Company Registration No. SC296628 (Scotland)
LOWER LETHAM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
LOWER LETHAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LOWER LETHAM LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,094,237
2,947,680
Investments
6
100,000
3,194,237
2,947,680
Current assets
Stocks
6,940
34,390
Debtors
7
32,914
39,079
Cash at bank and in hand
95,478
225,982
135,332
299,451
Creditors: amounts falling due within one year
8
(77,407)
(3,197,821)
Net current assets/(liabilities)
57,925
(2,898,370)
Total assets less current liabilities
3,252,162
49,310
Provisions for liabilities
(26,731)
(8,656)
Net assets
3,225,431
40,654
Capital and reserves
Called up share capital
92
2
Share premium account
3,149,910
Profit and loss reserves
75,429
40,652
Total equity
3,225,431
40,654
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 2021 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 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 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 2021
- 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 2021
1
Accounting policies
(Continued)
- 4 -
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Intangible fixed assets
SFPS entitlement
£
Cost
At 1 April 2020 and 31 March 2021
42,630
Amortisation and impairment
At 1 April 2020 and 31 March 2021
42,630
Carrying amount
At 31 March 2021
At 31 March 2020
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020
2,910,932
81,408
2,992,340
Additions
147,872
10,376
158,248
At 31 March 2021
3,058,804
91,784
3,150,588
Depreciation and impairment
At 1 April 2020
14,171
30,489
44,660
Depreciation charged in the year
2,361
9,330
11,691
At 31 March 2021
16,532
39,819
56,351
Carrying amount
At 31 March 2021
3,042,272
51,965
3,094,237
At 31 March 2020
2,896,761
50,919
2,947,680
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Fixed asset investments
2021
2020
£
£
Other investments other than loans
100,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2020
-
Additions
100,000
At 31 March 2021
100,000
Carrying amount
At 31 March 2021
100,000
At 31 March 2020
-
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
6,688
Other debtors
26,226
39,079
32,914
39,079
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
11,841
13,218
Corporation tax
11,362
7,195
Other creditors
54,204
3,177,408
77,407
3,197,821
LOWER LETHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
9
Related party transactions
At the balance sheet date, the company owed £22,354 (2020 - £2,325,558) to Mrs M Clark, a director. This loan has an interest rate of 0% (2020: 0%) and interest of £nil (2020 - £nil) was charged in the financial year. During the year Mrs M Clark paid £6,796 on behalf of the company. In addition, loan finance of £2,310,000 was converted to share capital in the year. This loan is unsecured and there are no fixed terms for repayment.
At the balance sheet date, the company owed £10,000 (2020 -£850,000) to Iain Clark, the directors son. This loan has an interest rate of 0% (2020: 0%) and interest of £nil (2020 - £nil) was charged in the financial year. During the year loan finance of £840,000 was converted to share capital. This loan is unsecured and there are no fixed terms for repayment.
10
Ultimate Controlling Party
The ultimate controlling party is the Clark Family.