LA Accountancy Limited - Period Ending 2017-03-31
LA Accountancy Limited - Period Ending 2017-03-31
Registration number:
LA Accountancy Limited
for the Year Ended 31 March 2017
LA Accountancy Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Financial Statements |
LA Accountancy Limited
Company Information
Directors |
Mrs Lucy Sanger Mr Mike Sanger |
Registered office |
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Page 1 |
LA Accountancy Limited
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The accounts were prepared on a going concern basis
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
.........................................
Mrs Lucy Sanger
Director
Page 2 |
LA Accountancy Limited
(Registration number: 05594007)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
.........................................
Mrs Lucy Sanger
Director
Page 3 |
LA Accountancy Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 4 |
LA Accountancy Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
15% Reducing Balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
Page 5 |
LA Accountancy Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Year ended 31 March 2017 |
1 November 2014 to 31 March 2016 |
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Sale of goods |
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Operating profit |
Arrived at after charging/(crediting)
Year ended 31 March 2017 |
1 November 2014 to 31 March 2016 |
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Depreciation expense |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
Year ended 31 March 2017 |
1 November 2014 to 31 March 2016 |
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Wages and salaries |
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Other employee expense |
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- |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
Year ended 31 March 2017 |
1 November 2014 to 31 March 2016 |
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Remuneration |
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Taxation |
Tax charged/(credited) in the income statement
Year ended 31 March 2017 |
1 November 2014 to 31 March 2016 |
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Current taxation |
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UK corporation tax |
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Page 6 |
LA Accountancy Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Debtors |
31 March 2017 |
31 March 2016 |
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Other debtors |
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Prepayments |
- |
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Cash and cash equivalents |
31 March 2017 |
31 March 2016 |
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Cash at bank |
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Creditors |
Note |
31 March 2017 |
31 March 2016 |
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Due within one year |
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Trade creditors |
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- |
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Social security and other taxes |
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- |
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Accrued expenses |
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- |
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Income tax liability |
13,762 |
10,224 |
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Page 7 |
LA Accountancy Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Page 8 |