L.D.A Meats Limited - Period Ending 2016-03-31

Registration number: 02801903

L.D.A Meats Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

L.D.A Meats Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
L.D.A Meats Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of L.D.A Meats Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of L.D.A Meats Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of L.D.A Meats Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than L.D.A Meats Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that L.D.A Meats Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of L.D.A Meats Limited. You consider that L.D.A Meats Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of L.D.A Meats Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

30 June 2016

Page 1

L.D.A Meats Limited
(Registration number: 02801903)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					130,118			143,909
Current assets
Stocks					36,932			46,287
Debtors					62,007			52,536
Cash at bank and in hand					883			1,015
					99,822			99,838
Creditors: Amounts falling due within one year					(194,714)			(202,782)
Net current liabilities					(94,892)			(102,944)
Total assets less current liabilities					35,226			40,965
Creditors: Amounts falling due after more than one year					-			(4,848)
Net assets					35,226			36,117
Capital and reserves
Called up share capital		4			100,000			100,000
Profit and loss account					(64,774)			(63,883)
Shareholders' funds					35,226			36,117

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2016 and signed on its behalf by:

.........................................
Mr G J Hill
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

L.D.A Meats Limited
(Registration number: 02801903)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
Mr M R Newell
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

L.D.A Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on purchased goodwill in equal instalments, commencing in the year of acquisition at rates estimated to write off its cost over its expected useful economic life which in the opinion of the directors is 5 years.

Asset class	Amortisation method and rate
Goodwill	5% per annum on cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Leashold property	5% of cost per annum
Motor Vehicles	12.5% of written down value per annum
Plant and Machinery	5% of cost per annum
Fixtures and fittings	20% of cost per annum

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

L.D.A Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		4,123			325,532			329,655
Additions		-			1,313			1,313
At 31 March 2016		4,123			326,845			330,968
Depreciation
At 1 April 2015		4,123			181,623			185,746
Charge for the year		-			15,104			15,104
At 31 March 2016		4,123			196,727			200,850
Net book value
At 31 March 2016		-			130,118			130,118
At 31 March 2015		-			143,909			143,909

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 5

L.D.A Meats Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		111,657			100,755
Amounts falling due after more than one year		-			4,848
Total secured creditors		111,657			105,603

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		100,000			100,000			100,000			100,000

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr G J Hill
Director's loan account	22,552	-	22,402	-
Mr M R Newell
Director's loan account	5,662	-	16,862	20,800

Page 6