Company Registration No. 03621577 (England and Wales)
LIABILITIES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
LIABILITIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
LIABILITIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
497,819
519,404
Current assets
Stocks
22,750
50,000
Debtors
187,730
166,992
Cash at bank and in hand
179,777
81,433
390,257
298,425
Creditors: amounts falling due within one year
(137,572)
(155,364)
Net current assets
252,685
143,061
Total assets less current liabilities
750,504
662,465
Creditors: amounts falling due after more than one year
(73,906)
(84,506)
Provisions for liabilities
(2,365)
-
674,233
577,959
Capital and reserves
Called up share capital
3
75
75
Profit and loss account
674,158
577,884
Shareholders' funds
674,233
577,959
LIABILITIES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
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.
Director's 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 director acknowledges his 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 and authorised for issue on 8 September 2015
Mr M Mathieson
Director
Company Registration No. 03621577
LIABILITIES 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.
The financial statements have been prepared on the going concern basis, the directors having confirmed their continued financial support of the company.
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 services net of VAT. Turnover is recognised when the right to consideration has been obtained, all work has been completed to the client's satisfaction and the work invoiced.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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 Freehold
Over 20 years
Land and buildings Leasehold
10% straight line
Plant and machinery
25% on cost
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Work in progress is valued at the estimated selling price of work done at the year end but not yet completed.
1.7
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.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
LIABILITIES 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
670,043
Additions
18,818
At 31 March 2015
688,861
Depreciation
At 1 April 2014
150,639
Charge for the year
40,403
At 31 March 2015
191,042
Net book value
At 31 March 2015
497,819
At 31 March 2014
519,404
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
75 Ordinary shares of £1 each
75
75