LMC Audio Systems Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01950665 (England and Wales)

Financial Statements for the Year Ended 31 December 2017

for

LMC Audio Systems Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P S Hinkly

Mrs S P Hinkly

Mr J Ridley

Mr D J Stubbs

SECRETARY:

Mrs S P Hinkly

REGISTERED OFFICE:

Unit 10

Cowley Road

London

W3 7XA

REGISTERED NUMBER:

01950665 (England and Wales)

ACCOUNTANTS:

Burnbecks Limited

Chartered Certified Accountants

2B Haddo Street

Greenwich

London

SE10 9RN

FIXED ASSETS

Tangible assets

4

63,453

75,326

CURRENT ASSETS

Stocks

835,734

676,541

Debtors

113,075

852,437

Cash at bank and in hand

105

642

948,914

1,529,620

CREDITORS

Amounts falling due within one year

391,683

947,820

NET CURRENT ASSETS

557,231

581,800

TOTAL ASSETS LESS CURRENT LIABILITIES

620,684

657,126

CREDITORS

Amounts falling due after more than one year

569,118

515,632

NET ASSETS

51,566

141,494

CAPITAL AND RESERVES

Called up share capital

5

119,700

119,700

Retained earnings

(68,134

)

21,794

SHAREHOLDERS' FUNDS

51,566

141,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 September 2018 and were signed on its behalf by:

Mr P S Hinkly - Director

1.	STATUTORY INFORMATION

LMC Audio Systems Limited 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on reducing balance

Plant & machinery

-

10% on reducing balance

Equipment & fittings

-

25% on reducing balance

Motor vehicles

-

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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 6 (2016 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

347,659

Disposals

(95,509

)

At 31 December 2017

252,150

DEPRECIATION

At 1 January 2017

272,333

Charge for year

9,918

Eliminated on disposal

(93,554

)

At 31 December 2017

188,697

NET BOOK VALUE

At 31 December 2017

63,453

At 31 December 2016

75,326

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2017

17,809

Transfer to ownership

(17,809

)

At 31 December 2017

-

DEPRECIATION

At 1 January 2017

12,174

Transfer to ownership

(12,174

)

At 31 December 2017

-

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

5,635

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

119,700

Ordinary

£1

119,700

119,700

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P S Hinkly.