Walter Lloyd & Son Limited - Period Ending 2015-07-31

Registration number: 03076029

Walter Lloyd & Son Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

LHP
Chartered Accountants
Gwynne House
6 Quay Street
Carmarthen
SA31 3JX

Walter Lloyd & Son Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Walter Lloyd & Son Limited
(Registration number: 03076029)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					92,690			104,940
Tangible fixed assets					36,109			47,292
					128,799			152,232
Current assets
Stocks					196,946			157,749
Debtors					175,193			328,185
Cash at bank and in hand					442,770			324,856
					814,909			810,790
Creditors: Amounts falling due within one year					(408,937)			(355,097)
Net current assets					405,972			455,693
Net assets					534,771			607,925
Capital and reserves
Called up share capital		3			106			106
Profit and loss account					534,665			607,819
Shareholders' funds					534,771			607,925

For the year ending 31 July 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 31 December 2015 and signed on its behalf by:

.........................................
Mr C J James
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Walter Lloyd & Son Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% straight line
Motor vehicles	20% straight line
Plant and equipment	20% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Walter Lloyd & Son Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2014		245,000			364,431			609,431
Additions		-			9,033			9,033
At 31 July 2015		245,000			373,464			618,464
Depreciation
At 1 August 2014		140,060			317,139			457,199
Charge for the year		12,250			20,216			32,466
At 31 July 2015		152,310			337,355			489,665
Net book value
At 31 July 2015		92,690			36,109			128,799
At 31 July 2014		104,940			47,292			152,232

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares A,B,C, D & E of £1 each		106			106			106			106

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr C J James
Interest free loan with no fixed repayment terms	(1,636)	-	(1,637)	-

Page 3