Company Registration No. SC181843 (Scotland)
LIVING WATER ECOSYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
LIVING WATER ECOSYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
LIVING WATER ECOSYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
21,000
24,000
Tangible assets
2
11,383
13,861
32,383
37,861
Current assets
Debtors
51,479
6,378
51,479
6,378
Creditors: amounts falling due within one year
(50,819)
(30,714)
Net current assets/(liabilities)
660
(24,336)
Total assets less current liabilities
33,043
13,525
Creditors: amounts falling due after more than one year
(35,000)
(12,000)
Provisions for liabilities
(46)
(282)
(2,003)
1,243
Capital and reserves
Called up share capital
3
4
4
Profit and loss account
(2,007)
1,239
Shareholders' funds
(2,003)
1,243
LIVING WATER ECOSYSTEMS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
- 2 -
For the financial year ended 30 April 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 3 August 2016
Mr D Shields
Director
Company Registration No. SC181843
LIVING WATER ECOSYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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). The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The future of the company is dependent upon the continued support of the directors Mr David Shields and Mrs Jane Shields; who are the major creditors of the company. The directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis.
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The future of the company is dependent upon the continued support of the directors Mr David Shields and Mrs Jane Shields; who are the major creditors of the company. The directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis.
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.
1.4
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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:
Land and buildings Leasehold
5% on cost
Fixtures, fittings & equipment
20% on cost
1.6
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
LIVING WATER ECOSYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 May 2015
60,000
47,041
107,041
Disposals
-
(10,347)
(10,347)
At 30 April 2016
60,000
36,694
96,694
Depreciation
At 1 May 2015
36,000
33,180
69,180
On disposals
-
(10,347)
(10,347)
Charge for the year
3,000
2,478
5,478
At 30 April 2016
39,000
25,311
64,311
Net book value
At 30 April 2016
21,000
11,383
32,383
At 30 April 2015
24,000
13,861
37,861
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4 Ordinary shares of £1 each
4
4