Linthorpe Bed Centre Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04492058

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

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

45,000

52,500

Tangible assets

3

140,285

142,536

185,285

195,036

CURRENT ASSETS

Stocks

178,920

178,036

Debtors

26,418

48,363

Cash at bank and in hand

314,965

300,563

520,303

526,962

CREDITORS

Amounts falling due within one year

4

437,995

511,894

NET CURRENT ASSETS

82,308

15,068

TOTAL ASSETS LESS CURRENT
LIABILITIES

267,593

210,104

CREDITORS

Amounts falling due after more than one year

4

(36,650

)

(19,627

)

PROVISIONS FOR LIABILITIES

(16,601

)

(13,350

)

NET ASSETS

214,342

177,127

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

214,242

177,027

SHAREHOLDERS' FUNDS

214,342

177,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 17 December 2016 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 January 2015).

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.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

150,000

AMORTISATION

At 1 September 2015

97,500

Amortisation for year

7,500

At 31 August 2016

105,000

NET BOOK VALUE

At 31 August 2016

45,000

At 31 August 2015

52,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

303,979

Additions

44,800

Disposals

(38,990

)

At 31 August 2016

309,789

DEPRECIATION

At 1 September 2015

161,443

Charge for year

35,101

Eliminated on disposal

(27,040

)

At 31 August 2016

169,504

NET BOOK VALUE

At 31 August 2016

140,285

At 31 August 2015

142,536

4.

CREDITORS

Creditors include an amount of £ 52,556 (2015 - £ 30,240 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.

CONTROL

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