Company Registration No. 02844404 (England and Wales)
LANCASHIRE VISION SERVICES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
LANCASHIRE VISION SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
LANCASHIRE VISION SERVICES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LANCASHIRE VISION SERVICES LIMITED FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lancashire Vision Services Limited for the year ended 31 March 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Lancashire Vision Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lancashire Vision Services Limited and state those matters that we have agreed to state to the Board of Directors of Lancashire Vision Services Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancashire Vision Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Lancashire Vision Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lancashire Vision Services Limited. You consider that Lancashire Vision Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lancashire Vision Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
20 November 2015
LANCASHIRE VISION SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
266
649
Current assets
Stocks
21,715
16,607
Debtors
3,338
2,250
Cash at bank and in hand
2,264
3,293
27,317
22,150
Creditors: amounts falling due within one year
(19,430)
(14,445)
Net current assets
7,887
7,705
Total assets less current liabilities
8,153
8,354
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
8,053
8,254
Shareholders' funds
8,153
8,354
For the financial year ended 31 March 2015 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 29 October 2015
Mr P R Metcalf MBE FCA
Director
Company Registration No. 02844404
LANCASHIRE VISION SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
1
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 April 2008).
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
1.3
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less it's estimated residual value, over the useful economic life of that asset as follows:
Computer equipment
25% per annum on cost
Fixtures, fittings & equipment
15% per annum on cost
Motor vehicles
25% per annum on cost
1.4
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
LANCASHIRE VISION SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
8,758
Disposals
(1,914)
At 31 March 2015
6,844
Depreciation
At 1 April 2014
6,195
Charge for the year
383
At 31 March 2015
6,578
Net book value
At 31 March 2015
266
At 31 March 2014
649
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Ultimate parent company
The company's ultimate holding entity is Galloway's Society for the Blind, a charity registered in England, for which group accounts are prepared.
The address of the holding entity is the same as the company.
During the period, donations of £11,027 (2014: £10,141) were made to the charity. At the year end, the amount owed to the charity by the company was £15,207 (2014: £10,140).