LAKE_TECHNOLOGIES_LTD - Accounts

BABBLE CLOUD (LT) LIMITED - Company Information

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Company Registration No. 03123436 (England and Wales)

LAKE TECHNOLOGIES LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

LAKE TECHNOLOGIES LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

LAKE TECHNOLOGIES LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

261,000

290,000

Tangible assets

18,780

30,674

279,780

320,674

Current assets

Stocks

37,796

45,089

Debtors

160,768

179,345

Cash at bank and in hand

24,964

198,564

249,398

Creditors: amounts falling due within one year

(321,565)

(391,454)

Net current liabilities

(123,001)

(142,056)

Total assets less current liabilities

156,779

178,618

Provisions for liabilities

(3,015)

(1,565)

153,764

177,053

Capital and reserves

Called up share capital

142

Share premium account

149,958

Profit and loss account

3,664

26,953

Shareholders' funds

153,764

177,053

LAKE TECHNOLOGIES LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 December 2016

P Dobson

Director

Company Registration No. 03123436

LAKE TECHNOLOGIES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

As at 31 March 2016 the company had net current liabilities of £123,001. The directors consider it appropriate to prepare the accounts on a going concern basis due to the increased profitability of the company post year end and the continued support of the directors.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for the provision, installation and maintenance of telecommunication systems provided prior to the balance sheet date, net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements

10% per annum straight line basis

Plant and machinery

25% per annum reducing balance basis

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

LAKE TECHNOLOGIES LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015

400,000

181,709

581,709

Additions

7,700

Disposals

(24,000)

At 31 March 2016

400,000

165,409

565,409

Depreciation

At 1 April 2015

110,000

151,035

261,035

On disposals

(10,500)

Charge for the year

29,000

6,094

35,094

At 31 March 2016

139,000

146,629

285,629

Net book value

At 31 March 2016

261,000

18,780

279,780

At 31 March 2015

290,000

30,674

320,674

Share capital

2016

2015

Allotted, called up and fully paid

42 Ordinary shares of £1 each

27 A Ordinary shares of £1 each

27 B Ordinary shares of £1 each

23 C Ordinary shares of £1 each

23 D Ordinary shares of £1 each

142