Legal & Medical Investments Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03429678 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 31 July 2016

for

Legal & Medical Investments Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M R Woodward

R W Major

M J Spurgeon

R J Passi

SECRETARY:

G Carwithen

REGISTERED OFFICE:

Splatford Barton

Kennford

Exeter

Devon

EX6 7XY

REGISTERED NUMBER:

03429678 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

9,287

8,937

9,287

8,937

CURRENT ASSETS

Debtors

661,605

647,486

Cash at bank

121,985

95,834

783,590

743,320

CREDITORS

Amounts falling due within one year

569,069

524,542

NET CURRENT ASSETS

214,521

218,778

TOTAL ASSETS LESS CURRENT
LIABILITIES

223,808

227,715

PROVISIONS FOR LIABILITIES

869

582

NET ASSETS

222,939

227,133

CAPITAL AND RESERVES

Called up share capital

4

1,244

1,294

Share premium

34,898

Capital redemption reserve

49

-

Profit and loss account

186,748

190,941

SHAREHOLDERS' FUNDS

222,939

227,133

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 7 December 2016 and were signed on its behalf
by:

R W Major - 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).

Revenue recognition

Revenue comprises commission received in respect of mortgage, insurance and pension related products sold

in the course of acting as an independent financial advisor. Commission due in respect of policies is recognised

from the date that the policy is put 'on risk'. Commission due in respect of policies completed but not yet put 'on

risk' are accrued in the year to which they relate, provided they can be determined with reasonable accuracy.

Renewal commissions are recognised as received.

In the event of the cancellation of a policy, there may be claw back of commissions previously paid after the end

of the year in which they were received. No provision has been made within the accounts as in the director's

opinion, such claw backs are not material and are recognised only when claimed by the insurance companies.

Commission received is the amount derived from ordinary activities, and stated after discounts, other sales

taxes and net of VAT.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

7,500

At 31 July 2016

7,500

AMORTISATION

Amortisation for year

7,500

At 31 July 2016

7,500

NET BOOK VALUE

At 31 July 2016

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

117,410

Additions

3,448

At 31 July 2016

120,858

DEPRECIATION

At 1 August 2015

108,473

Charge for year

3,098

At 31 July 2016

111,571

NET BOOK VALUE

At 31 July 2016

9,287

At 31 July 2015

8,937

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

194

Ordinary

£1

194

Allotted and issued:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

1,100

Share capital 1

£1

1,050

1,100

Authorised:

Number

Class:

Nominal

31.7.16

31.7.15

Value:

£

1,244

Ordinary

£1

1,244

1,294

150,000

Redeemable preference

£1

150,000

151,245

151,294

Allotted, issued and fully paid:

Number:

Class:

Nominal
value:

31.7.16

31.7.15

1,244

Ordinary treated as equity

£1

1,244

1,294

Treated as equity

1,400

Redeemable preference

£1

1,400

19,570

The company purchased back 49 Ordinary shares on 31 July 2016 which were then cancelled.

5.	CONTROLLING INTEREST

The company is controlled by the shareholders and directors, Mr M R Woodward, Mr R W Major, Mr M J

Spurgeon and Mr R K Passi.