Company Registration No. SC296628 (Scotland)
LOWER LETHAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
LOWER LETHAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LOWER LETHAM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,947,680
2,022,528
Current assets
Stocks
34,390
32,435
Debtors
5
39,079
30,643
Cash at bank and in hand
225,982
182,734
299,451
245,812
Creditors: amounts falling due within one year
6
(3,197,821)
(2,284,516)
Net current liabilities
(2,898,370)
(2,038,704)
Total assets less current liabilities
49,310
(16,176)
Provisions for liabilities
(8,656)
(2,337)
Net assets/(liabilities)
40,654
(18,513)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
40,652
(18,515)
Total equity
40,654
(18,513)
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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
LOWER LETHAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 March 2021 and are signed on its behalf by:
J Clark
Director
Company Registration No. SC296628
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Lower Letham Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
House of Nairne, Stanley, Perth, United Kingdom, PH1 4PT.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The continued existence of the company is reliant on the support of the directors.
1.3
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
SFPS entitlement was amortised over its estimated useful life and now has nil value.
1.5
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 land and buildings
5% on cost
Plant and equipment
20% on reducing balance and 15% on reducing balance
No depreciation is provided on land.
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
.
1.6
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.
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
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:
2020
2019
Number
Number
Total
2
2
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Intangible fixed assets
SFPS entitlement
£
Cost
At 1 April 2019 and 31 March 2020
42,630
Amortisation and impairment
At 1 April 2019 and 31 March 2020
42,630
Carrying amount
At 31 March 2020
-
At 31 March 2019
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
2,020,591
37,426
2,058,017
Additions
890,341
47,482
937,823
Disposals
-
(3,500)
(3,500)
At 31 March 2020
2,910,932
81,408
2,992,340
Depreciation and impairment
At 1 April 2019
11,809
23,680
35,489
Depreciation charged in the year
2,362
9,201
11,563
Eliminated in respect of disposals
-
(2,392)
(2,392)
At 31 March 2020
14,171
30,489
44,660
Carrying amount
At 31 March 2020
2,896,761
50,919
2,947,680
At 31 March 2019
2,008,782
13,746
2,022,528
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
39,079
30,643
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
13,218
17,973
Corporation tax
7,195
3,985
Other creditors
3,177,408
2,262,558
3,197,821
2,284,516
7
Related party transactions
At the balance sheet date, the company owed £2,325,558 (2019 - £2,260,858) to Mrs M Clark, a director. This loan has an interest rate of 0% (2019: 4%) and interest of £nil (2019 - £11,517) was charged in the financial year. This loan is unsecured and there are no fixed terms for repayment.
During the year, Iain Clark, a related party by virtue of the fact that he is the son of the directors, provided a loan to the company for £850,000. The balance due to Iain Clark at the 31 March 2020 was £850,000. The loan is unsecured, interest free and repayable on demand.
8
Ultimate Controlling Party
The ultimate controlling party is the Clark Family.