The Natural Limestone Company Limited Small abbreviated accounts

THE NATURAL LIMESTONE COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 08015539

THE NATURAL LIMESTONE COMPANY LIMITED

ABBREVIATED ACCOUNTS

30 April 2016

CRACKNELL & CO.

Chartered Management Accountants & Tax Advisors

Willoughby House

2 Broad Street

Stamford

Lincolnshire

PE9 1PB

THE NATURAL LIMESTONE COMPANY LIMITED

ABBREVIATED BALANCE SHEET

30 April 2016

	2016	2015
Note	£	£	£
FIXED ASSETS	2
Tangible assets		111,069	53,253
		----------	---------

CURRENT ASSETS

Stocks	3,931		2,976
Debtors	74,685		167,630
Cash at bank and in hand	32,613		16,557
	----------		----------
	111,229		187,163
CREDITORS: Amounts falling due within one year	163,351		151,362
	----------		----------
NET CURRENT (LIABILITIES)/ASSETS		( 52,122)	35,801
		----------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		58,947	89,054

CREDITORS: Amounts falling due after more than one year		46,192	63,728

PROVISIONS FOR LIABILITIES	12,587	10,668
	---------	---------
	168	14,658
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	4		100	100
Profit and loss account		68	14,558
		----	---------
SHAREHOLDERS' FUNDS		168	14,658
		----	---------

For the year ended 30 April 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 accounts for the year in question in accordance with section 476; and

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These abbreviated accounts were approved and signed by the director and authorised for issue on 23 January 2017 .

Jean Smith Director

Company Registration Number: 08015539

THE NATURAL LIMESTONE COMPANY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 30 APRIL 2016

1. ACCOUNTING POLICIES

Basis of accounting

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property-6 year straight line

Fixtures & Fittings-3 year straight line

Equipment-3-8 year straight line

Stocks

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

Leasing and hire purchase commitments

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, and hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

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

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Going concern

The accounts have been prepared on a going concern basis.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 May 2015	89,449
Additions	90,109
	----------
At 30 April 2016	179,558
	----------

DEPRECIATION

At 1 May 2015	36,196
Charge for year	32,293
	---------
At 30 April 2016	68,489
	---------

NET BOOK VALUE

At 30 April 2016	111,069
	----------

At 30 April 2015	53,253
	----------

3. DIRECTOR'S CURRENT ACCOUNTS

Movements on the director account during the year were as follows:

	Balance brought forward	Movement in year	Balance carried forward
	£	£	£
Jean Smith	142	(6,590)	(6,448)
	----	-------	-------

The Director's current account had an overdrawn balance of £6,448 at the end of the year. This was repaid in full on 29th December 2016.

4. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

5. CONTROLLING PARTY

Until 01st April 2016, the company was under the control of Jean Smith , a Director, by virtue of her shareholding. From 01st April 2016 the company was under the control of Jean Smith (Director), Victor Abbot & Matthew Abbot by virtue of their shareholdings.