LIMITEAR LTD Accounts filed on 30-09-2015
LIMITEAR LTD Accounts filed on 30-09-2015
LIMITEAR LTD
Company Registration Number:
06849403 (England and Wales)
Abbreviated (Unaudited) Accounts
Period of accounts
Start date: 01st October 2014
End date: 30th September 2015
SUBMITTED
LIMITEAR LTD
Company Information
for the Period Ended
30th September 2015
Director: |
|
|
|
||
|
||
|
||
|
||
|
||
Company secretary: |
|
|
Registered office: |
|
|
|
||
|
||
Company Registration Number: |
|
|
LIMITEAR LTD
Abbreviated Balance sheet
As at 30th September 2015
Notes | 2015 £ |
2014 £ |
|
---|---|---|---|
Fixed assets | |||
Tangible assets: | 3 |
|
|
Total fixed assets: |
|
|
|
Current assets | |||
Stocks: |
|
|
|
Debtors: | 4 |
|
|
Cash at bank and in hand: |
|
|
|
Total current assets: |
|
|
|
Creditors | |||
Creditors: amounts falling due within one year | 5 |
|
|
Net current assets (liabilities): | ( |
( |
|
Total assets less current liabilities: | ( |
( |
|
Total net assets (liabilities): | ( |
( |
The notes form part of these financial statements
LIMITEAR LTD
Abbreviated Balance sheet
As at 30th September 2015
continued
Notes | 2015 £ |
2014 £ |
|
---|---|---|---|
Capital and reserves | |||
Called up share capital: | 6 |
|
|
Revaluation reserve: |
|
|
|
Profit and Loss account: | ( |
( |
|
Total shareholders funds: | ( |
( |
The financial statements were approved by the Board of Directors on
SIGNED ON BEHALF OF THE BOARD BY:
Name: R Glover
Status: Director
Name: S Wheatley
Status: Director
The notes form part of these financial statements
LIMITEAR LTD
Notes to the Abbreviated Accounts
for the Period Ended
30th September 2015
-
1. Accounting policies
Basis of measurement and preparation of accounts
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). Going concern The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on shareholders' funds at the end of the year. The directors consider this basis to be appropriate as the company has received a guarantee from the shareholders that the sufficient facilities will be available to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved. Turnover policy
Turnover represents the invoiced amount of goods sold during the year, net of Value Added Tax. Tangible fixed assets depreciation policy
Depreciation is provided to write off the cost less estimated residual values of all fixed assets over their expected useful lives, at the following annual rates: Office Equipment 25% on written down value Other accounting policies
Going Concern (continued) Included in trade creditors are amounts totalling £85,200 owed to certain directors and advisors to the company for services rendered during the year. All of the individuals to whom the amounts are due have agreed to subscribe for new shares in the company to the full value of the amounts due, net of VAT. This will be effected during the financial year 2015/16. Had the subscriptions taken place by 30th September 2015, the company's Balance Sheet would have been in a solvent position. With this in mind the directors believe it is appropriate to prepare the accounts on the going concern basis. Stocks and work in progress Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present condition and location. Grant Income Income from Grants is recognised on an accruals basis when there is reasonable assurance that the grants will be received. Deferred taxation Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Research and development Expenditure on Research and Development is charged against income in the year in which it is incurred. Financial instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contact that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LIMITEAR LTD
Notes to the Abbreviated Accounts
for the Period Ended
30th September 2015
-
3. Tangible assets
Total Cost £ At 01st October 2014: 13,286 At 30th September 2015: 13,286 Depreciation At 01st October 2014: 7,353 Charge for year: 2,908 At 30th September 2015: 10,261 Net book value At 30th September 2015: 3,025 At 30th September 2014: 5,933
LIMITEAR LTD
Notes to the Abbreviated Accounts
for the Period Ended
30th September 2015
-
4. Debtors
2015
£2014
£Trade debtors: 3,943 9,953 Other debtors: 112,369 2 Prepayments and accrued income: 7,926 11,739 Total: 124,238 21,694
LIMITEAR LTD
Notes to the Abbreviated Accounts
for the Period Ended
30th September 2015
-
5. Creditors: amounts falling due within one year
2015
£2014
£Trade creditors: 99,129 61,691 Taxation and social security: 431 446 Accruals and deferred income: 16,780 19,565 Other creditors: 86,500 1,554 Total: 202,840 83,256 Included in trade creditors are amounts totalling £85,200 owed to certain directors and advisors to the company for services rendered during the year. All of the individuals to whom the amounts are due have agreed to subscribe for new shares in the company to the full value of the amounts due, net of VAT. This will be effected during the financial year to 30th September 2016. Had the subscriptions taken place by 30th September 2015, the company's Balance Sheet would have been in a solvent position.
LIMITEAR LTD
Notes to the Abbreviated Accounts
for the Period Ended
30th September 2015
-
9. Related party disclosures
Name of related party: SB Sound Services Relationship: S Blincoe - Partner Description of the transaction: Sales Balance at 01st October 2014 0 Balance at 30th September 2015 86 Name of related party: Bilko Enterprises Relationship: S Blincoe - Proprietor Description of the transaction: Fees and rechargeable expenses Balance at 01st October 2014 1,800 Balance at 30th September 2015 0 Name of related party: PBDC Limited Relationship: S Wheatley - Director Description of the transaction: Fees and rechargeable expenses Balance at 01st October 2014 6,339 Balance at 30th September 2015 30,865 Name of related party: RGC Technical Relationship: R Glover - Proprietor Description of the transaction: Fees, office services and rechargeable expenses Balance at 01st October 2014 6,000 Balance at 30th September 2015 32,880 Name of related party: The ERA Foundation Relationship: F Cahill - material interest Description of the transaction: Fees Balance at 01st October 2014 9,900 Balance at 30th September 2015 19,800 All of these transactions were on the same commercial arms' length basis as all other transactions undertaken by the company.