Burdass Lamb Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06036317

Burdass Lamb Ltd

Abbreviated Unaudited Accounts

For The Year Ended 31 December 2014

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

R D Burdass

Mrs Z L Burdass

I W Burdass

SECRETARY:

Mrs Z L Burdass

REGISTERED OFFICE:

2 West Parade Road

Scarborough

East Yorkshire

YO12 5ED

REGISTERED NUMBER:

06036317

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

BANKERS:

HSBC Bank plc

12 Market Place

Driffield

East Yorkshire

YO25 6AQ

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to seven)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Burdass Lamb Ltd for the year ended 31 December 2014 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes 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 Burdass Lamb Ltd, as a body, in accordance with the terms of our engagement letter dated 1 December 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Burdass Lamb Ltd and state those matters that we have agreed to state to the Board of Directors of Burdass Lamb Ltd, 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 the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Burdass Lamb Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Burdass Lamb Ltd. You consider that Burdass Lamb Ltd 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 financial statements of Burdass Lamb Ltd. 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 financial statements.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

28 September 2015

FIXED ASSETS

Intangible assets

2

9,470

15,152

Tangible assets

3

67,265

70,567

76,735

85,719

CURRENT ASSETS

Stocks

20,715

24,295

Debtors

23,540

19,738

Cash at bank and in hand

3,559

4,091

47,814

48,124

CREDITORS

Amounts falling due within one year

69,559

96,043

NET CURRENT LIABILITIES

(21,745

)

(47,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,990

37,800

CREDITORS

Amounts falling due after more than one year

25,000

25,000

NET ASSETS

29,990

12,800

CAPITAL AND RESERVES

Called up share capital

4

200

200

Profit and Loss Account

29,790

12,600

SHAREHOLDERS' FUNDS

29,990

12,800

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 28 September 2015 and were signed on its behalf by:

I W Burdass - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis. This basis may not be appropriate as at

31 December 2014 the company had net current liabilities of £21,608. However, the company has traded

profitably during the year and the company's main creditors are the directors, who are owed £42,868 at 31

December 2014. The directors are confident that, with their continued support, the company will be able to

continue to trade and hence consider that the going concern basis is appropriate.

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 goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Leasehold improvements

-

Straight line over 20 years

Ewe flock

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

The ewe flock is included in fixed assets at historic cost, or valuation at 75% of market value in respect of home

bred additions. Replacements to the ewe flock are dealt with through the profit and loss account.

No depreciation is provided in respect of the ewe flock because the residual value is expected to be greater than

the book value.

Stocks

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

moving items.

Own produced stock has been valued at cost of production.

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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

28,410

AMORTISATION

At 1 January 2014

13,258

Amortisation for year

5,682

At 31 December 2014

18,940

NET BOOK VALUE

At 31 December 2014

9,470

At 31 December 2013

15,152

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

88,852

Additions

4,904

Disposals

(631

)

At 31 December 2014

93,125

DEPRECIATION

At 1 January 2014

18,285

Charge for year

7,965

Eliminated on disposal

(390

)

At 31 December 2014

25,860

NET BOOK VALUE

At 31 December 2014

67,265

At 31 December 2013

70,567

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

50

Ordinary "A" shares

£1

50

50

150

Ordinary "B" shares

£1

150

150

200

200

Rights Attaching to Shares

Ordinary A Shares

The Ordinary A shares confer on the shareholder all the rights of a member of the company. On a winding up,

the Ordinary A shareholders are entitled to be repaid the amount subscribed on the shares in priority to the

Ordinary B shareholders, and also to participate in any surplus arising.

Ordinary B Shares

The Ordinary B shares confer the right to attend and speak at a general meeting of the company, but not to vote.

On a winding up, the Ordinary B shareholders are entitled to receive the amount subscribed on the shares,

following the repayment to the Ordinary A shareholders. The Ordinary B shareholders are not entitled to

participate in any surplus on a winding up.