LGA Supplies Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 07691663 (England and Wales)

LGA SUPPLIES LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTOR:

Mrs A Hyde

REGISTERED OFFICE:

31 St Saviourgate

York

North Yorkshire

YO1 8NQ

REGISTERED NUMBER:

07691663 (England and Wales)

ACCOUNTANTS:

UHY Calvert Smith

Chartered Accountants

31 St Saviourgate

York

North Yorkshire

YO1 8NQ

FIXED ASSETS

Tangible assets

2

7,912

11,522

CURRENT ASSETS

Stocks

120,717

115,515

Debtors

59,534

181,287

Cash at bank and in hand

191,250

225,117

371,501

521,919

CREDITORS

Amounts falling due within one year

307,225

462,316

NET CURRENT ASSETS

64,276

59,603

TOTAL ASSETS LESS CURRENT
LIABILITIES

72,188

71,125

CAPITAL AND RESERVES

Called up share capital

3

150

Profit and loss account

72,038

70,975

SHAREHOLDERS' FUNDS

72,188

71,125

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 director acknowledges her 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 director on 27 April 2017 and were signed by:

Mrs A Hyde - 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 amounts receivable for the online retail sale of shooting accessories and clothing,

and used motor vehicles, excluding value added tax.

Tangible fixed assets

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

Website

-

Straight line over 4 years

Fixtures & equipment

-

25% on reducing balance

Computer equipment

-

Straight line over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

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.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

21,126

Additions

124

At 31 July 2016

21,250

DEPRECIATION

At 1 August 2015

9,604

Charge for year

3,734

At 31 July 2016

13,338

NET BOOK VALUE

At 31 July 2016

7,912

At 31 July 2015

11,522

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1.00

100

50

'A' Ordinary

£1.00

50

150

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2016 and

31 July 2015:

2016

2015

£

Mrs A Hyde

Balance outstanding at start of year

345

Amounts repaid

-

Balance outstanding at end of year

345

Mr L R Stares

Balance outstanding at start of year

3,750

250

Amounts advanced

3,720

3,500

Amounts repaid

(3,500

)

-

Balance outstanding at end of year

3,970

3,750

As Mr L R Stares ceased to be a director in the year, the balance outstanding on his loan account has

been reclassified and is included within other debtors.