LMC Audio Systems Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01950665 (England and Wales)

Abbreviated Accounts for the Year Ended 31 December 2015

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

87,142

99,785

CURRENT ASSETS

Stocks

1,117,714

949,889

Debtors

822,379

992,400

Cash at bank and in hand

34,105

408

1,974,198

1,942,697

CREDITORS

Amounts falling due within one year

3

1,257,048

1,247,009

NET CURRENT ASSETS

717,150

695,688

TOTAL ASSETS LESS CURRENT LIABILITIES

804,292

795,473

CREDITORS

Amounts falling due after more than one year

533,979

531,329

NET ASSETS

270,313

264,144

CAPITAL AND RESERVES

Called up share capital

4

119,700

119,700

Profit and loss account

150,613

144,444

SHAREHOLDERS' FUNDS

270,313

264,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 20 September 2016 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 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.

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 2015

344,314

Additions

2,536

At 31 December 2015

346,850

DEPRECIATION

At 1 January 2015

244,529

Charge for year

15,179

At 31 December 2015

259,708

NET BOOK VALUE

At 31 December 2015

87,142

At 31 December 2014

99,785

3.

CREDITORS

Creditors include an amount of £ 413,473 (31.12.14 - £ 537,089 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

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.