JOHN_LUND_(GISBURN)_LIMIT - Accounts

JOHN_LUND_(GISBURN)_LIMIT - Accounts

JOHN LUND (GISBURN) LIMITED - Company Information

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Company Registration No. 00714794 (England and Wales)
JOHN LUND (GISBURN) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
JOHN LUND (GISBURN) LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
JOHN LUND (GISBURN) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JOHN LUND (GISBURN) LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John Lund (Gisburn) Limited for the year ended 31 January 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of John Lund (Gisburn) Limited, as a body, in accordance with the terms of our engagement letter dated 17 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of John Lund (Gisburn) Limited and state those matters that we have agreed to state to the Board of Directors of John Lund (Gisburn) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John Lund (Gisburn) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that John Lund (Gisburn) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of John Lund (Gisburn) Limited. You consider that John Lund (Gisburn) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of John Lund (Gisburn) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
15 July 2016
JOHN LUND (GISBURN) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
168,009
169,455
Current assets
Stocks
1,100
1,100
Debtors
24,861
14,353
25,961
15,453
Creditors: amounts falling due within one year
(174,562)
(169,406)
Net current liabilities
(148,601)
(153,953)
Total assets less current liabilities
19,408
15,502
Provisions for liabilities
(2,602)
(2,891)
16,806
12,611
Capital and reserves
Called up share capital
3
500
500
Profit and loss account
16,306
12,111
Shareholders'  funds
16,806
12,611
For the financial year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 15 July 2016
Mr J  Lund
Director
Company Registration No. 00714794
JOHN LUND (GISBURN) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT in respect of agricultural engineering and metal fabrication work.

1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10% on written down value
Fixtures, fittings & equipment
10% on written down value
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.7
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
JOHN LUND (GISBURN) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2015 & at 31 January 2016
222,147
Depreciation
At 1 February 2015
52,692
Charge for the year
1,446
At 31 January 2016
54,138
Net book value
At 31 January 2016
168,009
At 31 January 2015
169,455
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
500 Ordinary shares of £1 each
500
500
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