Abbreviated Company Accounts - LAB BRANDS LIMITED

Abbreviated Company Accounts - LAB BRANDS LIMITED

LAB BRANDS LIMITED - Company Information

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Registered Number 08101450

LAB BRANDS LIMITED

Abbreviated Accounts

30 June 2016

LAB BRANDS LIMITED Registered Number 08101450

Abbreviated Balance Sheet as at 30 June 2016

Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 16,666 16,666
16,666 16,666
Current assets
Stocks 40,000 40,000
Debtors 51,634 11,431
Cash at bank and in hand 331,050 7,003
422,684 58,434
Creditors: amounts falling due within one year (33,681) (75,000)
Net current assets (liabilities) 389,003 (16,566)
Total assets less current liabilities 405,669 100
Total net assets (liabilities) 405,669 100
Capital and reserves
Called up share capital 3 47,300 100
Share premium account 417,550 0
Profit and loss account (59,181) -
Shareholders' funds 405,669 100
  • 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 4 April 2017

And signed on their behalf by:
Steven Schapera, Director

LAB BRANDS LIMITED Registered Number 08101450

Notes to the Abbreviated Accounts for the period ended 30 June 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT. The total turnover of the company for the year has been derived from its principal activities.

Intangible assets amortisation policy
Amortisation has not been provided for as the asset is yet to be in use.

Valuation information and policy
Stocks
Stocks are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For work in progress and finished goods cost is taken as production cost, which includes an appropriate proportion of attributable overheads.

Other accounting policies
Taxation
The charge for taxation is based on the loss for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purpose.
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 otherwise required by FRS 19.

2Intangible fixed assets
£
Cost
At 1 July 2015 16,666
Additions 0
Disposals -
Revaluations -
Transfers -
At 30 June 2016 16,666
Amortisation
At 1 July 2015 -
Charge for the year -
On disposals -
At 30 June 2016 -
Net book values
At 30 June 2016 16,666
At 30 June 2015 16,666
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
0 Ordinary shares of £1 each (100 shares for 2015) 0 100
4,000,000 Ordinary shares of £0.01 each (0 shares for 2015) 40,000 0

On 7 March 2016 there was a subdicision of 100 Ordinary shares at £1.00 each into 10,000 Ordinary shares at £0.01.

On 3 May 2016, there was an allotment of 3,990,000 Ordinary shares at £0.01, resulting in share premium of £59,850.

On 12 June 2016 there was an allotment of 730,000 Ordinary shares at £0.01 each, resulting in share premium of £357,700.