Lynn & Brewster Ltd - Period Ending 2016-03-31

Registration number: NI623001

Lynn & Brewster Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Lynn & Brewster Ltd
(Registration number: NI623001)
Abbreviated Balance Sheet at 31 March 2016

		Note			31 March 2016 £			31 March 2015 £
Fixed assets
Intangible fixed assets		2			19,167			29,167
Tangible fixed assets		2			6,172			2,289
					25,339			31,456
Current assets
Stock and work in progress					17,442			10,979
Debtors					17,729			24,166
Cash at bank and in hand					58,611			32,210
Client bank accounts					28,445			36,619
Less amounts due to clients					(28,445)			(36,619)
					93,782			67,355
Creditors: Amounts falling due within one year					(57,853)			(64,037)
Net current assets					35,929			3,318
Total assets less current liabilities					61,268			34,774
Creditors: Amounts falling due after more than one year					(20,979)			(21,501)
Provisions for liabilities					(983)			(152)
Net assets					39,306			13,121
Capital and reserves
Called up share capital		3			150			150
Profit and loss account					39,156			12,971
Shareholders' funds					39,306			13,121

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
 

The notes on pages 3 to 5 form an integral part of these financial statements.
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Lynn & Brewster Ltd
(Registration number: NI623001)
Abbreviated Balance Sheet at 31 March 2016
......... continued

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
 

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
 

Approved by the Board on 20 December 2016 and signed on its behalf by:

.........................................
Mr Charles Richard Lynn
Director

.........................................
Mr Stuart David Brewster
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
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Lynn & Brewster Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	25% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Office equipment	15% straight line basis

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Lynn & Brewster Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		40,000			5,531			45,531
Additions		-			4,746			4,746
At 31 March 2016		40,000			10,277			50,277
Depreciation
At 1 April 2015		10,833			3,242			14,075
Charge for the year		10,000			863			10,863
At 31 March 2016		20,833			4,105			24,938
Net book value
At 31 March 2016		19,167			6,172			25,339
At 31 March 2015		29,167			2,289			31,456

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Lynn & Brewster Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	31 March 2016						31 March 2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100
Redeemable preference shares of £1 each		50			50			50			50
		150			150			150			150

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