Ludlow Painter Limited - Period Ending 2016-04-30

Registration number: 6010282

Ludlow Painter Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2016
 

Ludlow Painter Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Ludlow Painter Limited
(Registration number: 6010282)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					2,000			4,000
Tangible fixed assets					13,739			11,753
					15,739			15,753
Current assets
Debtors					72,471			71,641
Cash at bank and in hand					13,026			20,565
					85,497			92,206
Creditors: Amounts falling due within one year					(87,035)			(98,378)
Net current liabilities					(1,538)			(6,172)
Total assets less current liabilities					14,201			9,581
Provisions for liabilities					(2,748)			(1,995)
Net assets					11,453			7,586
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					11,353			7,486
Shareholders' funds					11,453			7,586

For the year ending 30 April 2016 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 13 August 2016 and signed on its behalf by:

.........................................
Mr Stephen George Painter
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Ludlow Painter Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.

Asset class	Amortisation method and rate
Goodwill	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Ludlow Painter Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2015		10,000			33,160			43,160
Additions		-			5,843			5,843
At 30 April 2016		10,000			39,003			49,003
Depreciation
At 1 May 2015		6,000			21,407			27,407
Charge for the year		2,000			3,857			5,857
At 30 April 2016		8,000			25,264			33,264
Net book value
At 30 April 2016		2,000			13,739			15,739
At 30 April 2015		4,000			11,753			15,753

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3