L and M Joiners Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC403256 (Scotland)

L and M Joiners Ltd

Abbreviated Unaudited Accounts

for the Year Ended 31 July 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D Livingstone

J H Moyes

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

REGISTERED NUMBER:

SC403256 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

Dunfermline Branch

52 - 54 East Port

Dunfermline

KY12 7HB

FIXED ASSETS

Intangible assets

2

10,000

12,000

Tangible assets

3

1,371

1,548

11,371

13,548

CURRENT ASSETS

Stocks

5,500

15,500

Debtors

92,952

143,698

Cash at bank

6,404

-

104,856

159,198

CREDITORS

Amounts falling due within one year

4

58,821

71,468

NET CURRENT ASSETS

46,035

87,730

TOTAL ASSETS LESS CURRENT
LIABILITIES

57,406

101,278

CAPITAL AND RESERVES

Called up share capital

5

1

Profit and loss account

57,405

101,277

SHAREHOLDERS' FUNDS

57,406

101,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company
as at the end of each financial year and of its profit or loss for each financial year in accordance with
the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 April 2017 and were signed on its
behalf by:

J H Moyes - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net sales of joinery services, excluding Value Added Tax.

Revenue is recognised when the company has obtained the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its

estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 25% on cost

Motor vehicles - 25% on cost

Computer equipment - 33% on cost

Fixtures and fittings - 25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making

due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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.

Deferred tax assets are recognised only to the extent that the directors consider 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

and 31 July 2016

20,000

AMORTISATION

At 1 August 2015

8,000

Amortisation for year

2,000

At 31 July 2016

10,000

NET BOOK VALUE

At 31 July 2016

10,000

At 31 July 2015

12,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

40,813

Additions

1,040

Disposals

(580

)

At 31 July 2016

41,273

DEPRECIATION

At 1 August 2015

39,265

Charge for year

1,024

Eliminated on disposal

(387

)

At 31 July 2016

39,902

NET BOOK VALUE

At 31 July 2016

1,371

At 31 July 2015

1,548

4.

CREDITORS

Creditors include an amount of £ 0 (2015 - £ 1,450 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

6.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of L and M Fife Limited. The company is ultimately

controlled by D Livingstone and J H Moyes.