Abbreviated Company Accounts - LITA DEVELOPMENTS LTD

LITA DEVELOPMENTS LTD - Company Information

08393085 LITA DEVELOPMENTS LTD 2015-12-31 false 2015-01-01 2015-12-31 true 08393085 2015-01-01 2015-12-31 08393085 2015-12-31 08393085 2014-12-31 08393085 uk-gaap-cd-bus:Director1 2015-01-01 2015-12-31 08393085 uk-gaap-cd-bus:Director2 2015-01-01 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-01-01 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 iso4217:GBP shares

Registered Number 08393085

LITA DEVELOPMENTS LTD

Abbreviated Accounts

31 December 2015

LITA DEVELOPMENTS LTD Registered Number 08393085

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Investments	2	950,000	-
		950,000	-
Current assets
Stocks		-	456,811
Debtors		883,504	415,881
Cash at bank and in hand		10,482	135,192
		893,986	1,007,884
Creditors: amounts falling due within one year		(588,130)	(913,774)
Net current assets (liabilities)		305,856	94,110
Total assets less current liabilities		1,255,856	94,110
Creditors: amounts falling due after more than one year		(323,600)	-
Total net assets (liabilities)		932,256	94,110
Capital and reserves
Called up share capital	3	1,000	1,000
Revaluation reserve		743,189	-
Profit and loss account		188,067	93,110
Shareholders' funds		932,256	94,110

For the year ending 31 December 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 25 June 2016

And signed on their behalf by:
X Lita, Director

LITA DEVELOPMENTS LTD Registered Number 08393085

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents net invoiced sales of goods, excluding value added tax.

Other accounting policies
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

No depreciation is provided for in respect of investment properties in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Such properties are held for their investment potential and not for consumption within the business. This is a departure from the Companies Act 2006 which requires all properties to be depreciated and the directors consider that to depreciate them would not enable the financial statements to give a true and fair view. Investment properties are stated at their market value at the balance sheet date.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

The company buys assets that are used for development properties and sold once development is completed. The stock is valued at the cost of purchase of the site. The company includes work in progress for development costs paid to the contractor.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2Fixed assets Investments
Included in cost of investment property is freehold land of £50,000 which is not depreciated.

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
1,000 Ordinary shares of £1 each	1,000	1,000