LW Furniture Designs Limited - Period Ending 2014-07-31

Registration number: 08631994

LW Furniture Designs Limited

Unaudited Abbreviated Accounts

for the Period from 31 July 2013 to 31 July 2014

 

R&L Accountancy Limited
Chartered Accountants
Office 80
80 High Street
Winchester
Hampshire
SO23 9AT

LW Furniture Designs Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Director on the
Preparation of the Unaudited Statutory Accounts of
LW Furniture Designs Limited
for the Period Ended 31 July 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LW Furniture Designs Limited for the period ended 31 July 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of LW Furniture Designs Limited, as a body, in accordance with the terms of our engagement letterdated 4 February 2014. Our work has been undertaken solely to prepare for your approval the accounts of LW Furniture Designs Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LW Furniture Designs Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that LW Furniture Designs 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 LW Furniture Designs Limited. You consider that LW Furniture Designs Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of LW Furniture Designs 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.

 
  ......................................
 
  R&L Accountancy Limited
  Chartered Accountants
  Office 80
  80 High Street
  Winchester
  Hampshire
  SO23 9AT

1 October 2014

Page 1

LW Furniture Designs Limited
(Registration number: 08631994)
Abbreviated Balance Sheet at 31 July 2014

		Note			31 July 2014 £
Fixed assets
Tangible fixed assets					533
Current assets
Debtors					313
Cash at bank and in hand					2,300
					2,613
Creditors: Amounts falling due within one year					(1,603)
Net current assets					1,010
Total assets less current liabilities					1,543
Provisions for liabilities					(107)
Net assets					1,436
Capital and reserves
Called up share capital		3			100
Profit and loss account					1,336
Shareholders' funds					1,436

For the year ending 31 July 2014 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 director acknowledges her 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 director on 30 September 2014

.........................................
Ms Lucy Helen Watson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

LW Furniture Designs Limited
Notes to the Abbreviated Accounts for the Period from 31 July 2013 to 31 July 2014
......... 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 April 2008).

Going concern

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

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life.

Asset class	Depreciation method and rate
Office equipment	33% Straight line basis

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.

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.

Page 3

LW Furniture Designs Limited
Notes to the Abbreviated Accounts for the Period from 31 July 2013 to 31 July 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		800			800
At 31 July 2014		800			800
Depreciation
Charge for the period		267			267
At 31 July 2014		267			267
Net book value
At 31 July 2014		533			533

3	Share capital

Allotted, called up and fully paid shares

	31 July 2014
		No.			£
Ordinary £1 shares of £1 each		100			100

New shares allotted

During the period 100 Ordinary £1 shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100.

4	Related party transactions

Director's advances and credits

	31 July 2013 to 31 July 2014 Advance/ Credit £	31 July 2013 to 31 July 2014 Repaid £
Ms Lucy Helen Watson
Dividends paid within the year	1,200	-

Page 4