LUCKY_SEVEN_LIMITED - Accounts

OLD SEVEN LIMITED - Company Information

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Company Registration No. 04444861 (England and Wales)

LUCKY SEVEN LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

LUCKY SEVEN LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LUCKY SEVEN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

53,805

34,411

Current assets

Stocks

25,984

27,205

Debtors

1,712

Cash at bank and in hand

5,363

330

31,347

29,247

Creditors: amounts falling due within one year

(127,961)

(71,256)

Net current liabilities

(96,614)

(42,009)

Total assets less current liabilities

(42,809)

(7,598)

Creditors: amounts falling due after more than one year

(2,028)

(44,837)

(7,598)

Capital and reserves

Called up share capital

1,108

Share premium account

251,202

Profit and loss account

(297,147)

(259,908)

Shareholders' funds

(44,837)

(7,598)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 April 2017

J. J. Burridge

Director

Company Registration No. 04444861

LUCKY SEVEN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

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

Although the balance sheet shows a deficiency in assets of £44,837, due to the continued support of the director and associated businesses, these financial statements have been prepared on a going concern basis.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Acquired goodwill is written off in annual instalments over its estimated useful economic life.

1.4

Tangible fixed assets and 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:

Fixtures, fittings & equipment

25% reducing balance

Motor vehicles

25% straight line

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015

710

54,671

55,381

Additions

40,206

At 31 March 2016

710

94,877

95,587

Depreciation

At 1 April 2015

710

20,260

20,970

Charge for the year

20,812

At 31 March 2016

710

41,072

41,782

Net book value

At 31 March 2016

53,805

At 31 March 2015

34,411

LUCKY SEVEN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £6,347 (2015 - £0).

Share capital

2016

2015

Allotted, called up and fully paid

1,108 Ordinary shares of £1 each

1,108

Related party relationships and transactions

Other transactions

During the year the company was charged management fees of £nil (2015 - £12,300) by Superseven Limited, a company wholly owned by Mr and Mrs J J Burridge. Within Other creditors is £47,180 (2015 - £24,530) owed by the company to Superseven Limited. No interest is payable on this amount.

Also within Other creditors is £22,480 (2015 - £12,480) owed to Supersaurs Limited, a company controlled by J J Burridge due to his majority shareholding. No interest is payable on this amount.