Labtex Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05269082 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2016

for

Labtex Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

I G Smith

SECRETARY:

S A Peace

REGISTERED OFFICE:

Unit 6 Dogley Mills

Penistone Road

Huddersfield

West Yorkshire

HD8 0LE

REGISTERED NUMBER:

05269082 (England and Wales)

FIXED ASSETS

Tangible assets

2

1,648

1,962

CURRENT ASSETS

Stocks

44,053

51,997

Debtors

108,392

180,382

Cash at bank and in hand

191,447

230,814

343,892

463,193

CREDITORS

Amounts falling due within one year

166,218

348,112

NET CURRENT ASSETS

177,674

115,081

TOTAL ASSETS LESS CURRENT
LIABILITIES

179,322

117,043

CAPITAL AND RESERVES

Called up share capital

3

80,000

Profit and loss account

99,322

37,043

SHAREHOLDERS' FUNDS

179,322

117,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 28 July 2016 and were signed by:

I G Smith - 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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

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

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

22,395

Additions

639

Disposals

(237

)

At 31 May 2016

22,797

DEPRECIATION

At 1 June 2015

20,433

Charge for year

832

Eliminated on disposal

(116

)

At 31 May 2016

21,149

NET BOOK VALUE

At 31 May 2016

1,648

At 31 May 2015

1,962

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

80,000

Ordinary

£1

80,000

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2016 and

31 May 2015:

2016

2015

£

I G Smith

Balance outstanding at start of year

5,439

4,104

Amounts advanced

37,825

5,439

Amounts repaid

(34,740

)

(4,104

)

Balance outstanding at end of year

8,524

5,439

The director operates a current account and advances and credits disclosed above represent aggregates for the

period.

Interest at 3% (2015: 3.25%) per annum was charged on these loans.