L'una Design Limited - Period Ending 2016-06-30

Registration number: 07683795

L'una Design Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

L'una Design Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

L'una Design Limited
(Registration number: 07683795)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					20,544			24,524
Current assets
Stocks					203,675			165,000
Debtors					33,157			222,575
Cash at bank and in hand					47,777			6,078
					284,609			393,653
Creditors: Amounts falling due within one year					(246,372)			(296,884)
Net current assets					38,237			96,769
Total assets less current liabilities					58,781			121,293
Creditors: Amounts falling due after more than one year					(14,090)			(21,150)
Provisions for liabilities					(4,108)			(4,904)
Net assets					40,583			95,239
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					40,483			95,139
Shareholders' funds					40,583			95,239

For the year ending 30 June 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 31 March 2017 and signed on its behalf by:

.........................................
D W R Wise
Director

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

L'una Design Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016

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, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Asset class	Depreciation method and rate
Office equipment	20% reducing balance
Motor	20% reducing balance
Computer equipment	33% straight line

Stock and work in progress

Stock and work in progress are 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.

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 2

L'una Design Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016

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

		Tangible assets £			Total £
Cost
At 1 July 2015		33,017			33,017
Additions		2,281			2,281
At 30 June 2016		35,298			35,298
Depreciation
At 1 July 2015		8,493			8,493
Charge for the year		6,261			6,261
At 30 June 2016		14,754			14,754
Net book value
At 30 June 2016		20,544			20,544
At 30 June 2015		24,524			24,524

Page 3

L'una Design Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016

3	Share capital

Allotted, called up and fully paid shares

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

4

Control

The ultimate controlling party is the director, D W R Wise, by virtue of his 51% interest in the ordinary voting share capital of the company.

Page 4