Lissom & Muster Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07430662 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2016

FOR

LISSOM & MUSTER LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J J Rogers

G Rogers

SECRETARY:

Mrs J Rogers

REGISTERED OFFICE:

Percy Westhead & Co

1 Booth Street

Manchester

Lancashire

M2 4AD

REGISTERED NUMBER:

07430662 (England and Wales)

ACCOUNTANTS:

Percy Westhead & Company

Chartered Accountants

Greg's Buildings

1 Booth Street

Manchester

M2 4AD

FIXED ASSETS

Tangible assets

2

2,236

21,450

CURRENT ASSETS

Stocks

92,425

109,318

Debtors

1,726

4,132

Cash at bank and in hand

457

2,828

94,608

116,278

CREDITORS

Amounts falling due within one year

15,391

25,037

NET CURRENT ASSETS

79,217

91,241

TOTAL ASSETS LESS CURRENT
LIABILITIES

81,453

112,691

CREDITORS

Amounts falling due after more than one
year

354,414

281,321

NET LIABILITIES

(272,961

)

(168,630

)

CAPITAL AND RESERVES

Called up share capital

3

30,000

Profit and loss account

(302,961

)

(198,630

)

SHAREHOLDERS' FUNDS

(272,961

)

(168,630

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 8th December 2016 and were signed on its behalf
by:

J J Rogers - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, which assumes the company will have

adequate resources to continue in operational existence for the foreseeable future. The company meets its

day-to-day working capital requirements through financial support provided by the directors and shareholders.

As at 31st March 2016 creditors include £354,414 of loan monies received from directors and shareholders

which are not due to be repaid within the next twelve months.

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

Revenue from the sale of stock is measured at the consideration receivable which equates to the invoiced

amounts, excluding value added tax and net allowances for credits and rebates. Revenue is recognised in the

profit and loss account on completion of the related transaction.

Tangible fixed assets

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

Improvements to leasehold property

-

over the period of the lease

Furniture, fixtures & fittings

-

25% on cost

Computer equipment and website
development

-

33% on cost

Stocks

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

moving items.

Deferred tax

A deferred tax liability is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

A deferred tax asset is treated as recoverable and therefore recognised only when it can be regarded as more

likely than not that there will be suitable taxable profits from which the future reversal of underlying timing

differences can be deducted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

76,707

Disposals

(44,236

)

At 31st March 2016

32,471

DEPRECIATION

At 1st April 2015

55,257

Charge for year

4,812

Eliminated on disposal

(29,834

)

At 31st March 2016

30,235

NET BOOK VALUE

At 31st March 2016

2,236

At 31st March 2015

21,450

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

30,000

Ordinary

£1

30,000