Linthorpe Bed Centre Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04492058

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2014

for

Linthorpe Bed Centre Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

K Humble

S J Humble

SECRETARY:

S J Humble

REGISTERED OFFICE:

Lustrum Avenue

Portrack Lane

Stockton On Tees

TS18 2RB

REGISTERED NUMBER:

04492058

ACCOUNTANTS:

TTR Barnes

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Intangible assets

2

60,000

67,500

Tangible assets

3

88,412

106,307

148,412

173,807

CURRENT ASSETS

Stocks

139,200

178,775

Debtors

54,689

56,150

Cash at bank and in hand

319,730

144,578

513,619

379,503

CREDITORS

Amounts falling due within one year

4

463,258

385,133

NET CURRENT ASSETS/(LIABILITIES)

50,361

(5,630

)

TOTAL ASSETS LESS CURRENT LIABILITIES

198,773

168,177

CREDITORS

Amounts falling due after more than one year

4

(29,747

)

(45,046

)

PROVISIONS FOR LIABILITIES

(5,385

)

(3,469

)

NET ASSETS

163,641

119,662

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

163,541

119,562

SHAREHOLDERS' FUNDS

163,641

119,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 13 February 2015 and were signed on its behalf by:

K Humble - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis,which assumes that the company will continue in

operational existence for the foreseeable future, which the directors consider to be appropriate.

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).

Exemption from preparing a cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the

requirement to prepare such a statement under Financial Reporting Standard 1 Cash flow statements and Financial

Reporting Standard for Smaller Entities (effective 2008).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business, is being amortised evenly over its

estimated useful life of twenty years.

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.

Short leasehold

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable

value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or

damaged stock where the net realisable value is less than cost.

Deferred tax

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

date.

A deferred tax asset is regarded as recoverable, and therefore recognised, only when, on the basis of all available evidence,

it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted.

Deferred tax is measured on a non-discounted basis at the average rates that are expected to apply in the periods in which

the timing differences are expected to reverse, based on the tax rates and laws that have been enacted, or substantively

enacted, by the balance sheet date

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 the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

and 31 August 2014

150,000

AMORTISATION

At 1 September 2013

82,500

Amortisation for year

7,500

At 31 August 2014

90,000

NET BOOK VALUE

At 31 August 2014

60,000

At 31 August 2013

67,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

209,658

Additions

6,919

At 31 August 2014

216,577

DEPRECIATION

At 1 September 2013

103,351

Charge for year

21,382

Charge written back

3,432

At 31 August 2014

128,165

NET BOOK VALUE

At 31 August 2014

88,412

At 31 August 2013

106,307

4.

CREDITORS

Creditors include an amount of £ 45,046 (2013 - £ 60,345 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

6.

CONTROL

The company was under the joint control of the directors in the year under review and the previous year.