Lithe IT Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC399059 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2015

for

Lithe IT Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

D Crawford

B McNabb

A G Murphy

REGISTERED OFFICE:

429 - 432 Baltic Chambers

50 Wellington Street

Glasgow

G2 6HJ

REGISTERED NUMBER:

SC399059 (Scotland)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

11 Somerset Place

Glasgow

G3 7JT

FIXED ASSETS

Tangible assets

2

7,603

2,345

CURRENT ASSETS

Debtors

84,939

55,602

Cash at bank and in hand

256,303

92,968

341,242

148,570

CREDITORS

Amounts falling due within one year

168,404

60,739

NET CURRENT ASSETS

172,838

87,831

TOTAL ASSETS LESS CURRENT LIABILITIES

180,441

90,176

CAPITAL AND RESERVES

Called up share capital

3

300

200

Profit and loss account

180,141

89,976

SHAREHOLDERS' FUNDS

180,441

90,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 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 24 July 2015 and were signed on its behalf by:

D Crawford - Director

A G Murphy - Director

B McNabb - 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 services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

50% 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

3,194

Additions

9,492

At 31 May 2015

12,686

DEPRECIATION

At 1 June 2014

849

Charge for year

4,234

At 31 May 2015

5,083

NET BOOK VALUE

At 31 May 2015

7,603

At 31 May 2014

2,345

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

£

297

A Ordinary

£1

297

200

3

C Ordinary

£1

3

-

300

200

During the year 100 B Ordinary shares were issued at cash at par. These 100 B Ordinary shares were then

reclassified to 100 A Ordinary shares.

3 A Ordinary shares were then reclassified to 3 C Ordinary shares.