Company Registration No. 07125879 (England and Wales)
LEVITY CROPSCIENCE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
LEVITY CROPSCIENCE LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
LEVITY CROPSCIENCE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LEVITY CROPSCIENCE LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 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 Levity CropScience Limited for the year ended 31 January 2016 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 Levity CropScience 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 Levity CropScience Limited and state those matters that we have agreed to state to the Board of Directors of Levity CropScience 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 Levity CropScience Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Levity CropScience 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 Levity CropScience Limited. You consider that Levity CropScience 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 Levity CropScience 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
8 July 2016
LEVITY CROPSCIENCE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,662
335
Current assets
Debtors
57,747
80,787
Creditors: amounts falling due within one year
(96,286)
(80,203)
Net current liabilities/(assets)
(38,539)
584
Total assets less current liabilities
(36,877)
919
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(36,977)
819
Shareholders' funds
(36,877)
919
For the financial year ended 31 January 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 8 July 2016
Mr D J Marks
Director
Company Registration No. 07125879
LEVITY CROPSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 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 January 2015).
At the balance sheet date, the company had net liabilities. The directors have reviewed the forthcoming expected business operations in excess of twelve months and believe the company to be able to continue as a going concern for this period and into the foreseeable future due to the continued support that has been pledged from the directors.
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
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:
Fixtures, fittings & equipment
15% on reducing balance
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.
LEVITY CROPSCIENCE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2015
574
Additions
1,429
At 31 January 2016
2,003
Depreciation
At 1 February 2015
239
Charge for the year
102
At 31 January 2016
341
Net book value
At 31 January 2016
1,662
At 31 January 2015
335
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
4
Directors' benefits: Advances, credits and guarantees
Mr D Marks, a director of the company, has a loan account against which personal expenditure and drawings may be charged. The loan account was overdrawn by £33,457 at 1 February 2015 and was cleared on 17 December 2015. During this period, £18,542 has been withdrawn from the company and £54,432 has been reinvested by Mr D Marks.