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No description of principal activity
2018-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC183707
2018-04-01
2019-03-31
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2018-03-31
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2018-03-31
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2019-03-31
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2018-03-31
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2019-03-31
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2019-03-31
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2019-03-31
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2019-03-31
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1
2019-03-31
COMPANY REGISTRATION NUMBER:
SC183707
Lilybank Trading Company Limited
|
|
Filleted Unaudited Abridged Financial Statements
|
|
Lilybank Trading Company Limited
|
|
Abridged Financial Statements
|
|
Year ended 31 March 2019
Abridged statement of financial position
|
1
|
|
|
Notes to the abridged financial statements
|
3
|
|
|
Lilybank Trading Company Limited
|
|
Abridged Statement of Financial Position
|
|
31 March 2019
Fixed assets
Tangible assets
|
5
|
|
377,612
|
242,328
|
Investments
|
6
|
|
7,600
|
15,100
|
|
|
---------
|
---------
|
|
|
385,212
|
257,428
|
|
|
|
|
|
Current assets
Debtors
|
715
|
|
40,679
|
Cash at bank and in hand
|
192,899
|
|
279,367
|
|
---------
|
|
---------
|
|
193,614
|
|
320,046
|
|
|
|
|
Creditors: amounts falling due within one year
|
19,552
|
|
27,121
|
|
---------
|
|
---------
|
Net current assets
|
|
174,062
|
292,925
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
559,274
|
550,353
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
4,325
|
2,675
|
|
|
---------
|
---------
|
Net assets
|
|
554,949
|
547,678
|
|
|
---------
|
---------
|
|
|
|
|
Lilybank Trading Company Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
31 March 2019
Capital and reserves
Called up share capital
|
|
1,000
|
1,000
|
Other reserves
|
|
29,955
|
20,480
|
Profit and loss account
|
|
523,994
|
526,198
|
|
|
---------
|
---------
|
Shareholders funds
|
|
554,949
|
547,678
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 December 2019
, and are signed on behalf of the board by:
Mr A G Gilchrist
|
Mrs M J Gilchrist
|
Director
|
Director
|
|
|
Company registration number:
SC183707
Lilybank Trading Company Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 22A Wellhall Road, Hamilton, Lanarkshire, ML3 9BG.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles
|
-
|
25% reducing balance
|
|
Equipment
|
-
|
15% reducing balance
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Depreciation is not provided on Investment Properties.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised
.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 April 2018
|
286,597
|
Additions
|
136,234
|
Disposals
|
(
44,690)
|
|
---------
|
At 31 March 2019
|
378,141
|
|
---------
|
Depreciation
|
|
At 1 April 2018
|
44,269
|
Charge for the year
|
269
|
Disposals
|
(
44,009)
|
|
---------
|
At 31 March 2019
|
529
|
|
---------
|
Carrying amount
|
|
At 31 March 2019
|
377,612
|
|
---------
|
At 31 March 2018
|
242,328
|
|
---------
|
|
|
6.
Investments
|
£
|
Cost
|
|
At 1 April 2018
|
15,100
|
Additions
|
15,000
|
Disposals
|
(
22,500)
|
|
--------
|
At 31 March 2019
|
7,600
|
|
--------
|
Impairment
|
|
At 1 April 2018 and 31 March 2019
|
–
|
|
--------
|
Carrying amount
|
|
At 31 March 2019
|
7,600
|
|
--------
|
At 31 March 2018
|
15,100
|
|
--------
|
|
|
7.
Directors' advances, credits and guarantees
The company made payments and advances to the directors totalling £
26,084
(2018 - £68,762) in the year and the directors made repayments of £ 70,000
(2018 - £148,880). The balance owed to the directors at 31 March 2019 was £ 3,952
(2018 owed by the directors - £39,964). Interest at 3% is paid on the outstanding loan balance and amounted to £116 (2018 - £1,728).
8.
Related party transactions
The company owns 50% of the issued share capital of Clydeforth Engineers and Contractors Ltd. A G Gilchrist is a director of that company. The company received management fees from Clydeforth Engineers & Contractors Ltd in the year amounting to £61,020 (2018 - £102,420). Dividends of £36,000 (2018 - £60,000) were paid to the directors in the year.