S D Launchbury Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07556433 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

S D Launchbury Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Director:

S D Launchbury

Registered office:

4 Tally Ho Cottages

Murcot

Broadway

Worcestershire

WR12 7HS

Registered number:

07556433 (England and Wales)

Accountants:

Crowthers Chartered Accountants

19 High Street

Pershore

Worcestershire

WR10 1AA

FIXED ASSETS

Tangible assets

2

2,132,896

527,727

CURRENT ASSETS

Stocks

24,000

64,769

Debtors

408,369

231,182

Cash at bank and in hand

117,679

270,855

550,048

566,806

CREDITORS

Amounts falling due within one year

3

2,475,074

1,007,531

NET CURRENT LIABILITIES

(1,925,026

)

(440,725

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

207,870

87,002

CREDITORS

Amounts falling due after more than one
year

3

200,312

149,235

NET ASSETS/(LIABILITIES)

7,558

(62,233

)

CAPITAL AND RESERVES

Called up share capital

4

160

Share premium

100,000

Retained earnings

(92,602

)

(162,393

)

SHAREHOLDERS' FUNDS

7,558

(62,233

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 17 August 2016 and were signed by:

S D Launchbury - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value of goods sold during the period net of VAT. Turnover is recognised when goods

are physically delivered to the customer.

Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in

debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods

have been delivered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Stocks

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

slow moving items.

Stock of goods is valued at the lower of costs and net realisable value. Cost represents the purchase price of

goods. Net realisable value represents the selling price of completed goods less any costs necessary to complete

the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less

than cost.

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The financial statements have been prepared on a going concern basis as the directors intend to support the

company. The financial statements do not include any adjustment that would result from the withdrawal of the

directors support.

2.	PROPERTY, PLANT AND EQUIPMENT

Total

£

Cost

At 1 April 2015

841,586

Additions

1,702,810

At 31 March 2016

2,544,396

Depreciation

At 1 April 2015

313,859

Charge for year

97,641

At 31 March 2016

411,500

Net book value

At 31 March 2016

2,132,896

At 31 March 2015

527,727

3.

CREDITORS

Creditors include an amount of £ 1,956,600 (2015 - £ 486,500 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

160

Ordinary

£1

160

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in creditors is an amount of £53,250 (2015 - £57,550) owed to S D Launchbury a director and

shareholder of the company.

This loan is interest free with no fixed repayment terms.