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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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Levant Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2018 |
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for |
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Levant Ltd |
Levant Ltd (Registered number: SC249865) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Levant Ltd |
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Company Information |
for the Year Ended 31 October 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
25 Sandyford Place |
Glasgow |
G3 7NG |
Levant Ltd (Registered number: SC249865) |
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Balance Sheet |
31 October 2018 |
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31.10.18 | 31.10.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stock |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Levant Ltd (Registered number: SC249865) |
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Balance Sheet - continued |
31 October 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Levant Ltd (Registered number: SC249865) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2018 |
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1. | STATUTORY INFORMATION |
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Levant Ltd is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Intangible fixed assets |
Goodwill, is being amortised evenly from 1/11/2016 at 10% per annum on a straight line basis. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Fittings and equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stock |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Financial instruments |
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable |
or payable within one year, are recorded at transaction price. Any losses arising from impairment are |
recognised in the profit and loss account in administrative expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Levant Ltd (Registered number: SC249865) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2017 |
and 31 October 2018 |
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AMORTISATION |
At 1 November 2017 |
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Amortisation for year |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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Levant Ltd (Registered number: SC249865) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fittings |
and | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2017 |
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Additions |
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Disposals |
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At 31 October 2018 |
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DEPRECIATION |
At 1 November 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 October 2018 |
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NET BOOK VALUE |
At 31 October 2018 |
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At 31 October 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.18 | 31.10.17 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | PROVISIONS FOR LIABILITIES |
31.10.18 | 31.10.17 |
£ | £ |
Deferred tax |
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Levant Ltd (Registered number: SC249865) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2018 |
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8. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 November 2017 |
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Credit to Income Statement during year | ( |
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Balance at 31 October 2018 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The outstanding director's loan account balance of £406,570 was repaid in full by 30 April 2019. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company was under the control of Mr and Mrs J Shergill, the directors, throughout the year. Mr |
and Mrs Shergill are personally interested in 100% of the company's issued share capital. There were |
no transactions during the year between the company and Mr and Mrs Shergill, other than as noted |
above. |
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