Company Registration No. SC133637 (Scotland)
LITTLEJOHNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
LITTLEJOHNS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LITTLEJOHNS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,837
11,478
Current assets
Stocks
934
1,323
Debtors
4
340,266
342,226
Cash at bank and in hand
566,720
415,687
907,920
759,236
Creditors: amounts falling due within one year
5
(460,949)
(455,596)
Net current assets
446,971
303,640
Total assets less current liabilities
458,808
315,118
Provisions for liabilities
(2,012)
-
Net assets
456,796
315,118
Capital and reserves
Called up share capital
6
8,000
8,000
Profit and loss reserves
448,796
307,118
Total equity
456,796
315,118
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 31 March 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.
LITTLEJOHNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 December 2019
Mr I M Shand
Director
Company Registration No. SC133637
LITTLEJOHNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Littlejohns Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
115 Lauriston Place, Edinburgh, Midlothian, United Kingdom, EH3 9JG.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
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:
Leasehold land and buildings
10% Straight Line
Plant and equipment
33% Reducing Balance
Fixtures and fittings
33% Reducing Balance
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LITTLEJOHNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase and directors' loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
LITTLEJOHNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2018 - 16).
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2018
85,474
126,126
12,513
224,113
Additions
-
4,327
-
4,327
At 31 March 2019
85,474
130,453
12,513
228,440
Depreciation and impairment
At 1 April 2018
85,474
116,052
11,110
212,636
Depreciation charged in the year
-
3,755
212
3,967
At 31 March 2019
85,474
119,807
11,322
216,603
Carrying amount
At 31 March 2019
-
10,646
1,191
11,837
At 31 March 2018
-
10,833
645
11,478
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
8,119
11,338
Amounts owed by group undertakings and related parties
216,055
221,765
Other debtors
116,092
109,123
340,266
342,226
LITTLEJOHNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
337,890
335,141
Amounts owed to group undertakings and related parties
2,350
2,350
Corporation tax
33,807
26,588
Other taxation and social security
69,547
73,311
Other creditors
17,355
18,206
460,949
455,596
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
8,000 Ordinary Shares at £1 each
8,000
8,000
8
Controlling party
The company's ultimate parent undertaking is Grinmost (No. 90) Limited, which is registered in Scotland. In the director's opinion, I M Shand is the company's ultimate controlling party, by virtue of his controlling shareholding.
9
Related party transactions
Transactions with related parties
During the year, the company advanced loans of £1,335 (2018 - £9,940) to entities under common control and received repayments £7,045 (2018 - £14,940) from entities under common control.
2019
2018
Amounts due to related parties
£
£
Entities under common control
2,350
2,350
2019
2018
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
105,848
105,848
Entities under common control
84,449
91,356
Other related parties
25,758
24,561