Company Registration No. 08096200 (England and Wales)
LORD ACCOUNTING & FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
LORD ACCOUNTING & FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr R D Marshall
Mr J J Lord
Company number
08096200
Registered office
Crown House
The Square
Alvechurch
Birmingham
West Midlands
B48 7LA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Royal Bank of Scotland
57 Calthorpe Road
Edgbaston
Birmingham
B15 1TT
LORD ACCOUNTING & FINANCE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
LORD ACCOUNTING & FINANCE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LORD ACCOUNTING & FINANCE LIMITED FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lord Accounting & Finance Limited for the year ended 31 March 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made solely to the Board of Directors of Lord Accounting & Finance Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lord Accounting & Finance Limited
and state those matters that we have agreed to state to the Board of Directors of Lord Accounting & Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lord Accounting & Finance Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Lord Accounting & Finance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Lord Accounting & Finance Limited. You consider that Lord Accounting & Finance Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lord Accounting & Finance Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
3 October 2017
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LORD ACCOUNTING & FINANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
3
299,100
338,980
Current assets
Debtors
4
139,325
138,501
Cash at bank and in hand
44,975
86,999
184,300
225,500
Creditors: amounts falling due within one year
5
(247,770)
(329,176)
Net current liabilities
(63,470)
(103,676)
Total assets less current liabilities
235,630
235,304
Capital and reserves
Called up share capital
6
100
103
Capital redemption reserve
3
-
Profit and loss reserves
235,527
235,201
Total equity
235,630
235,304
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 3 October 2017 and are signed on its behalf by:
Mr J J Lord
Director
Company Registration No. 08096200
LORD ACCOUNTING & FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Lord Accounting & Finance Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Crown House, The Square, Alvechurch, Birmingham, West Midlands, B48 7LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Lord Accounting & Finance Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LORD ACCOUNTING & FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 8).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
398,800
Amortisation and impairment
At 1 April 2016
59,820
Amortisation charged for the year
39,880
At 31 March 2017
99,700
Carrying amount
At 31 March 2017
299,100
At 31 March 2016
338,980
LORD ACCOUNTING & FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
130,319
133,263
Amounts due from group undertakings
3,441
-
Other debtors
5,565
5,238
139,325
138,501
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
4,775
5,677
Corporation tax
34,082
43,744
Other taxation and social security
10,507
34,825
Other creditors
198,406
244,930
247,770
329,176
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary A of £1 each
60
100
35 Ordinary B of £1 each
35
1
5 Ordinary C of £1 each
5
1
1 Ordinary D of £1 each
-
1
100
103
During the year, the company underwent a share reorganisation.
The company bought back its 1 Ordinary B £1 share, 1 Ordinary C £1 share and 1 Ordinary C £1 share for consideration of £3.
Subsequently, the company then passed a special resolution by reclassifying 40 Ordinary A £1 shares into 35 Ordinary B £1 shares and 5 Ordinary C £1 shares. The rights and privileges attached to these shares remain unaltered.
7
Ultimate parent company
J J Lord Holdings Limited is regarded by the directors as being the company's ultimate parent company.
Ultimate controlling party
The ultimate controlling party is Mr J J Lord by virtue of his shareholding in the ultimate parent company.