Company Registration No. 09642146 (England and Wales)
LAUNCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
LAUNCH LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
LAUNCH LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAUNCH LIMITED FOR THE YEAR ENDED 30 APRIL 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 Launch Limited for the year ended 30 April 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 Launch 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 Launch Limited
and state those matters that we have agreed to state to the Board of Directors of Launch 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 Launch Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Launch 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 Launch Limited. You consider that Launch 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 Launch 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
10 October 2017
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LAUNCH LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
286,125
-
Investments
4
195
195
286,320
195
Current assets
Debtors
5
59,890
-
Cash at bank and in hand
152,308
135,184
212,198
135,184
Creditors: amounts falling due within one year
6
(244,983)
(30,544)
Net current (liabilities)/assets
(32,785)
104,640
Total assets less current liabilities
253,535
104,835
Creditors: amounts falling due after more than one year
7
(143,665)
-
Provisions for liabilities
(992)
-
Net assets
108,878
104,835
Capital and reserves
Called up share capital
10
101
101
Profit and loss reserves
108,777
104,734
Total equity
108,878
104,835
The director 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 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his 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.
LAUNCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 10 October 2017
Mr M Eastwood
Director
Company Registration No. 09642146
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
1
Accounting policies
Company information
Launch Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 20, Arden Business Centre, Arden Road, Alcester, Warwickshire, United Kingdom, B49 6HW.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Launch 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 16 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
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
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:
Freehold property
not provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
No deprecation is provided on freehold property. This treatment may be a departure from the requirements of the Companies Act 2006 concerning deprecation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties which includes the reinstatement of the fabric of buildings where necessary in order to maintain them to a high standard. Accordingly in the opinion of the director any element of deprecation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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.
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
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Freehold property
£
Cost
At 1 May 2016
-
Additions
286,125
At 30 April 2017
286,125
Depreciation and impairment
At 1 May 2016 and 30 April 2017
-
Carrying amount
At 30 April 2017
286,125
At 30 April 2016
-
4
Fixed asset investments
2017
2016
£
£
Investments
195
195
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2016 & 30 April 2017
195
Carrying amount
At 30 April 2017
195
At 30 April 2016
195
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Amounts due from group undertakings
45,687
-
Other debtors
14,203
-
59,890
-
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
9,478
-
Trade creditors
50
-
Amounts due to group undertakings
200,141
17,863
Corporation tax
3,684
5,487
Other taxation and social security
1,918
5,617
Other creditors
29,712
1,577
244,983
30,544
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
143,665
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
100,855
-
8
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Bank loans
153,143
-
Bank loans are secured by way of a fixed and floating charge over all assets of Launch Limited to Lloyds Bank PLC.
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
9
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
992
-
992
-
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
91 Ordinary A of £1 each
91
91
10 Ordinary B of £1 each
10
10
101
101
11
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.
12
Ultimate controlling party
The ultimate controlling party is Mr M Eastwood.