Company Registration No. 00802385 (England and Wales)
L.A. BROWN LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
L.A. BROWN LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
L.A. BROWN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,089
390
Current assets
Stocks
9,610
9,610
Debtors
69,200
97,823
Cash at bank and in hand
78,170
77,734
156,980
185,167
Creditors: amounts falling due within one year
(2,537)
(2,641)
Net current assets
154,443
182,526
Total assets less current liabilities
155,532
182,916
Provisions for liabilities
(218)
(78)
155,314
182,838
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
155,214
182,738
Shareholders' funds
155,314
182,838
For the financial year ended 31 August 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 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 23 November 2016
J Wright
Director
Company Registration No. 00802385
L.A. BROWN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 2 -
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
Turnover
Turnover represents amounts receivable in respect of fees, commissions and rent receivable net of VAT and trade discounts.in respect of fees, commissions and rent receivable net of VAT and trade discounts.
1.3
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:
Fixtures, fittings and equipment
25% straight line
1.4
Stock
Stock is valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition. Provision is made where necessary for obsolescent, slow moving and damaged stock.
1.5
Deferred taxation
Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for timing differences arising on revaluations of fixed assets which are not intended to be sold, gains on disposals of fixed assets which will be rolled over into replacement assets and earnings of overseas subsidiaries that are not intended to be remitted to the UK. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will be recovered.
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015
2,424
Additions
1,149
At 31 August 2016
3,573
Depreciation
At 1 September 2015
2,034
Charge for the year
450
At 31 August 2016
2,484
Net book value
At 31 August 2016
1,089
At 31 August 2015
390
L.A. BROWN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
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