For the year ended 31 December 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 08317714
LiteIP Ltd
For the year ended 31 December 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
LiteIP Ltd
Chartered Accountants' Report
For the year ended 31 December 2015
Chartered Accountants' Report to the Board of Directors
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the
|
accounts of LiteIP Ltd for the year ended
31
December
2015
which comprise the Profit and Loss Account
,
|
the Balance Sheet and the related notes from the company
'
s accounting records and from information and
|
explanations you have given us
.
|
As a practising firm of the Institute of Chartered Accountants in England and Wales
(
ICAEW
)
,
we are subject
|
to its ethical and other professional requirements which are detailed at icaew
.
com
/
membershandbook
.
|
This report is made solely to the Board of Directors of LiteIP Ltd
,
as a body
,
in accordance with the terms of
|
our engagement letter dated
.
Our work has been undertaken solely to prepare for your approval the
|
accounts of LiteIP Ltd and state those matters that we have agreed to state to the Board of Directors of LiteIP
|
Ltd
,
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 LiteIP Ltd
|
and its Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that LiteIP Ltd has kept adequate accounting records to prepare statutory accounts
|
that give a true and fair view of the assets
,
liabilities
,
financial position and profit of LiteIP Ltd
.
You consider
|
that LiteIP Ltd 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 accounts of LiteIP Ltd
.
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 accounts
.
|
Xebra Accounting
1 Gloster Court
Whittle Avenue
Segensworth West
Fareham
PO15 5SH
1 of 4
Notes to the Abbreviated Financial Statements
|
LiteIP Ltd
For the year ended 31 December 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
|
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
|
Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis over the
|
estimated expected useful economic life of the goodwill of
10
years
.
|
Licences and patents are stated at cost less amortisation
.
Amortisation of licences is calculated on a straight line
|
basis over the life of the licence
.
Amortisation of patents is calculated on a straight line basis over the estimated
|
expected useful economic life of the patents of
10
years
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and Machinery
Computer Equipment
3 of 4
Notes to the Abbreviated Financial Statements
|
LiteIP Ltd
For the year ended 31 December 2015
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
2
Intangible fixed assets
|
76,000
76,000
5,994
Charge for year
5,994
70,006
38,861
38,861
8,405
Charge for year
8,405
30,456
Allotted called up and fully paid
|
2015
2014
1
Class A share of £
1
.
00
each
|
1
1
1
1
4 of 4