K Limer Services Limited - Period Ending 2014-12-31

Registration number: 07834525

K Limer Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

K Limer Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
K Limer Services Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K Limer Services Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of K Limer Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of K Limer Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K Limer Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K Limer Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K Limer Services Limited. You consider that K Limer Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of K Limer Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

6 August 2015

Page 1

K Limer Services Limited
(Registration number: 07834525)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		2			-			3,400
Tangible fixed assets		2			37,558			34,285
					37,558			37,685
Current assets
Stocks					98			77
Debtors					5,234			8,758
Cash at bank and in hand					2,624			15
					7,956			8,850
Creditors: Amounts falling due within one year		3			(25,151)			(35,910)
Net current liabilities					(17,195)			(27,060)
Total assets less current liabilities					20,363			10,625
Creditors: Amounts falling due after more than one year					(13,090)			(4,000)
Provisions for liabilities					(7,122)			(6,200)
Net assets					151			425
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					51			325
Shareholders' funds					151			425

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

K Limer Services Limited
(Registration number: 07834525)
Abbreviated Balance Sheet at 31 December 2014
......... continued

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved and authorised for issue by the director on 6 August 2015

.........................................
K A Limer
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

K Limer Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax calculated using the flat rate scheme, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	33.3% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

K Limer Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Goodwill £			Total £
Cost
At 1 January 2014		10,000			10,000
At 31 December 2014		10,000			10,000
Amortisation
At 1 January 2014		6,600			6,600
Charge for the year		3,400			3,400
At 31 December 2014		10,000			10,000
Net book value
At 31 December 2014		-			-

Page 5

K Limer Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		10,000			43,967			53,967
Additions		-			11,848			11,848
Disposals		-			(4,230)			(4,230)
At 31 December 2014		10,000			51,585			61,585
Depreciation
At 1 January 2014		6,600			9,682			16,282
Charge for the year		3,400			5,519			8,919
Eliminated on disposals		-			(1,174)			(1,174)
At 31 December 2014		10,000			14,027			24,027
Net book value
At 31 December 2014		-			37,558			37,558
At 31 December 2013		3,400			34,285			37,685

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		3,616			2,700
Amounts falling due after more than one year		4,656			4,000
Total secured creditors		8,272			6,700

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 6