Locks and Leather Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 05125409 (England and Wales)

LOCKS AND LEATHER LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J Beckett

Mrs L M Beckett

SECRETARY:

J Beckett

REGISTERED OFFICE:

Rollestone House

20-22 Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

REGISTERED NUMBER:

05125409 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe

Chartered Certified Accountants

Rollestone House

20-22 Bridge Street

Horncastle

Lincolnshire

LN9 5HZ

FIXED ASSETS

Intangible assets

2

1,620

1,800

Tangible assets

3

1,869

1,044

3,489

2,844

CURRENT ASSETS

Stocks

23,314

22,936

Debtors

1,051

747

Cash at bank

2,896

2

27,261

23,685

CREDITORS

Amounts falling due within one year

18,409

16,383

NET CURRENT ASSETS

8,852

7,302

TOTAL ASSETS LESS CURRENT LIABILITIES

12,341

10,146

PROVISIONS FOR LIABILITIES

243

49

NET ASSETS

12,098

10,097

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

11,998

9,997

SHAREHOLDERS' FUNDS

12,098

10,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 19 November 2015 and were signed on its behalf by:

J Beckett - 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 goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

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

-

15% on cost

Plant and machinery

-

15% on cost

Computer equipment

-

15% on cost

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

and 30 June 2015

3,600

AMORTISATION

At 1 July 2014

1,800

Amortisation for year

180

At 30 June 2015

1,980

NET BOOK VALUE

At 30 June 2015

1,620

At 30 June 2014

1,800

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

16,229

Additions

1,227

At 30 June 2015

17,456

DEPRECIATION

At 1 July 2014

15,185

Charge for year

402

At 30 June 2015

15,587

NET BOOK VALUE

At 30 June 2015

1,869

At 30 June 2014

1,044

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100