LMC Audio Systems Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 01950665 (England and Wales)

Abbreviated Accounts for the Year Ended 31 December 2013

for

LMC Audio Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr P S Hinkly

Mrs S P Hinkly

Mr J Ridley

Mr D J Stubbs

SECRETARY:

Mrs S P Hinkly

REGISTERED OFFICE:

Unit 10

Cowley Road

London

W3 7XA

REGISTERED NUMBER:

01950665 (England and Wales)

ACCOUNTANTS:

Burnbecks Limited

Chartered Certified Accountants

2B Haddo Street

Greenwich

London

SE10 9RN

FIXED ASSETS

Tangible assets

2

117,881

45,806

CURRENT ASSETS

Stocks

1,329,945

911,330

Debtors

664,947

605,429

Cash at bank and in hand

408

4,710

1,995,300

1,521,469

CREDITORS

Amounts falling due within one year

3

1,396,815

893,530

NET CURRENT ASSETS

598,485

627,939

TOTAL ASSETS LESS CURRENT LIABILITIES

716,366

673,745

CREDITORS

Amounts falling due after more than one year

459,540

434,303

NET ASSETS

256,826

239,442

CAPITAL AND RESERVES

Called up share capital

4

119,700

119,700

Profit and loss account

137,126

119,742

SHAREHOLDERS' FUNDS

256,826

239,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 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 29 September 2014 and were signed on its behalf by:

Mr P S Hinkly - 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 April 2008).

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.

Improvements to property

-

10% on reducing balance

Plant & machinery

-

10% on reducing balance

Equipment & fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

obsolete and slow moving items.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

337,770

Additions

94,245

At 31 December 2013

432,015

DEPRECIATION

At 1 January 2013

291,964

Charge for year

22,170

At 31 December 2013

314,134

NET BOOK VALUE

At 31 December 2013

117,881

At 31 December 2012

45,806

3.

CREDITORS

Creditors include an amount of £ 429,266 (31.12.12 - £ 355,473 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.13

31.12.12

value:

£

£

119,700

Ordinary

£1

119,700

119,700

5.	ULTIMATE PARENT COMPANY

Parent Group Limited is regarded by the directors as being the company's ultimate parent company.

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P S Hinkly.