Lime People Search & Select Limited Company Accounts

LIME PEOPLE SEARCH & SELECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08062097

Lime People Search & Select Limited

Filleted Unaudited Financial Statements

31 December 2016

Lime People Search & Select Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Lime People Search & Select Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Current assets

Debtors	5	64,178	70,895
Cash at bank and in hand		6,378	5,591
		--------	--------
		70,556	76,486

Creditors: amounts falling due within one year	6	116,325		104,607
		---------		---------
Net current liabilities			45,769	28,121
			--------	--------
Total assets less current liabilities			( 45,769)	( 28,121)
			--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 46,769)	( 29,121)
	--------	--------
Shareholders deficit	( 45,769)	( 28,121)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 September 2017 , and are signed on behalf of the board by:

Mr S Douglas

Director

Company registration number: 08062097

Lime People Search & Select Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Moorhead Lane, Shipley, West Yorkshire, BD18 4JH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors consider the company to be a going concern and are content to provide it with continuing financial support.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2015: 1 ).

5. Debtors

	2016	2015
	£	£
Trade debtors	24,720	19,729
Amounts owed by group undertakings and undertakings in which the company has a participating interest	25,566	43,550
Other debtors	13,892	7,616
	--------	--------
	64,178	70,895
	--------	--------

6. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	23,723	46,782
Amounts owed to group undertakings and undertakings in which the company has a participating interest	91,662	55,912
Social security and other taxes	831	1,454
Other creditors	109	459
	---------	---------
	116,325	104,607
	---------	---------

7. Related party transactions

The company was under the control of Mr Chaudry throughout the current and previous year. Mr Chaudry is the managing director and majority shareholder of the parent company, Redbox Asset Management Limited. The company trades with Lime International Management Enterprises SL, a company based in Tenerife and owned by Mr Chaudry. During the year Lime People Search and Select Ltd bought services from Lime International of the value £63,634.99 (2015 £187,964.00). At the balance sheet date Lime People Search and Select Ltd owed £18,639.78 (2015 65,130.69) to Lime International. This is shown in trade creditors. At the balance sheet date the company owed £85,162.46 (2015 £49,912.26) to Lime Personnel Limited and was owed £22,550.00 (2015 £42,550.00) by Redbox Asset Management Limited and £1,000 (2015 NIL) by Right Direction All Trades Limited. All companies are under common ownership and the loans are made interest free and are repayable on demand.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.