Lettergold Asset Management Limited - Period Ending 2015-09-30

Registration number: 02194905

Lettergold Asset Management Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Lettergold Asset Management Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lettergold Asset Management Limited
for the Year Ended 30 September 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lettergold Asset Management Limited for the year ended 30 September 2015 set out on pages 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 Lettergold Asset Management Limited, as a body, in accordance with the terms of our engagement letterdated 3 July 2007. Our work has been undertaken solely to prepare for your approval the accounts of Lettergold Asset Management Limited and state those matters that we have agreed to state to them, 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 Lettergold Asset Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lettergold Asset Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lettergold Asset Management Limited. You consider that Lettergold Asset Management Limited 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 accounts of Lettergold Asset Management Limited. 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 accounts.

......................................

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

20 April 2016

Page 1

Lettergold Asset Management Limited
(Registration number: 02194905)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					9,421			9,799
Tangible fixed assets					634,438			626,848
					643,859			636,647
Current assets
Debtors					118,610			97,997
Cash at bank and in hand					473			47,102
					119,083			145,099
Creditors: Amounts falling due within one year					(173,708)			(169,882)
Net current liabilities					(54,625)			(24,783)
Total assets less current liabilities					589,234			611,864
Creditors: Amounts falling due after more than one year					(149,969)			(153,111)
Provisions for liabilities					(65,791)			(47,677)
Net assets					373,474			411,076
Capital and reserves
Called up share capital		4			30,200			30,200
Share premium account					29,134			29,134
Revaluation reserve					26,615			26,615
Profit and loss account					287,525			325,127
Shareholders' funds					373,474			411,076

For the year ending 30 September 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 14 April 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Lettergold Asset Management Limited
(Registration number: 02194905)
Abbreviated Balance Sheet at 30 September 2015
......... continued

.........................................
Mr Andrew Robertson Drummond
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Lettergold Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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).

Departures from Companies Act requirements

As stated below, the company's buildings are not depreciated. This is a departure from the requirements of the Companies Act 2006 which is considered necessary to give a true and fair view taking into account the residual value of the property and the company's policy of continued maintenance.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Patents	10% 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
Plant and machinery	5% to 25% Reducing balance
Fixture and Fittings	15% Reducing balance
Motor vehicles	25% reducing balance
Land and buildings	Nil

Deferred tax

Provision has been made for deferred taxation of £65,792 ( 2014 £47,678) on the accelerated capital allowance claims on fixed assets .

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.

Page 4

Lettergold Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2014		51,556			1,136,320			1,187,876
Additions		-			49,573			49,573
Disposals		-			(11,000)			(11,000)
At 30 September 2015		51,556			1,174,893			1,226,449
Depreciation
At 1 October 2014		41,757			509,472			551,229
Charge for the year		378			37,512			37,890
Eliminated on disposals		-			(6,529)			(6,529)
At 30 September 2015		42,135			540,455			582,590
Net book value
At 30 September 2015		9,421			634,438			643,859
At 30 September 2014		9,799			626,848			636,647

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 5

Lettergold Asset Management Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

		2015 £			2014 £
Amounts falling due within one year		50,401			36,255
Amounts falling due after more than one year		149,969			153,111
Total secured creditors		200,370			189,366

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		53,122			60,107

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		30,000			30,000			30,000			30,000
Ordinary B Shares of £1 each		200			200			200			200
		30,200			30,200			30,200			30,200

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs Belinda Anne Drummond
The director was provided with a loan during the year on which interest was charged a 3% - 3.25% ( 2014 4% ).	26,920	15,780	68,007	59,885
Mr Andrew Robertson Drummond
The director was provided with a loan during the year on which interest was charged at 3% - 3.25% ( 2014 4% )	23,001	13,419	13,661	5,373

Page 6