Latitude Longitude Limited - Period Ending 2016-05-31

Registration number: 06796430

Latitude Longitude Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Latitude Longitude Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Latitude Longitude Limited
(Registration number: 06796430)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					5,096			1,599
Current assets
Debtors					16,621			11,845
Cash at bank and in hand					5,168			9,501
					21,789			21,346
Creditors: Amounts falling due within one year					(19,574)			(17,381)
Net current assets					2,215			3,965
Total assets less current liabilities					7,311			5,564
Provisions for liabilities					(1,019)			-
Net assets					6,292			5,564
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					6,291			5,563
Shareholders' funds					6,292			5,564

For the year ending 31 May 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 21 December 2016 and signed on its behalf by:

 Mr S Greaves
 Director

 Mrs J Greaves
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Latitude Longitude Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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. Revenue is recognised upon completion of work done.

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
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance
Computer equipment	33% straight line

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.

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.

Page 2

Latitude Longitude Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		2,550			2,550
Additions		6,000			6,000
Disposals		(844)			(844)
At 31 May 2016		7,706			7,706
Depreciation
At 1 June 2015		951			951
Charge for the year		2,028			2,028
Eliminated on disposals		(369)			(369)
At 31 May 2016		2,610			2,610
Net book value
At 31 May 2016		5,096			5,096
At 31 May 2015		1,599			1,599

Page 3

Latitude Longitude Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs J Greaves
Loan advances	2,837	-	863	-
Loan repayments	-	2,837	-	863
	2,837	2,837	863	863
Mr S Greaves
Loan advances	2,837	-	863	-
Loan repayments	-	2,838	-	863
	2,837	2,838	863	863

5

Control

The company is controlled by Mr S Greaves who owns 100% of the called up share capital..

Page 4