Lomo Industries Ltd. - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC203510 (Scotland)

Unaudited Financial Statements

for the Year Ended 28 February 2017

for

Lomo Industries Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

359,177

364,398

CURRENT ASSETS

Stocks

328,914

318,467

Debtors

5

21,902

19,832

Cash at bank and in hand

39,548

7,285

390,364

345,584

CREDITORS

Amounts falling due within one year

6

145,694

128,475

NET CURRENT ASSETS

244,670

217,109

TOTAL ASSETS LESS CURRENT LIABILITIES

603,847

581,507

CREDITORS

Amounts falling due after more than one year

7

(146,537

)

(168,784

)

PROVISIONS FOR LIABILITIES

(211

)

(422

)

ACCRUALS AND DEFERRED INCOME

(46,933

)

(47,933

)

NET ASSETS

410,166

364,368

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

410,164

364,366

SHAREHOLDERS' FUNDS

410,166

364,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 November 2017 and were signed on its behalf by:

B Morrison - Director

M Lowery - Director

1.	STATUTORY INFORMATION

Lomo Industries Ltd. is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2016

367,043

35,043

402,086

Additions

-

6,917

6,917

At 28 February 2017

367,043

41,960

409,003

DEPRECIATION

At 1 March 2016

18,360

19,328

37,688

Charge for year

7,344

4,794

12,138

At 28 February 2017

25,704

24,122

49,826

NET BOOK VALUE

At 28 February 2017

341,339

17,838

359,177

At 29 February 2016

348,683

15,715

364,398

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

13,668

15,674

Other debtors

8,234

4,158

21,902

19,832

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

22,241

21,752

Trade creditors

25,934

17,394

Taxation and social security

75,469

64,503

Other creditors

22,050

24,826

145,694

128,475

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

146,537

168,784

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

146,537

168,784

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors is £17,808 (2016: £17,808) due to the directors of the company. No interest is charged on

this loan and the balance is repayable on demand.

9.	ULTIMATE CONTROLLING PARTY