Abbreviated Company Accounts - LFS & PARTNERS LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts 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 the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Leasehold properties - Straight line over the life of the lease
Plant and machinery - 33% & 15% straight line
Fixtures, fittings and equipment - 15% straight line

Tangible fixed assets are stated at cost less accumulated depreciation.

Intangible assets amortisation policy
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.

Other accounting policies
LEASING
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

INVESTMENTS
Fixed asset investments are stated at cost less provision for permanent diminution in value.

PENSIONS
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

DEFERRED TAXATION
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 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.

GROUP ACCOUNTS
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

4Fixed assets Investments
Subsidiary undertakings: £640 (2015: £640)

Holdings of 20% or more
The company holds 20% or more of the share capital of the following companies:
Company - Subsidiary undertaking: Lyn Financial Service Limited
Country of registration or incorporation: England
Nature of business: dormant company
Shares held - class: ordinary
Shares held - %: 100%

The aggregate amount of capital reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves: £640
Profit/(loss) for the year: £-

On 1 September 2015 the company issued 1 £1 preference share to Mr Ward. This share carries no voting rights, but entitles Mr Ward to 1% of equity in the event of a sale within 10 years from issue.