Company Registration No. 09642146 (England and Wales)
LAUNCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
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 2019
- 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 2019 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
23 August 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LAUNCH LIMITED
BALANCE SHEET
AS AT 30 APRIL 2019
30 April 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
329,625
331,516
Investments
3
195
195
329,820
331,711
Current assets
Debtors
4
75,008
14,437
Cash at bank and in hand
79,588
147,135
154,596
161,572
Creditors: amounts falling due within one year
5
(73,635)
(142,687)
Net current assets
80,961
18,885
Total assets less current liabilities
410,781
350,596
Creditors: amounts falling due after more than one year
6
(123,327)
(133,717)
Provisions for liabilities
(2,695)
(1,892)
Net assets
284,759
214,987
Capital and reserves
Called up share capital
9
101
101
Profit and loss reserves
284,658
214,886
Total equity
284,759
214,987
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
LAUNCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2019
30 April 2019
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 23 August 2019.
Mr M Eastwood
Director
Company Registration No. 09642146
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 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, 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. The principal accounting policies adopted are set out below.
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
.
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
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
Improvements to property
4% on cost
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.
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 6 -
2
Tangible fixed assets
Freehold property
Improvements to property
Total
£
£
£
Cost
At 1 May 2018 and 30 April 2019
286,125
47,282
333,407
Depreciation and impairment
At 1 May 2018
-
1,891
1,891
Depreciation charged in the year
-
1,891
1,891
At 30 April 2019
-
3,782
3,782
Carrying amount
At 30 April 2019
286,125
43,500
329,625
At 30 April 2018
286,125
45,391
331,516
3
Fixed asset investments
2019
2018
£
£
Investments
195
195
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2018 & 30 April 2019
195
Carrying amount
At 30 April 2019
195
At 30 April 2018
195
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,981
474
Other debtors
58,027
13,963
75,008
14,437
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
10,390
9,948
Amounts owed to group undertakings
50,579
122,456
Corporation tax
7,502
7,172
Other taxation and social security
4,052
2,111
Other creditors
1,112
1,000
73,635
142,687
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
123,327
133,717
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
76,121
88,775
7
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Bank loans
133,717
143,665
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
2,695
1,892
LAUNCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 8 -
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
85 Ordinary A of £1 each
85
85
10 Ordinary B of £1 each
10
10
6 Ordinary C of £1 each
6
6
101
101
10
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.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan account
2.50
-
19,910
247
20,157
-
19,910
247
20,157
The directors loan was repaid within nine months of the year end.
12
Ultimate controlling party
The ultimate controlling party is Mr M Eastwood.