
722
|
|
278
|
|
---------
|
|
---------
|
|
363,254
|
|
335,898
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
10
|
216,264
|
|
207,939
|
|
---------
|
|
---------
|
Net current assets
|
|
146,990
|
127,959
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
902,001
|
884,348
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
11
|
|
217,053
|
225,458
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
95,531
|
95,531
|
|
|
---------
|
---------
|
Net assets
|
|
589,417
|
563,359
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
61,000
|
61,000
|
Fair Value Reserve
|
|
402,754
|
402,754
|
Profit and loss account
|
|
125,663
|
99,605
|
|
|
---------
|
---------
|
Shareholders funds
|
|
589,417
|
563,359
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Statement of Financial Position (continued)
|
|
31 March 2018
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
13 December 2018
, and are signed on behalf of the board by:
Company registration number:
3414639
Notes to the Financial Statements
|
|
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Westfield Park, Redland, Bristol, BS6 6LT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
25% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment
|
-
|
25% reducing balance
|
|
Fixtures & Fittings
|
-
|
25% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2017:
2
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 April 2017 and 31 March 2018
|
2,491
|
|
-------
|
Amortisation
|
|
At 1 April 2017
|
1,494
|
Charge for the year
|
498
|
|
-------
|
At 31 March 2018
|
1,992
|
|
-------
|
Carrying amount
|
|
At 31 March 2018
|
499
|
|
-------
|
At 31 March 2017
|
997
|
|
-------
|
|
|
6.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 April 2017
|
750,000
|
17,066
|
35,961
|
5,050
|
808,077
|
Additions
|
–
|
591
|
–
|
–
|
591
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
At 31 March 2018
|
750,000
|
17,657
|
35,961
|
5,050
|
808,668
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
Depreciation
|
|
|
|
|
|
At 1 April 2017
|
–
|
16,829
|
30,906
|
5,050
|
52,785
|
Charge for the year
|
–
|
207
|
1,264
|
–
|
1,471
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
At 31 March 2018
|
–
|
17,036
|
32,170
|
5,050
|
54,256
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
Carrying amount
|
|
|
|
|
|
At 31 March 2018
|
750,000
|
621
|
3,791
|
–
|
754,412
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
At 31 March 2017
|
750,000
|
237
|
5,055
|
–
|
755,292
|
|
---------
|
--------
|
--------
|
-------
|
---------
|
|
|
|
|
|
|
Tangible assets held at valuation
The investment property was acquired on 16 October 2000 and its fair value at the balance sheet date has been determined by reference to recent market prices of similar properties in the area. The company’s investment property has been pledged as security for borrowings.
7.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 April 2017 and 31 March 2018
|
100
|
|
----
|
Impairment
|
|
At 1 April 2017 and 31 March 2018
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 31 March 2018
|
100
|
|
----
|
At 31 March 2017
|
100
|
|
----
|
|
|
The company owns 100% of the issued share capital of Laval Digital Ltd a company incorporated in England & Wales.
In the opinion of the directors the value to the company of the unlisted investments is not less than the book value shown above.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Other debtors
|
267,642
|
202,742
|
|
---------
|
---------
|
|
|
|
9.
Investments
|
2018
|
2017
|
|
£
|
£
|
Other investments - Azzetz
|
45,702
|
43,800
|
Other investments - Funding Circle
|
3,163
|
25,859
|
Other investments - Ratesetter
|
31,202
|
30,413
|
Other investments - Rebuild
|
5,318
|
15,522
|
Other investments - Savings stream
|
9,505
|
17,284
|
|
--------
|
---------
|
|
94,890
|
132,878
|
|
--------
|
---------
|
|
|
|
10.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
17,333
|
17,333
|
Trade creditors
|
661
|
–
|
Corporation tax
|
5,268
|
8,030
|
Social security and other taxes
|
236
|
327
|
Client a/c
|
|
|
Other creditors
|
181,387
|
174,509
|
|
---------
|
---------
|
|
216,264
|
207,939
|
|
---------
|
---------
|
|
|
|
The bank loan and overdraft are secured by a fixed and floating charge over the companys property and undertakings dated 28 September 2015.
11.
Creditors:
amounts falling due after more than one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
217,053
|
225,458
|
|
---------
|
---------
|
|
|
|
The bank loan and overdraft are secured by a fixed and floating charge over the companys property and undertakings dated 28 September 2015.
Included within creditors: amounts falling due after more than one year is an amount of £147,720 (2017: £156,125) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is being repaid by instalments over a Fifteen year term. Interest is charged at 4.39% per annum. Fourteen years remain outstanding at the balance sheet date.
12.
Related party transactions
The company was under the control of Mr M Laval throughout the current and previous year. Mr M Laval is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.