Abbreviated Company Accounts - LILYBANK TRADING COMPANY LIMITED

LILYBANK TRADING COMPANY LIMITED - Company Information

SC183707 LILYBANK TRADING COMPANY LIMITED 2014-03-31 false 2013-04-01 2014-03-31 true SC183707 2013-04-01 2014-03-31 SC183707 2014-03-31 SC183707 2013-03-31 SC183707 uk-gaap-cd-bus:Director1 2013-04-01 2014-03-31 SC183707 uk-gaap-cd-bus:Director2 2013-04-01 2014-03-31 uk-gaap-cd-bus:Director3 2013-04-01 2014-03-31 uk-gaap-cd-bus:Director3 2014-03-31 uk-gaap-cd-bus:Director3 2013-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-03-31 iso4217:GBP shares

Registered Number SC183707

LILYBANK TRADING COMPANY LIMITED

Abbreviated Accounts

31 March 2014

LILYBANK TRADING COMPANY LIMITED Registered Number SC183707

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	205,412	206,404
Investments	3	100	100
		205,512	206,504
Current assets
Debtors		47,563	58,075
Cash at bank and in hand		278,572	201,881
		326,135	259,956
Creditors: amounts falling due within one year		(24,368)	(32,418)
Net current assets (liabilities)		301,767	227,538
Total assets less current liabilities		507,279	434,042
Total net assets (liabilities)		507,279	434,042
Capital and reserves
Called up share capital	4	1,000	1,000
Profit and loss account		506,279	433,042
Shareholders' funds		507,279	434,042

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 December 2014

And signed on their behalf by:
A G Gilchrist, Director
M J Gilchrist, Director

LILYBANK TRADING COMPANY LIMITED Registered Number SC183707

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - 15% reducing balance
Motor Vehicles - 25% reducing balance

Other accounting policies
Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Investment properties

In accordance with Statement of Standard Accounting Practice No.19, no depreciation is provided in respect of freehold properties with over 20 years to expiry. This is a departure from the requirements of the Companies Act 1985 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2Tangible fixed assets

	£
Cost
At 1 April 2013	247,540
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	247,540
Depreciation
At 1 April 2013	41,136
Charge for the year	992
On disposals	-
At 31 March 2014	42,128
Net book values
At 31 March 2014	205,412
At 31 March 2013	206,404

3Fixed assets Investments
The company owns 50% of the issued ordinary share capital of Clydeforth Engineers and Contractors Limited, a company registered in Scotland. The latest financial statements for Clydeforth Engineers and Contractors Limited are for the year ended 31st March 2014.

Cost and Net Book Value at 31 March 2014 £100 (2013 - £100).

Aggregate capital and reserves at 31 March 2014 £183,564 (2013 - £278,275).

Profit and (loss) for the year £55,001 (2013 - £121,137).

4Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
1,000 Ordinary shares of £1 each	1,000	1,000

5Transactions with directors

Name of director receiving advance or credit:	A G Gilchrist
Description of the transaction:	Current Account
Balance at 1 April 2013:	£ 18,697
Advances or credits made:	£ 62,373
Advances or credits repaid:	£ 72,800
Balance at 31 March 2014:	£ 8,270

The loan is interest free and was repaid in April 2014.