Company Registration No. SC225072 (Scotland)
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
30 September 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
40,115
54,093
Investments
2
1
1
40,116
54,094
Current assets
Stocks
3,000
3,000
Debtors
126,366
59,053
Cash at bank and in hand
42,740
36,962
172,106
99,015
Creditors: amounts falling due within one year
3
(99,396)
(90,534)
Net current assets
72,710
8,481
Total assets less current liabilities
112,826
62,575
Creditors: amounts falling due after more than one year
4
(2,028)
(6,085)
Provisions for liabilities
(6,838)
(9,531)
103,960
46,959
Capital and reserves
Called up share capital
5
1
1
Profit and loss account
103,959
46,958
Shareholders' funds
103,960
46,959
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2014
30 September 2014
- 2 -
For the financial year ended 30 September 2014 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 her 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 26 June 2015
Mrs L. Blyth
Director
Company Registration No. SC225072
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 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 April 2008).
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:
Plant and machinery
25% Reducing balance
Office equipment
33.33% Straight line
Motor vehicles
25% Reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
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.
1.9
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.
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.10
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided under Section 398 of the Companies Act 2006 not to prepare group accounts.
1.11
Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 October 2013 & at 30 September 2014
101,425
1
101,426
Depreciation
At 1 October 2013
47,332
-
47,332
Charge for the year
13,978
-
13,978
At 30 September 2014
61,310
-
61,310
Net book value
At 30 September 2014
40,115
1
40,116
At 30 September 2013
54,093
1
54,094
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
UR Space Limited
Scotland
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
UR Space Limited
Dormant
17,656
-
LIGHT KITS LIMITED
TRADING AS UNLIMITED LIGHT
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 5 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £4,056 (2013 - £4,056).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £2,028 (2013 - £6,085).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
6
Transactions with directors
The following director had interest free loans during the year. The movement on these loans are as follows:
Amount outstanding
Maximum
2014
2013
in year
£
£
£
Mrs L. Blyth
63,781
16,612
69,943
During the year the director was advanced a further £53,331 and repaid £6,162. The loan is unsecured, interest free and repayable on demand.
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