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Unaudited Financial Statements for the Year Ended 31 May 2017 |
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LAN CONCEPTS LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2017 |
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for |
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LAN CONCEPTS LIMITED |
LAN CONCEPTS LIMITED (Registered number: 03988198) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LAN CONCEPTS LIMITED |
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Company Information |
for the Year Ended 31 May 2017 |
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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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152 Kidmore End Road |
Emmer Green |
Reading |
Berkshire |
RG4 8SP |
LAN CONCEPTS LIMITED (Registered number: 03988198) |
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Balance Sheet |
31 May 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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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 |
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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 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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LAN CONCEPTS LIMITED (Registered number: 03988198) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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LAN CONCEPTS LIMITED is a
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registered 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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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
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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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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LAN CONCEPTS LIMITED (Registered number: 03988198) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2016 |
and 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
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COST |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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6. | DEBTORS |
31.5.17 | 31.5.16 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Prepayments and accrued income |
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Amounts falling due after more than one year: |
Amounts owed by/to Associates |
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Aggregate amounts |
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LAN CONCEPTS LIMITED (Registered number: 03988198) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 27,534 | 5,918 |
Other creditors |
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Directors' current accounts | 10,681 | 10,065 |
Accrued expenses |
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8. | RELATED PARTY DISCLOSURES |
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The Company is under the control of Mr Kevin Clark and Mrs Rebecca Clark who own 65% of the Issued Share Capital. Mr |
Kevin Clark and Mr Mark Culver are both directors of the Company. |
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The company is a related party of Air Concepts Limited, which is also under the control of Mr Kevin Clark, Mrs Rebecca |
Clark and Mr Mark Culver. |
At 31st May 2017 the company was owed £253 (2016: £312) from and owed £0 (2016: £30,000) to Air Concepts Limited in |
respect of arm's length transactions between the two companies. |
The total amount of transactions between the two companies were as follows: |
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£471 - sales (2016: £260) |
£0 - purchases (2016: £41,051) |
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The company is the holding company of Electrical Concepts Ltd (by holding 66.67% of the Issued Share Capital), which is |
also ultimately under the control of Mr Kevin Clark, Mrs Rebecca Clark and Mr Mark Culver. |
The total Loan granted to Electrical Concepts Ltd is £0 at 31st May 2017 (2016: £30,000). |
At 31st May 2017 the company was owed £5,600 (2016: £8,265) from and owed £0 (2016: £126) to Electrical Concepts Ltd |
in respect of arm's length transactions between the two companies. |
The total amount of transactions between the two companies were as follows: |
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£8,855 - sales (2016: £29,799) |
£0 - purchases (2016: £105) |
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The company is the holding company of Property Concepts (Southern) Ltd (by holding 100% of the Issued Share Capital), |
which is also ultimately under the control of Mr Kevin Clark, Mrs Rebecca Clark and Mr Mark Culver. |
During the year, company granted an additional loan of £10,000 to Property Concepts (Southern) Ltd, which in total |
amounted to £390,000 at 31st May 2017. |
At 31st May 2017 the company was owed £5,413 (2016: £0) from and owed £0 (2016: £0) to Property Concepts (Southern) |
Ltd in respect of arm's length transactions between the two companies. |
The total amount of transactions between the two companies were as follows: |
£4,511 - sales (2016: £110) |
£0 - purchases (2016: £3,757) |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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