Company Registration No. 08236736 (England and Wales)
LORD BOLT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
LORD BOLT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
LORD BOLT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LORD BOLT 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 Bolt 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 Bolt 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 Bolt Limited
and state those matters that we have agreed to state to the Board of Directors of Lord Bolt 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 Bolt Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Lord Bolt 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 loss of Lord Bolt Limited. You consider that Lord Bolt 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 Bolt 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 BOLT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
2
1,419,840
1,597,320
Current assets
-
-
Creditors: amounts falling due within one year
3
(1,934,598)
(1,933,883)
Net current liabilities
(1,934,598)
(1,933,883)
Total assets less current liabilities
(514,758)
(336,563)
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
(514,760)
(336,565)
Total equity
(514,758)
(336,563)
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. 08236736
LORD BOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Lord Bolt 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 Bolt 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
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
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.
2
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
1,972,000
Amortisation and impairment
At 1 April 2016
374,680
Amortisation charged for the year
177,480
At 31 March 2017
552,160
Carrying amount
At 31 March 2017
1,419,840
At 31 March 2016
1,597,320
LORD BOLT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Amounts due to group undertakings
1,933,862
1,933,121
Other creditors
736
762
1,934,598
1,933,883
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2
5
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.