Company Registration No. SC242085 (Scotland)
LETTINGWEB LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
LETTINGWEB LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
LETTINGWEB LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,014
20,904
Investments
2
500
500
8,514
21,404
Current assets
Debtors
3
149,611
106,353
Cash at bank and in hand
44,350
123,216
193,961
229,569
Creditors: amounts falling due within one year
(88,155)
(123,418)
Net current assets
105,806
106,151
Total assets less current liabilities
114,320
127,555
Provisions for liabilities
(399)
(2,600)
113,921
124,955
Capital and reserves
Called up share capital
4
6,355
6,355
Profit and loss account
107,566
118,600
Shareholders' funds
113,921
124,955
For the financial year ended 31 March 2015 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 23 December 2015
S C Sibbald
Director
Company Registration No. SC242085
LETTINGWEB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
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
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
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
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.
LETTINGWEB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 April 2014
78,655
129,257
500
208,412
Disposals
-
(8,543)
-
(8,543)
At 31 March 2015
78,655
120,714
500
199,869
Depreciation
At 1 April 2014
78,655
108,353
-
187,008
On disposals
-
(1,806)
-
(1,806)
Charge for the year
-
6,153
-
6,153
At 31 March 2015
78,655
112,700
-
191,355
Net book value
At 31 March 2015
-
8,014
500
8,514
At 31 March 2014
-
20,904
500
21,404
3
Debtors
Debtors include an amount of £76,098 (2014 - £44,959) which is due after more than one year.
4
Share capital
2015
2014
£
£
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
LETTINGWEB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
5
Related party relationships and transactions
Advances and credits to directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
S C Sibbald - Loan
-
-
3,500
-
3,500
-
3,500
-
-
3,500