Look Smart Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06498976 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

FOR

LOOK SMART LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs P M Ramadan

M Ramadan

SECRETARY:

M Ramadan

REGISTERED OFFICE:

Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

REGISTERED NUMBER:

06498976 (England and Wales)

ACCOUNTANTS:

Lovetts Chartered Accountants

Bridge House

25 Fiddlebridge Lane

Hatfield

Hertfordshire

AL10 0SP

FIXED ASSETS

Tangible assets

2

31,278

18,293

CURRENT ASSETS

Stocks

3,935

2,835

Debtors

12,019

5,523

Cash at bank and in hand

5,704

8,652

21,658

17,010

CREDITORS

Amounts falling due within one year

21,441

17,591

NET CURRENT ASSETS/(LIABILITIES)

217

(581

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

31,495

17,712

CREDITORS

Amounts falling due after more than one
year

29,138

16,389

NET ASSETS

2,357

1,323

CAPITAL AND RESERVES

Called up share capital

3

120

Profit and loss account

2,237

1,203

SHAREHOLDERS' FUNDS

2,357

1,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 September 2016 and were signed on its behalf
by:

Mrs P M Ramadan - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

49,592

Additions

26,325

Disposals

(5,800

)

At 31 March 2016

70,117

DEPRECIATION

At 1 April 2015

31,299

Charge for year

10,051

Eliminated on disposal

(2,511

)

At 31 March 2016

38,839

NET BOOK VALUE

At 31 March 2016

31,278

At 31 March 2015

18,293

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

10

Ordinary 'A'

£1

10

Ordinary 'B'

£1

10

120