LEVERSWIFT_LIMITED - Accounts

LEVERSWIFT LIMITED - Company Information

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Company Registration No. 02696643 (England and Wales)

LEVERSWIFT LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

LEVERSWIFT LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LEVERSWIFT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

31,737

42,316

Current assets

Debtors

268,379

256,341

Cash at bank and in hand

15,984

13,801

284,363

270,142

Creditors: amounts falling due within one year

(253,166)

(101,889)

Net current assets

31,197

168,253

Total assets less current liabilities

62,934

210,569

Creditors: amounts falling due after more than one year

(2,285)

Provisions for liabilities

(5,212)

(5,903)

57,722

202,381

Capital and reserves

Called up share capital

100

Profit and loss account

57,622

202,281

Shareholders' funds

57,722

202,381

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.

Director's 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 director acknowledges his 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

A Palmer

Director

Company Registration No. 02696643

LEVERSWIFT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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).

The accounts have been prepared on a going concern basis as there is some uncertainty on the immediate payment of some of the trade debtors.

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 goods and services net of VAT and trade discounts.

1.4

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:

Plant and machinery

25% on written down value

Motor vehicles

25% on written down value

Fixed assets

Tangible assets

Cost

At 1 April 2015 & at 31 March 2016

144,499

Depreciation

At 1 April 2015

102,183

Charge for the year

10,579

At 31 March 2016

112,762

Net book value

At 31 March 2016

31,737

At 31 March 2015

42,316

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100

LEVERSWIFT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

A Palmer - Loan

33,271

141,835

7,053

168,053

33,271

141,835

7,053

168,053