SARAH LUCAS LIMITED - Limited company - abbreviated - 11.9

SARAH LUCAS LIMITED - Limited company - abbreviated - 11.9

SARAH LUCAS LIMITED - Company Information

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REGISTERED NUMBER: 04321598 (England and Wales)















Abbreviated Unaudited Accounts for the Year Ended 31 March 2015

for

SARAH LUCAS LIMITED

SARAH LUCAS LIMITED (Registered number: 04321598)






Contents of the Abbreviated Accounts
for the Year Ended 31 March 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

SARAH LUCAS LIMITED

Company Information
for the Year Ended 31 March 2015







DIRECTOR: Ms S Lucas





SECRETARY: Ms S Coles





REGISTERED OFFICE: Market House
Church Street
Harleston
Norfolk
IP20 9BB





REGISTERED NUMBER: 04321598 (England and Wales)





ACCOUNTANTS: Calum Ward & Co Ltd
Market House
Church Street
Harleston
Norfolk
IP20 9BB
Page 1
SARAH LUCAS LIMITED (Registered number: 04321598)

Abbreviated Balance Sheet
31 March 2015

31.3.15 31.3.14
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 37,083 40,142

CURRENT ASSETS
Stocks 209,161 209,161
Debtors 341,542 121,665
Cash at bank 3,529,303 2,720,900
4,080,006 3,051,726
CREDITORS
Amounts falling due within one year 381,298 417,157
NET CURRENT ASSETS 3,698,708 2,634,569
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,735,791
2,674,711

CAPITAL AND RESERVES
Called up share capital 3 100 100
Profit and loss account 3,735,691 2,674,611
SHAREHOLDERS' FUNDS 3,735,791 2,674,711

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 9 December 2015 and were signed by:





Ms S Lucas - Director


The notes form part of these abbreviated accounts

Page 2
SARAH LUCAS LIMITED (Registered number: 04321598)

Notes to the Abbreviated Accounts
for the Year Ended 31 March 2015

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
The turnover shown in the profit and loss account represents the sale of artwork contracted during the year,
exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done
in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts
for on-going services is recognised by reference to the stage of completion.

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

Studio - 5% on cost
Equipment - 25% on reducing balance
Computer equipment - 33% 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.

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. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 April 2014 75,202
Additions 923
At 31 March 2015 76,125
DEPRECIATION
At 1 April 2014 35,060
Charge for year 3,982
At 31 March 2015 39,042
NET BOOK VALUE
At 31 March 2015 37,083
At 31 March 2014 40,142

Page 3 continued...
SARAH LUCAS LIMITED (Registered number: 04321598)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 March 2015

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.15 31.3.14
value: £    £   
100 Ordinary 1 100 100

4. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date an amount of £336250 was owed to the company by the director (2014: £121665) The
balance was repaid on 16th November 2015. No interest has been charged on the loan.

5. ULTIMATE CONTROLLING PARTY

The controlling party is Ms S Lucas.


Page 4