Company Registration No. SC242085 (Scotland)
LETTINGWEB LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
FY
LETTINGWEB LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
LETTINGWEB LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
774
8,014
Investments
2
500
500
1,274
8,514
Current assets
Debtors
3
111,741
95,239
Cash at bank and in hand
19,987
44,350
131,728
139,589
Creditors: amounts falling due within one year
(64,638)
(88,155)
Net current assets
67,090
51,434
Total assets less current liabilities
68,364
59,948
Provisions for liabilities
-
(399)
68,364
59,549
Capital and reserves
Called up share capital
4
6,355
6,355
Profit and loss account
62,009
53,194
Shareholders' funds
68,364
59,549
LETTINGWEB LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
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 21 December 2016
S C Sibbald
Director
Company Registration No. SC242085
LETTINGWEB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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).
1.2
Turnover
Turnover represents net invoiced sales of web-based advertising and associated services, excluding VAT.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
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:
Computer equipment
33% reducing balance
Fixtures, fittings & equipment
25%/50% reducing balance
Motor vehicles
20% straight line
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.7
Costs relating to the share offering that took place in the year to 31 March 2015 totalling £54,372 had previously been deferred have now been released in the year the share offering took place. The comparatives have been adjusted accordingly.
LETTINGWEB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 April 2015
78,655
120,715
500
199,870
Additions
-
542
-
542
Disposals
-
(14,780)
-
(14,780)
At 31 March 2016
78,655
106,477
500
185,632
Depreciation
At 1 April 2015
78,655
112,699
-
191,354
On disposals
-
(10,175)
-
(10,175)
Charge for the year
-
3,179
-
3,179
At 31 March 2016
78,655
105,703
-
184,358
Net book value
At 31 March 2016
-
774
500
1,274
At 31 March 2015
-
8,014
500
8,514
3
Debtors
Debtors include an amount of £85,862 (2015 - £76,098) which is due after more than one year.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
12,222,000 Ordinary Class "A" Shares of £0.0005 each
6,111
6,111
488,000 Ordinary Class "B" Shares of £0.005 each
244
244
6,355
6,355