Lainhead Limited - Period Ending 2016-11-30

Registration number: 03074849

Lainhead Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

Lainhead Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Lainhead Limited
(Registration number: 03074849)
Abbreviated Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			49,908			46,499
Current assets
Stocks					49,835			51,377
Debtors		3			213,661			180,123
Cash at bank and in hand					12,502			19,807
					275,998			251,307
Creditors: Amounts falling due within one year		4			(106,935)			(98,752)
Net current assets					169,063			152,555
Total assets less current liabilities					218,971			199,054
Creditors: Amounts falling due after more than one year		4			(17,417)			(13,195)
Provisions for liabilities					(2,630)			(4,505)
Net assets					198,924			181,354
Capital and reserves
Called up share capital		5			100			100
Profit and loss account					198,824			181,254
Shareholders' funds					198,924			181,354

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Lainhead Limited
(Registration number: 03074849)
Abbreviated Balance Sheet at 30 November 2016
......... continued

For the year ending 30 November 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 29 August 2017 and signed on its behalf by:

D Grimes
 Director

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

Lainhead Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 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.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold	Over the period of the lease
Fixtures and fittings	15% on reducing balance
Motor vehicles	25% on reducing balance
Computer equipment	15% on reducing balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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Lainhead Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		200,768			200,768
Additions		24,178			24,178
Disposals		(30,624)			(30,624)
At 30 November 2016		194,322			194,322
Depreciation
At 1 December 2015		154,269			154,269
Charge for the year		12,983			12,983
Eliminated on disposals		(22,838)			(22,838)
At 30 November 2016		144,414			144,414
Net book value
At 30 November 2016		49,908			49,908
At 30 November 2015		46,499			46,499

3

Debtors

Debtors includes £6,750 (2015 - £6,750) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

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Lainhead Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		9,394			3,700
Amounts falling due after more than one year		17,417			6,883
Total secured creditors		26,811			10,583

5	Share capital

Allotted, called up and fully paid shares

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

6

Control

The company is controlled by Mr D Grimes.

Page 5