LANCASHIRE SAW COMPANY LIMITED - Abbreviated accounts

LANCASHIRE SAW COMPANY LIMITED - Company Information

Registered number

00383301

LANCASHIRE SAW COMPANY LIMITED

Abbreviated Accounts

31 December 2015

LANCASHIRE SAW COMPANY LIMITED
Registered number:		00383301
Abbreviated Balance Sheet
as at 31 December 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		795,938			861,666

Current assets
Stocks		267,968			291,720
Debtors		439,278			551,646
Cash at bank and in hand		507,696			324,652
		1,214,942			1,168,018

Creditors: amounts falling due within one year		(284,137)			(387,799)

Net current assets			930,805			780,219

Total assets less current liabilities			1,726,743			1,641,885


Provisions for liabilities			(73,118)			(76,565)


Net assets			1,653,625			1,565,320

Capital and reserves
Called up share capital	3		30,000			30,000
Revaluation reserve			181,497			181,497
Profit and loss account			1,442,128			1,353,823

Shareholders' funds			1,653,625			1,565,320

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



S Bentley
Director
Approved by the board on 14 February 2016

LANCASHIRE SAW COMPANY LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 December 2015

1	Accounting policies

	Basis of preparation
	The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			20% on reducing balance
	Motor vehicles			25% on reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Tangible fixed assets					£

	Cost
	At 1 January 2015					1,777,448
	Additions					32,780
	At 31 December 2015					1,810,228

	Depreciation
	At 1 January 2015					915,782
	Charge for the year					98,508
	At 31 December 2015					1,014,290

	Net book value
	At 31 December 2015					795,938
	At 31 December 2014					861,666


3	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		30,000		30,000		30,000