Abbreviated Company Accounts - LATERAL PERFORMANCE LIMITED

Abbreviated Company Accounts - LATERAL PERFORMANCE LIMITED


Registered Number 04517474

LATERAL PERFORMANCE LIMITED

Abbreviated Accounts

31 August 2015

LATERAL PERFORMANCE LIMITED Registered Number 04517474

Abbreviated Balance Sheet as at 31 August 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 15,409 19,764
15,409 19,764
Current assets
Stocks 104,710 105,347
Debtors 68,669 100,265
Cash at bank and in hand 131,484 93,868
304,863 299,480
Creditors: amounts falling due within one year (115,528) (113,832)
Net current assets (liabilities) 189,335 185,648
Total assets less current liabilities 204,744 205,412
Total net assets (liabilities) 204,744 205,412
Capital and reserves
Called up share capital 3 1 1
Profit and loss account 204,743 205,411
Shareholders' funds 204,744 205,412
  • For the year ending 31 August 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 6 June 2016

And signed on their behalf by:
MARK AIGIN, Director

LATERAL PERFORMANCE LIMITED Registered Number 04517474

Notes to the Abbreviated Accounts for the period ended 31 August 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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 20% on cost
Fixtures & Fittings - 25% reducing balance
Motor Vehicles - 25% reducing balance

Other accounting policies
Stocks

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

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2Tangible fixed assets
£
Cost
At 1 September 2014 45,841
Additions 585
Disposals -
Revaluations -
Transfers -
At 31 August 2015 46,426
Depreciation
At 1 September 2014 26,077
Charge for the year 4,940
On disposals -
At 31 August 2015 31,017
Net book values
At 31 August 2015 15,409
At 31 August 2014 19,764

All fixed assets are initially recorded at cost.

3Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
1 Ordinary share of £1 each 1 1