Lithe IT Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC399059 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2016

for

Lithe IT Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D Crawford

B McNabb

A G Murphy

REGISTERED OFFICE:

429 - 432 Baltic Chambers

50 Wellington Street

Glasgow

G2 6HJ

REGISTERED NUMBER:

SC399059 (Scotland)

ACCOUNTANTS:

Advantage Accounting (Scotland) Ltd

11 Somerset Place

Glasgow

G3 7JT

FIXED ASSETS

Tangible assets

2

14,474

7,603

CURRENT ASSETS

Debtors

139,342

84,939

Cash at bank and in hand

298,610

256,303

437,952

341,242

CREDITORS

Amounts falling due within one year

144,134

168,404

NET CURRENT ASSETS

293,818

172,838

TOTAL ASSETS LESS CURRENT
LIABILITIES

308,292

180,441

PROVISIONS FOR LIABILITIES

2,895

-

NET ASSETS

305,397

180,441

CAPITAL AND RESERVES

Called up share capital

3

300

Profit and loss account

305,097

180,141

SHAREHOLDERS' FUNDS

305,397

180,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 5 October 2016 and were signed on its behalf by:

D Crawford - Director

A G Murphy - Director

B McNabb - 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 services, 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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

50% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

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 June 2015

12,686

Additions

14,230

At 31 May 2016

26,916

DEPRECIATION

At 1 June 2015

5,083

Charge for year

7,359

At 31 May 2016

12,442

NET BOOK VALUE

At 31 May 2016

14,474

At 31 May 2015

7,603

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

297

A Ordinary

£1

297

3

C Ordinary

£1

3

300