Abbreviated Company Accounts - LIV SUPPLIES LIMITED

LIV SUPPLIES LIMITED - Company Information

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Registered Number 06242113

LIV SUPPLIES LIMITED

Abbreviated Accounts

31 December 2015

LIV SUPPLIES LIMITED Registered Number 06242113

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	44,679	37,932
		44,679	37,932
Current assets
Stocks		228,663	253,953
Debtors		836,213	783,293
Cash at bank and in hand		66,317	87,975
		1,131,193	1,125,221
Creditors: amounts falling due within one year		(1,054,906)	(1,038,989)
Net current assets (liabilities)		76,287	86,232
Total assets less current liabilities		120,966	124,164
Creditors: amounts falling due after more than one year		(42,026)	(47,268)
Total net assets (liabilities)		78,940	76,896
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		78,840	76,796
Shareholders' funds		78,940	76,896

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 6 May 2016

And signed on their behalf by:
Neill Dransfield, Director
Lee Dransfield, Director

LIV SUPPLIES LIMITED Registered Number 06242113

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 the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Motor vehicles 25% straight line
Plant and machinery 20% straight line
Office equipment 20% straight line

Other accounting policies
Stocks and work in progress
Stocks and work in progress are valued at the lower of costs or net realisable value.

Hire purchase commitments
Assets held under hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The corresponding hire purchase obligation is treated in the balance sheet as a liability

2Tangible fixed assets

	£
Cost
At 1 January 2015	78,034
Additions	19,965
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2015	97,999
Depreciation
At 1 January 2015	40,102
Charge for the year	13,218
On disposals	-
At 31 December 2015	53,320
Net book values
At 31 December 2015	44,679
At 31 December 2014	37,932

Net book value of motor vehicles included above held under hire purchase contracts was £13640 at 31st December 2015 and £17050 at 31st December 2014.

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

	2015 £	2014 £
100 Ordinary shares of £1 each	100	100

4Transactions with directors

Name of director receiving advance or credit:	Neill Dransfield
Description of the transaction:	Loans made to the company
Balance at 1 January 2015:	£ 38,238
Advances or credits made:	-
Advances or credits repaid:	-
Balance at 31 December 2015:	£ 38,238

Loans made to the company in prior periods to fund the expansion of the company are included in creditors and at 31st December 2015 amount to £38238 (31st December 2014 £38238). It is not expected the balance will be repaid within the next financial year and currently has no fixed date for repayment.