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LINCOLN IP LIMITED
REGISTERED NUMBER:
SC323716
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ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
2.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
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Work in progress is valued at the lower of cost and estimated recoverable amount, and this includes unbilled fee income. Cost comprises direct labour costs at various staff charge rates.
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Page 2
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
3.
TANGIBLE FIXED ASSETS
4.
SHARE CAPITAL
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Allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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5.
DIRECTOR'S LOAN
During the current and previous year, the company entered into transactions with a director which resulted in a balance due to the company.
There is no fixed repayment term on the above balance, nor is interest charged.
Page 4
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