Level Contracts Ltd - Limited company - abbreviated

REGISTERED NUMBER: 07422161 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

LEVEL CONTRACTS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A C Teear

S A Lines

REGISTERED OFFICE:

Upper House Farm

Burlingjobb

Presteigne

Powys

LD8 2PW

REGISTERED NUMBER:

07422161 (England and Wales)

ACCOUNTANTS:

Elsby & Company Ltd

Thistle Down Barn

Holcot Lane

Sywell

Northants

Northamptonshire

NN6 0BG

FIXED ASSETS

Intangible assets

2

10,800

12,600

Tangible assets

3

11,761

4,527

22,561

17,127

CURRENT ASSETS

Debtors

137,782

74,168

Cash at bank and in hand

2,779

5,197

140,561

79,365

CREDITORS

Amounts falling due within one year

147,935

74,890

NET CURRENT (LIABILITIES)/ASSETS

(7,374

)

4,475

TOTAL ASSETS LESS CURRENT
LIABILITIES

15,187

21,602

CREDITORS

Amounts falling due after more than one year

(11,834

)

-

PROVISIONS FOR LIABILITIES

(2,326

)

(874

)

NET ASSETS

1,027

20,728

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

1,025

20,726

SHAREHOLDERS' FUNDS

1,027

20,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 February 2015 and were signed on its behalf by:

A C Teear - Director

S A Lines - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. The company uses the VAT Flat

Rate Scheme; turnover includes the adjustment for the difference between the output VAT charged and the amount paid

to H M Revenue & Customs.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

and 31 October 2014

18,000

AMORTISATION

At 1 November 2013

5,400

Amortisation for year

1,800

At 31 October 2014

7,200

NET BOOK VALUE

At 31 October 2014

10,800

At 31 October 2013

12,600

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

7,501

Additions

12,134

At 31 October 2014

19,635

DEPRECIATION

At 1 November 2013

2,974

Charge for year

4,900

At 31 October 2014

7,874

NET BOOK VALUE

At 31 October 2014

11,761

At 31 October 2013

4,527

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

2

Ordinary A

£1

2

5.	SECURED LIABILITY

A debenture charge was registered at Companies House on 24th August 2014 in respect of the debt factor. The debenture

is over all company property and trade debtors.

Level Contracts Ltd - Limited company - abbreviated - 11.6

Level Contracts Ltd - Limited company - abbreviated - 11.6