Abbreviated Company Accounts - 3 LEGGED THING LIMITED

3 LEGGED THING LIMITED - Company Information

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Registered Number 07310971

3 LEGGED THING LIMITED

Abbreviated Accounts

31 December 2015

3 LEGGED THING LIMITED Registered Number 07310971

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	14,797	10,465
Investments	3	12,000	12,000
		26,797	22,465
Current assets
Stocks		57,019	115,594
Debtors		172,591	175,296
Cash at bank and in hand		7,109	4,474
		236,719	295,364
Prepayments and accrued income		28,487	-
Creditors: amounts falling due within one year	4	(244,338)	(214,892)
Net current assets (liabilities)		20,868	80,472
Total assets less current liabilities		47,665	102,937
Creditors: amounts falling due after more than one year	4	(275,969)	(206,527)
Accruals and deferred income		(4,200)	-
Total net assets (liabilities)		(232,504)	(103,590)
Capital and reserves
Called up share capital	5	10,000	10,000
Share premium account		189,000	189,000
Profit and loss account		(431,504)	(302,590)
Shareholders' funds		(232,504)	(103,590)

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 29 September 2016

And signed on their behalf by:
Gary Garber, Director

3 LEGGED THING LIMITED Registered Number 07310971

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
At the year end, the company had a deficiency of net assets amounting to £232,504 (2014: £103,590. However, included in creditors falling due after more than one year is an amount of £275,969 (2014: £206,527) owed to one of the shareholders, Mrs J. Garber, who has agreed not to seek repayment of this loan until such time funds allow. Accordingly, the accounts have been prepared on a going concern basis.

Turnover policy
Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33%

Some specific tooling acquired in 2015 was disposed of after only one year during 2016 and has been depreciated over twelve months.

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

Other accounting policies
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

2Tangible fixed assets

	£
Cost
At 1 January 2015	26,804
Additions	46,498
Disposals	(12,844)
Revaluations	-
Transfers	-
At 31 December 2015	60,458
Depreciation
At 1 January 2015	16,339
Charge for the year	37,184
On disposals	(7,862)
At 31 December 2015	45,661
Net book values
At 31 December 2015	14,797
At 31 December 2014	10,465

3Fixed assets Investments
3 Legged Thing Limited is the 100% owner of Elemental Europe Limited

4Creditors

	2015 £	2014 £
Secured Debts	42,507	18,339

5Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
10,000 Ordinary shares of £1 each	10,000	10,000

6Transactions with directors

Name of director receiving advance or credit:	D. Lenihan
Description of the transaction:	Loan to company
Balance at 1 January 2015:	£ 687
Advances or credits made:	-
Advances or credits repaid:	-
Balance at 31 December 2015:	£ 687