LIBERTY_HOUSE_TOYS_LIMITE - Accounts

LIBERTY HOUSE TOYS LIMITED - Company Information

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Company Registration No. 06127656 (England and Wales)

LIBERTY HOUSE TOYS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2014

LIBERTY HOUSE TOYS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LIBERTY HOUSE TOYS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

3,046

2,793

Current assets

Stocks

120,019

120,758

Debtors

313,166

176,648

Cash at bank and in hand

70,224

26,284

503,409

323,690

Creditors: amounts falling due within one year

(273,392)

(161,870)

Net current assets

230,017

161,820

Total assets less current liabilities

233,063

164,613

Capital and reserves

Called up share capital

Profit and loss account

233,061

164,611

Shareholders' funds

233,063

164,613

For the financial year ended 30 November 2014 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 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 July 2015

Mrs T B Webb

Mr D A Hughes

Director

Company Registration No. 06127656

LIBERTY HOUSE TOYS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% reducing balance to 33% on cost

1.4

Stock

Stock is valued at the lower of cost and net realisable value.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 December 2013

6,054

Additions

1,083

At 30 November 2014

7,137

Depreciation

At 1 December 2013

3,261

Charge for the year

830

At 30 November 2014

4,091

Net book value

At 30 November 2014

3,046

At 30 November 2013

2,793

LIBERTY HOUSE TOYS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary shares of £1 each

Transactions with directors

During the year the company made advances totalling £119,753 (2013 - £43,071) to Mrs T B Webb and Mr A E Webb, the directors. The advances were repayable on demand and attracted interest at HMRC approved rates. These were partially cleared by repayments totalling £79,337 (2013 - £8,698). The balance outstanding at the year end was £74,790 (2013 - £34,373).