Company Registration No. 08096200 (England and Wales)
LORD ACCOUNTING & FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
LORD ACCOUNTING & FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr R D Marshall
Mr J J Lord
Mrs E Grice
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 Plc
144 New Street
Birmingham
West Midlands
B2 4NY
LORD ACCOUNTING & FINANCE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
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 2020
- 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 2020 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
30 September 2020
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LORD ACCOUNTING & FINANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
179,460
219,340
Tangible assets
4
-
423
179,460
219,763
Current assets
Debtors
5
271,356
155,061
Cash at bank and in hand
48,037
27,128
319,393
182,189
Creditors: amounts falling due within one year
6
(243,537)
(152,699)
Net current assets
75,856
29,490
Total assets less current liabilities
255,316
249,253
Provisions for liabilities
7
-
(23)
Net assets
255,316
249,230
Capital and reserves
Called up share capital
8
100
100
Capital redemption reserve
3
3
Profit and loss reserves
255,213
249,127
Total equity
255,316
249,230
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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
LORD ACCOUNTING & FINANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2020 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 2020
- 4 -
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.
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
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
1.5
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 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
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 7
(2019 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
398,800
Amortisation and impairment
At 1 April 2019
179,460
Amortisation charged for the year
39,880
At 31 March 2020
219,340
Carrying amount
At 31 March 2020
179,460
At 31 March 2019
219,340
LORD ACCOUNTING & FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2019 and 31 March 2020
1,269
Depreciation and impairment
At 1 April 2019
846
Depreciation charged in the year
423
At 31 March 2020
1,269
Carrying amount
At 31 March 2020
-
At 31 March 2019
423
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
84,410
138,558
Amounts owed by group undertakings
43,244
14,496
Other debtors
143,613
2,007
271,267
155,061
Deferred tax asset
89
-
271,356
155,061
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
2,102
578
Taxation and social security
74,961
31,833
Other creditors
166,474
120,288
243,537
152,699
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
-
23
LORD ACCOUNTING & FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary A of £1 each
60
60
35 Ordinary B of £1 each
35
35
5 Ordinary C of £1 each
5
5
100
100
9
Related party transactions
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.
10
Control
Ultimate parent company
The ultimate parent company is J J Lord Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr J J Lord by virtue of his shareholding in the ultimate parent company.