LMC Audio Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01950665 (England and Wales)

Financial Statements for the Year Ended 30 June 2020

for

LMC Audio Systems Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P S Hinkly

Mrs S P Hinkly

Mr J Ridley

Mr D J Stubbs

SECRETARY:

Mrs S P Hinkly

REGISTERED OFFICE:

Unit 10

Cowley Road

London

W3 7XA

REGISTERED NUMBER:

01950665 (England and Wales)

ACCOUNTANTS:

Burnbecks Limited

Chartered Certified Accountants

2B Haddo Street

Greenwich

London

SE10 9RN

FIXED ASSETS

Tangible assets

4

44,529

50,778

CURRENT ASSETS

Stocks

614,450

691,991

Debtors

185,914

225,257

Cash at bank and in hand

15,996

10,338

816,360

927,586

CREDITORS

Amounts falling due within one year

138,959

241,944

NET CURRENT ASSETS

677,401

685,642

TOTAL ASSETS LESS CURRENT LIABILITIES

721,930

736,420

CREDITORS

Amounts falling due after more than one year

720,677

673,551

NET ASSETS

1,253

62,869

CAPITAL AND RESERVES

Called up share capital

5

119,700

119,700

Retained earnings

(118,447

)

(56,831

)

SHAREHOLDERS' FUNDS

1,253

62,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2021 and were signed on its behalf by:

Mr P S Hinkly - Director

1.	STATUTORY INFORMATION

LMC Audio Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

10% on reducing balance

Plant & machinery

-

10% on reducing balance

Equipment & fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

and 30 June 2020

242,500

DEPRECIATION

At 1 July 2019

191,722

Charge for year

6,249

At 30 June 2020

197,971

NET BOOK VALUE

At 30 June 2020

44,529

At 30 June 2019

50,778

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

£

£

119,700

Ordinary

£1

119,700

119,700

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P S Hinkly.