Lamba Welding Systems Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03833641 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 August 2015

for

Lamba Welding Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

B E Bates

SECRETARY:

J A Bates

REGISTERED OFFICE:

60 Racecourse Road

Gallowfields Trading Estate

RICHMOND

North Yorkshire

DL10 4TF

REGISTERED NUMBER:

03833641 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Intangible assets

2

-

300

Tangible assets

3

220,277

232,436

220,277

232,736

CURRENT ASSETS

Stocks

84,000

136,500

Debtors

136,930

153,942

Cash at bank and in hand

23,979

12,272

244,909

302,714

CREDITORS

Amounts falling due within one year

4

250,245

417,340

NET CURRENT LIABILITIES

(5,336

)

(114,626

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

214,941

118,110

CREDITORS

Amounts falling due after more than one year

4

164,355

103,496

NET ASSETS

50,586

14,614

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

50,486

14,514

SHAREHOLDERS' FUNDS

50,586

14,614

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

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

The director acknowledges his 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 11 April 2016 and were signed by:

B E Bates - 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).

The financial statements are prepared on the going concern basis which assumes that the company will continue to trade.

However, the validity of the going concern basis is dependent upon the continued support of the company's bankers. If the

company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable

amounts, to provide for any further liabilities that might arise and to analyse both fixed assets and long term liabilities as

current assets and liabilities.

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 2011, is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Government grants

Government grants relating to property are treated as deferred income released to the profit and loss account over the

expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related

expenditure is incurred.

Contract work in progress

Contract work in progress is valued at costs incurred, net of amounts transferred to cost of sales, less foreseeable losses and

payments on account not matched with turnover. Any profit attributable to contract work in progress, calculated in

accordance with Statement of Standard Accounting Practice No.9, has been included by way of turnover and cost of sales

with the amount by which payments on account are in excess of turnover included in creditors as payments on account.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

and 31 August 2015

37,600

AMORTISATION

At 1 September 2014

37,300

Amortisation for year

300

At 31 August 2015

37,600

NET BOOK VALUE

At 31 August 2015

-

At 31 August 2014

300

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

305,642

Additions

4,804

Disposals

(5,700

)

At 31 August 2015

304,746

DEPRECIATION

At 1 September 2014

73,206

Charge for year

15,684

Eliminated on disposal

(4,421

)

At 31 August 2015

84,469

NET BOOK VALUE

At 31 August 2015

220,277

At 31 August 2014

232,436

4.

CREDITORS

Creditors include an amount of £ 152,792 (2014 - £ 146,211 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

36,846

46,155

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100