Company Registration No. 05379260 (England and Wales)
IAN LEE BUILDER LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
IAN LEE BUILDER LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IAN LEE BUILDER LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,245
2,804
Current assets
Stocks
498,315
459,515
Debtors
8,540
6,792
Cash at bank and in hand
-
12,110
506,855
478,417
Creditors: amounts falling due within one year
(382,476)
(340,499)
Net current assets
124,379
137,918
Total assets less current liabilities
126,624
140,722
Capital and reserves
Called up share capital
3
124,304
124,304
Profit and loss account
2,320
16,418
Shareholders' funds
126,624
140,722
For the financial year ended 31 March 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 15 December 2016
Mr I Lee
Director
Company Registration No. 05379260
IAN LEE BUILDER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
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 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
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
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:
Plant and machinery
20% Reducing balance
Computer equipment
33.33% Straight line
Fixtures, fittings and equipment
20% Reducing balance
Motor vehicles
25% Reducing balance
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
5,000
15,330
20,330
Depreciation
At 1 April 2015
5,000
12,526
17,526
Charge for the year
-
559
559
At 31 March 2016
5,000
13,085
18,085
Net book value
At 31 March 2016
-
2,245
2,245
At 31 March 2015
-
2,804
2,804
IAN LEE BUILDER LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
124,297 Ordinary 'A' shares of £1 each
124,297
124,297
1 Ordinary 'B' shares of £1 each
1
1
1 Ordinary 'C' shares of £1 each
1
1
1 Ordinary 'D' shares of £1 each
1
1
1 Ordinary 'E' shares of £1 each
1
1
1 Ordinary 'F' shares of £1 each
1
1
1 Ordinary 'G' shares of £1 each
1
1
1 Ordinary 'H' shares of £1 each
1
1
124,304
124,304