Locke Leisure Products Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 07919764 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 22 JULY 2014

FOR

LOCKE LEISURE PRODUCTS LTD

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

1,651

2,781

CURRENT ASSETS

Stocks

18,264

38,513

Debtors

363

261

Cash at bank

1,230

2,523

19,857

41,297

CREDITORS

Amounts falling due within one year

73,670

64,767

NET CURRENT LIABILITIES

(53,813

)

(23,470

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(52,162

)

(20,689

)

CAPITAL AND RESERVES

Called up share capital

3

1

1

Profit and loss account

(52,163

)

(20,690

)

SHAREHOLDERS' FUNDS

(52,162

)

(20,689

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 22 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 22 July 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 20 March 2015 and were signed by:

R G K Locke - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting

policies adopted in the preparation of the financial statements are set out below and has remained unchanged

from the previous year.

At the balance sheet date the company had net current liabilities of £53,813 (2013 - £23,470) and total net

liabilities of £52,162 (2013 - £20,689). Included in creditors due with one year is a director loan of £24,875. The

director has expressed his willingness to support the company as necessary and along with the forecasted future

profitable trade the business is considered a going concern. The accounts and financial statements have therefore

been prepared on a going concern basis.

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 comprises the value of sales (excluding value added tax, similar taxes and trade discounts) of goods

and services provided in the normal course of business. Revenue is recognised when the goods are despatched,

which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of

ownership passes to the buyer.

Tangible fixed assets

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

Motor vehicles

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 23 July 2013

and 22 July 2014

3,389

DEPRECIATION

At 23 July 2013

608

Charge for year

1,130

At 22 July 2014

1,738

NET BOOK VALUE

At 22 July 2014

1,651

At 22 July 2013

2,781

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1