S R Lee Ltd - Period Ending 2016-05-31

Registration number: 04021883

S R Lee Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Nigel K Wayne & Co Ltd
Chartered Accountants
AIMS Accountants for Business
15a East Street
Okehampton
Devon
EX20 1AS

S R Lee Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
S R Lee Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S R Lee Ltd for the year ended 31 May 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of S R Lee Ltd, 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 S R Lee Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S R Lee Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that S R Lee Ltd 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 S R Lee Ltd. You consider that S R Lee Ltd 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 S R Lee Ltd. 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.

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

Nigel K Wayne & Co Ltd
Chartered Accountants
AIMS Accountants for Business
15a East Street
Okehampton
Devon
EX20 1AS

17 February 2017

Page 1

S R Lee Ltd
(Registration number: 04021883)
Abbreviated Balance Sheet at 31 May 2016

		Note			31 May 2016 £			31 May 2015 £
Current assets
Stocks					446,856			342,894
Debtors					63,297			102
Cash at bank and in hand					141,570			41,926
					651,723			384,922
Creditors: Amounts falling due within one year					(327,680)			(56,772)
Net assets					324,043			328,150
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					324,040			328,147
Shareholders' funds					324,043			328,150

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 director acknowledges his 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 director on 17 February 2017

.........................................
Mr S R Lee
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

S R Lee Ltd
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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover is recognised in the accounts when the company has performed its obligations under an unconditional contract for sale.

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Interest is not capitalised.

Deferred tax

The company does not recognise a corporation tax debtor on losses carried forward until utilisaition of those losses can be reasonably foreseen.

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

Creditors

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

31 May 2016 £

31 May 2015 £

3	Share capital

Allotted, called up and fully paid shares

	31 May 2016						31 May 2015
		No.			£			No.			£
A Ordinary of £1 each		1			1			1			1

Page 3

S R Lee Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

B Ordinary of £1 each		2			2			2			2
		3			3			3			3

Page 4