Lateral Financial Management Ltd

LATERAL FINANCIAL MANAGEMENT LTD - Company Information

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Registered number: 07204971

Abbreviated accounts

For The Year Ended 31 July 2016

K3 Accounting Limited

AAT Licensed Accountant

61 Ilford Avenue

Cramlington

Northumberland

NE23 3LE

Lateral Financial Management Ltd

Company No. 07204971

Abbreviated Balance Sheet 31 July 2016

Abbreviated Balance Sheet

		2016		2015
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	2		2,000		3,000
Tangible Assets	3		273		583

			2,273		3,583
CURRENT ASSETS
Debtors	4	5,004		11,513
Cash at bank and in hand		14,510		7,925

		19,514		19,438
Creditors: Amounts Falling Due Within One Year		(13,377)		(12,310)

NET CURRENT ASSETS (LIABILITIES)			6,137		7,128

TOTAL ASSETS LESS CURRENT LIABILITIES			8,410		10,711

Creditors: Amounts Falling Due After More Than One Year	5		(7,175)		(10,885)

NET ASSETS			1,235		(174)

CAPITAL AND RESERVES
Called up share capital	6		2		2
Profit and Loss Account			1,233		(176)

SHAREHOLDERS' FUNDS			1,235		(174)

Page 1

Lateral Financial Management Ltd

Company No. 07204971

Abbreviated Balance Sheet (continued) 31 July 2016

For the year ending 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

On behalf of the board

Mr Gary Kennedy

27th September 2016

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Lateral Financial Management Ltd

Notes to the Abbreviated Accounts

For The Year Ended 31 July 2016

Notes to the Abbreviated Accounts

Accounting Policies

Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 8 years.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	15% on cost
Computer Equipment	33% on cost

Intangible Assets


	Total
Cost	£
As at 1 August 2015	8,000

As at 31 July 2016	8,000

Amortisation
As at 1 August 2015	5,000
Provided during the period	1,000

As at 31 July 2016	6,000

Net Book Value
As at 31 July 2016	2,000

As at 1 August 2015	3,000

Page 3

Lateral Financial Management Ltd

Notes to the Abbreviated Accounts (continued)

For The Year Ended 31 July 2016

Tangible Assets


	Total
Cost	£
As at 1 August 2015	3,362

As at 31 July 2016	3,362

Depreciation
As at 1 August 2015	2,779
Provided during the period	310

As at 31 July 2016	3,089

Net Book Value
As at 31 July 2016	273

As at 1 August 2015	583

Debtors

Debtors include an amount of £ - (2015 - £ 3,013 ) falling due after more than one year.

Creditors: Amounts Falling Due After More Than One Year

	2016	2015
	£	£
Bank loans	7,175	10,885

Share Capital

	Value	Number	2016	2015
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	2	2	2

Transactions With and Loans to Directors

Dividends paid to directors

	2016	2015
	£	£
Mr Gary Kennedy	27106	32500

Ultimate Controlling Party

The company's ultimate controlling party is Mr Gary Kennedy by virtue of his ownership of 100% of the issued share capital in the company.

Page 4