Forty Four Lion Street Limited - Period Ending 2016-08-31

Registration number: 06244905

Forty Four Lion Street Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

David M Jones & Partners
Brooklands
Hay on Wye
Hereford
HR3 5AP

Forty Four Lion Street Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Forty Four Lion Street Limited
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Forty Four Lion Street Limited for the year ended 31 August 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Forty Four Lion Street Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Forty Four Lion Street Limited and state those matters that we have agreed to state to them, as a body . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forty Four Lion Street Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Forty Four Lion Street Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Forty Four Lion Street Limited. You consider that Forty Four Lion Street Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Forty Four Lion Street Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

David M Jones & Partners
Brooklands
Hay on Wye
Hereford
HR3 5AP

26 May 2017

Page 1

Forty Four Lion Street Limited
(Registration number: 06244905)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					7,839			32,397
Current assets
Stocks					146,835			133,071
Debtors					5,756			9,410
Cash at bank and in hand					45,422			40,877
					198,013			183,358
Creditors: Amounts falling due within one year					(2,280,875)			(2,220,685)
Net current liabilities					(2,082,862)			(2,037,327)
Net liabilities					(2,075,023)			(2,004,930)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(2,075,123)			(2,005,030)
Shareholders' deficit					(2,075,023)			(2,004,930)

For the year ending 31 August 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 30 May 2017 and signed on its behalf by:

.........................................
E Haycox
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Forty Four Lion Street Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

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.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill arising on the acquisition of the company's business was fully provided for in the accounts to 31st August 2009

Asset class	Amortisation method and rate
Goodwill	0%

Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows;

Asset class	Depreciation method and rate
Plant and machinery	33.3% Straight line basis
Fixture and fittings	20% Straight line basis
Motor vehicles	25% Reducing balance basis

Stock

Stock is 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.

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.

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.

Page 3

Forty Four Lion Street Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2015		100,000			545,698			645,698
Additions		-			3,576			3,576
At 31 August 2016		100,000			549,274			649,274
Depreciation
At 1 September 2015		100,000			513,301			613,301
Charge for the year		-			28,134			28,134
At 31 August 2016		100,000			541,435			641,435
Net book value
At 31 August 2016		-			7,839			7,839
At 31 August 2015		-			32,397			32,397

3	Share capital

Allotted, called up and fully paid shares

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

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
P Greatbatch
Rent including VAT	55,200	-	55,200	-
Directors Loan Account	4,000	2,778	28,697	1,496
	59,200	2,778	83,897	1,496

Page 4