Lomo Industries Ltd. - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC203510 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 28 February 2014

for

Lomo Industries Ltd.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Lowery

B Morrison

SECRETARY:

M Lowery

REGISTERED OFFICE:

Lomo House

96 Hydepark Street

Glasgow

G3 8BW

REGISTERED NUMBER:

SC203510 (Scotland)

ACCOUNTANTS:

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

FIXED ASSETS

Tangible assets

2

389,899

4,158

CURRENT ASSETS

Stocks

142,996

146,886

Debtors

3

46,310

71,627

Cash at bank and in hand

28,913

95,547

218,219

314,060

CREDITORS

Amounts falling due within one year

118,022

114,290

NET CURRENT ASSETS

100,197

199,770

TOTAL ASSETS LESS CURRENT LIABILITIES

490,096

203,928

CREDITORS

Amounts falling due after more than one year

4

(210,108

)

-

PROVISIONS FOR LIABILITIES

(941

)

(632

)

ACCRUALS AND DEFERRED INCOME

(29,700

)

-

NET ASSETS

249,347

203,296

CAPITAL AND RESERVES

Called up share capital

5

2

2

Profit and loss account

249,345

203,294

SHAREHOLDERS' FUNDS

249,347

203,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 November 2014 and were signed on its behalf by:

B Morrison - Director

M Lowery - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

8,730

Additions

392,390

At 28 February 2014

401,120

DEPRECIATION

At 1 March 2013

4,572

Charge for year

6,649

At 28 February 2014

11,221

NET BOOK VALUE

At 28 February 2014

389,899

At 28 February 2013

4,158

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (2013 - £ 61,875 )

4.

CREDITORS

Creditors include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

210,108

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors is £17,808 (2013: £17,808) due to the directors of the company. No interest is charged on this loan

and the balance is repayable on demand.