LUCY_&_ADRIAN_LIMITED - Accounts

LUCY & ADRIAN LIMITED - Company Information

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Company Registration No. 04611631 (England and Wales)

LUCY & ADRIAN LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

LUCY & ADRIAN LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

LUCY & ADRIAN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

2,433

899

Tangible assets

25,551

39,604

27,984

40,503

Current assets

Stocks

6,490

7,527

Debtors

32,659

35,024

Cash at bank and in hand

14,794

23,830

53,943

66,381

Creditors: amounts falling due within one year

(148,039)

(141,503)

Net current liabilities

(94,096)

(75,122)

Total assets less current liabilities

(66,112)

(34,619)

Creditors: amounts falling due after more than one year

(4,333)

(66,112)

(38,952)

Capital and reserves

Called up share capital

100

Profit and loss account

(66,212)

(39,052)

Shareholders' funds

(66,112)

(38,952)

LUCY & ADRIAN LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2016

- 2 -

For the financial year ended 31 May 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 27 February 2017

A M Owen

Director

Company Registration No. 04611631

LUCY & ADRIAN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

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 and trade discounts.

1.4

Franchise costs

Franchise costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.5

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:

Land and buildings Leasehold

8.3% - 12.5% straight line

Plant and machinery

25% straight line

Fixtures, fittings & equipment

20% straight line

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock is valued at the lower of cost and net realisable value and based on the directors' estimate.

1.8

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. A deferred tax asset is recognised where recoverability is anticipated.

1.9

Going concern

The company meets its day to day working capital requirements through an overdraft facility and short term loans. The overdraft facility is repayable on demand. The directors consider that it is appropriate to prepare financial statements on a going concern basis as they expect the company to be able to trade within the facilities made available.

LUCY & ADRIAN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 June 2015

15,312

267,320

282,632

Additions

4,292

Disposals

(15,312)

At 31 May 2016

4,292

267,320

271,612

Depreciation

At 1 June 2015

14,413

227,716

242,129

On disposals

(15,312)

Charge for the year

2,758

14,053

16,811

At 31 May 2016

1,859

241,769

243,628

Net book value

At 31 May 2016

2,433

25,551

27,984

At 31 May 2015

899

39,604

40,503

Debtors

Debtors include an amount of £0 (2015 - £6,000) which is due after more than one year.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £4,334 (2015 - £13,000).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £4,333).

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100

LUCY & ADRIAN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 5 -

Related party relationships and transactions

Loans to directors

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

A M Owen - loan

2,241

2,950

3,025

2,166

2,241

2,950

3,025

2,166

The maximum amount owed during the year, was the balance at the begining of the year.