Liquidline Limited - Period Ending 2015-12-31

Registration number: 07284069

Liquidline Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

UBT Accountants Ltd
Exchange Place
Poseidon Way
Warwick
CV34 6BY

Liquidline Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Liquidline Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Liquidline Limited for the year ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Liquidline Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Liquidline Limited. You consider that Liquidline Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Liquidline Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

UBT Accountants Ltd
Exchange Place
Poseidon Way
Warwick
CV34 6BY

8 July 2016

Page 1

Liquidline Limited
(Registration number: 07284069)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					600,000			900,000
Tangible fixed assets					1,512,626			1,273,121
					2,112,626			2,173,121
Current assets
Stocks					356,247			336,336
Debtors					643,317			643,583
Cash at bank and in hand					341,722			187,523
					1,341,286			1,167,442
Creditors: Amounts falling due within one year					(1,821,164)			(924,380)
Net current (liabilities)/assets					(479,878)			243,062
Total assets less current liabilities					1,632,748			2,416,183
Creditors: Amounts falling due after more than one year					(272,507)			(184,384)
Net assets					1,360,241			2,231,799
Capital and reserves
Called up share capital		3			150			1,100,150
Profit and loss account					1,360,091			1,131,649
Shareholders' funds					1,360,241			2,231,799

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 8 July 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Liquidline Limited
(Registration number: 07284069)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Mr Gavin William Pooley
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Liquidline Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and 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

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life. The amortisation rate has been changed from 10 years to 5 years in 2015 to reflect a more realistic estimation of useful economic life, and an extra amortisation charge of 10% added to retrospectively allow for the underestimation of amortisation in the year ended 31st December 2014.

Asset class	Amortisation method and rate
Amortisation of Goodwill	20%

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
Plant & Machinery Depreciation	25%
Motor Vehicles	25%

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 4

Liquidline Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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 January 2015		1,000,000			1,446,329			2,446,329
Additions		-			482,196			482,196
Disposals		-			(120,243)			(120,243)
At 31 December 2015		1,000,000			1,808,282			2,808,282
Depreciation
At 1 January 2015		100,000			173,208			273,208
Charge for the year		300,000			212,671			512,671
Eliminated on disposals		-			(90,223)			(90,223)
At 31 December 2015		400,000			295,656			695,656
Net book value
At 31 December 2015		600,000			1,512,626			2,112,626
At 31 December 2014		900,000			1,273,121			2,173,121

Page 5

Liquidline Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		150			150			150			150
Preference Shares of £1 each		-			-			1,100,000			1,100,000
		150			150			1,100,150			1,100,150

New shares allotted

During the year - having an aggregate nominal value of £nil were allotted for an aggregate consideration of £nil.

Redeemable preference shares

The Preference Shares are redeemable at the option of the company or holder. They are redeemable at £1 per share and carry no voting rights.

Page 6