LUFFSHIPS LIMITED - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07140078 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2018

for

Luffships Limited

formerly Skylifter LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Fitton

REGISTERED OFFICE:

15 New Street

Stourport-On-Severn

Worcestershire

DY13 8UW

REGISTERED NUMBER:

07140078 (England and Wales)

ACCOUNTANTS:

Midland Accountancy Group Limited

15 New Street

Stourport

Worcestershire

DY13 8UW

FIXED ASSETS

Tangible assets

3

1,666

-

CURRENT ASSETS

Stocks

4

17,960

17,960

Debtors

5

95

93

Cash in hand

507

461

18,562

18,514

CREDITORS

Amounts falling due within one year

6

41,864

35,799

NET CURRENT LIABILITIES

(23,302

)

(17,285

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,636

)

(17,285

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

7

(21,640

)

(17,289

)

SHAREHOLDERS' FUNDS

(21,636

)

(17,285

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 2 May 2018 and were signed by:

J Fitton - Director

1.	STATUTORY INFORMATION

Luffships Limited formerly Skylifter LTD is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

The Company changed it's name from Skylifter Ltd to Luffships Ltd on 29th March 2018.

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.

Tangible fixed assets

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

Computer Equipment - 25% (straight line)

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.

Financial support

The company is dependent upon a loan from the director, who has indicated that he will continue to

provide the financial support necessary to enable the company to continue in operational existence for

the foreseeable future. Accordingly, these financial statements have been prepared on the going

concern basis.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,221

At 31 January 2018

2,221

DEPRECIATION

Charge for year

555

At 31 January 2018

555

NET BOOK VALUE

At 31 January 2018

1,666

4.

STOCKS

31.1.18

31.1.17

£

£

Stocks

17,960

17,960

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

VAT

95

93

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.18

31.1.17

£

£

Trade creditors

17,959

17,960

Director's Loan Account

23,605

17,539

Accrued expenses

300

300

41,864

35,799

7.

RESERVES

Retained

earnings

£

At 1 February 2017

(17,289

)

Deficit for the year

(4,351

)

At 31 January 2018

(21,640

)

8.	RELATED PARTY DISCLOSURES

J Fitton

A director and shareholder

The company is controlled by Mr J Fitton.

2018

2017

£

£

Amounts due to the director at the balance sheet date

23,605

17,539