Lingstar Limited - Period Ending 2016-09-30

Registration number: 03208005

Lingstar Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Theaccountants4u
Chartered Certified Accountants
Littlemead
Hollingdon
Buckinghamshire
LU7 0DN

Lingstar Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lingstar Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lingstar Limited for the year ended 30 September 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Lingstar Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lingstar Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lingstar Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lingstar 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 profit of Lingstar Limited. You consider that Lingstar 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 Lingstar 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.

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

Theaccountants4u
Chartered Certified Accountants
Littlemead
Hollingdon
Buckinghamshire
LU7 0DN

26 June 2017

Page 1

Lingstar Limited
(Registration number: 03208005)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,012			811
Current assets
Stocks					858,439			397,815
Debtors					14,535			14,312
Cash at bank and in hand					483,902			932,614
					1,356,876			1,344,741
Creditors: Amounts falling due within one year					(614,000)			(617,365)
Net current assets					742,876			727,376
Net assets					743,888			728,187
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					743,788			728,087
Shareholders' funds					743,888			728,187

For the year ending 30 September 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 director acknowledges his 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 director on 26 June 2017

.........................................
Mr Robert David Williams
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Lingstar Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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 rent & service charge income receivable of £30,829 (2013:3451). Turnover arises solely within the United Kingdom.

Depreciation

Depreciation is providedto write off the cost, less estimated residual values, of all tangible assets, except for investment properties and lreehold land, evenly over there expected useful lives.

Asset class	Depreciation method and rate
Plant & Machinery	33 1/3% per annum reducing balance

Stock

Stocks & work in progress comprise of properties held for sale. They are valued at the lower of cost and net realisable value. Cost includes all direct costs of property purchase and development. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Purchases of property are recognised on exchange of contracts and sales of peroperty are recognised on completion of contracts.

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

Lingstar Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		7,856			7,856
Additions		706			706
At 30 September 2016		8,562			8,562
Depreciation
At 1 October 2015		7,045			7,045
Charge for the year		505			505
At 30 September 2016		7,550			7,550
Net book value
At 30 September 2016		1,012			1,012
At 30 September 2015		811			811

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

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Robert David Williams
At the end of the year the Director Mr R D Williams was owed by the company	-	-	608,589	-
During the year the company settled expenses on behalf of the director of	-	-	10,299	-
During the year the company made payments to him of	-	-	300,000	-

Page 4

Lingstar Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

	-	-	918,888	-

Page 5