Lendway Builders Limited - Abbreviated accounts

LENDWAY BUILDERS LIMITED - Company Information


Registered number
02251191















Lendway Builders Limited

Abbreviated Accounts

30 March 2016

Lendway Builders Limited
Registered number:		02251191
Abbreviated Balance Sheet
as at 30 March 2016


Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		675,000			675,000

Current assets
Debtors		76,913			93,413
Cash at bank and in hand		12,140			14,066
		89,053			107,479

Creditors: amounts falling due within one year		(19,940)			(25,454)

Net current assets			69,113			82,025

Net assets			744,113			757,025

Capital and reserves
Called up share capital	3		200			200
Profit and loss account			743,913			756,825

Shareholders' funds			744,113			757,025

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.



J ELSWORTH
Director
Approved by the board on 12 December 2016

Lendway Builders Limited
Notes to the Abbreviated Accounts
for the year ended 30 March 2016


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 January 2015).

	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.

	Investment properties
	In accordance with SSAP 19, the investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run. The Companies Act 2006 requires that all properties should be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in SSAP 19. The directors consider that, because the property is not held for consumption, but for its investment potential, to depreciate it would not give a true and fair view, and that it is necessary to adopt SSAP 19 in order to give a true and fair view. If this departure from normal accounting policy had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot be reasonably quantified because depreciation is only one of many factors reflected in the annual valuation and the amount, which might otherwise have been shown, cannot be separately identified or quantified.


2	Tangible fixed assets					£

	Cost
	At 31 March 2015					675,000
	At 30 March 2016					675,000

	Depreciation
	At 30 March 2016					-

	Net book value
	At 30 March 2016					675,000
	At 30 March 2015					675,000


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		200		200		200