Legal & Medical Investments Limited - Limited company - abbreviated

REGISTERED NUMBER: 03429678 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 31 July 2015

for

Legal & Medical Investments Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M R Woodward

R W Major

M J Spurgeon

R J Passi

SECRETARY:

G Carwithen

REGISTERED OFFICE:

Splatford Barton

Kennford

Exeter

Devon

EX6 7XY

REGISTERED NUMBER:

03429678 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Tangible assets

2

8,937

10,763

CURRENT ASSETS

Debtors

647,486

548,799

Cash at bank

95,834

44,613

743,320

593,412

CREDITORS

Amounts falling due within one year

524,542

465,818

NET CURRENT ASSETS

218,778

127,594

TOTAL ASSETS LESS CURRENT
LIABILITIES

227,715

138,357

PROVISIONS FOR LIABILITIES

582

641

NET ASSETS

227,133

137,716

CAPITAL AND RESERVES

Called up share capital

3

1,294

1,194

Share premium

34,898

9,998

Profit and loss account

190,941

126,524

SHAREHOLDERS' FUNDS

227,133

137,716

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 18 December 2015 and were signed on its behalf
by:

R W Major - 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).

Revenue recognition

Revenue comprises commission received in respect of mortgage, insurance and pension related products sold

in the course of acting as an independent financial advisor. Commission due in respect of policies is recognised

from the date that the policy is put 'on risk'. Commission due in respect of policies completed but not yet put 'on

risk' are accrued in the year to which they relate, provided they can be determined with reasonable accuracy.

Renewal commissions are recognised as received.

In the event of the cancellation of a policy, there may be claw back of commissions previously paid after the end

of the year in which they were received. No provision has been made within the accounts as in the director's

opinion, such claw backs are not material and are recognised only when claimed by the insurance companies.

Commission received is the amount derived from ordinary activities, and stated after discounts, other sales

taxes and net of VAT.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2014

116,256

Additions

1,364

Disposals

(210

)

At 31 July 2015

117,410

DEPRECIATION

At 1 August 2014

105,493

Charge for year

2,980

At 31 July 2015

108,473

NET BOOK VALUE

At 31 July 2015

8,937

At 31 July 2014

10,763

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.15

31.7.14

value:

£

194

Ordinary

£1

194

Allotted and issued:

Number:

Class:

Nominal

31.7.15

31.7.14

value:

£

1,100

Share capital 1

£1

1,100

1,000

(31.7.14 - 1,000
)

The following shares were issued during the year for cash at par :

100 Ordinary shares of £1

Authorised:

Number

Class:

Nominal

31.7.15

31.7.14

Value:

£

1,294

Ordinary

£1

1,294

1,194

150,000

Redeemable preference

£1

150,000

151,294

151,194

Allotted, issued and fully paid:

Number:

Class:

Nominal
value:

31.7.15

31.7.14

1,294

Ordinary treated as equity

£1

1,294

1,194

Treated as equity

19,570

Redeemable preference

£1

19,570

23,972

4.	CONTROLLING INTEREST

The company is controlled by the shareholders and directors, Mr M R Woodward, Mr R W Major, Mr M J

Spurgeon and Mr R K Passi.

Legal & Medical Investments Limited - Limited company - abbreviated - 11.9

Legal & Medical Investments Limited - Limited company - abbreviated - 11.9