The Lean & Green Submarine Co Ltd
|
For the year ended 31 July 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 06881458
The Lean & Green Submarine Co Ltd
For the year ended 31 July 2015
1
Accountants' Report
2
Balance Sheet
3 to 5
Notes to the Abbreviated Financial Statements
Accountants' Report
For the year ended 31 July 2015
The Lean & Green Submarine Co Ltd
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the
|
accounts of The Lean
&
Green Submarine Co Ltd for the year ended
31
July
2016
which comprise the Profit and
|
Loss Account
,
the Balance Sheet and the related notes from the company
'
s accounting records and from
|
information and explanations you have given us
.
|
As a practising firm of the Association of Chartered Certified Accountants
,
we are subject to its ethical and other
|
professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of The Lean
&
Green Submarine Co Ltd
,
as a body
,
in
|
accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your
|
approval the accounts of The Lean
&
Green Submarine Co Ltd and state those matters that we have agreed to
|
state to the Board of Directors of The Lean
&
Green Submarine Co Ltd
,
as a body
,
in this report in accordance with
|
the requirements of the Association of Chartered Certified Accountants and as detailed at
|
http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the fullest extent permitted by law
,
we do not accept or assume
|
responsibility to anyone other than The Lean
&
Green Submarine Co Ltd and its Board of Directors as a body for
|
our work or for this report
.
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It is your duty to ensure that The Lean
&
Green Submarine Co Ltd has kept adequate accounting records and to
|
prepare statutory accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of The
|
Lean
&
Green Submarine Co Ltd
.
You consider that The Lean
&
Green Submarine Co Ltd is exempt from the
|
statutory audit requirement for the year
.
|
FS Accountants Limited
44 York Street
Clitheroe
BB7 2DL
1 of 5
Abbreviated Balance Sheet
|
The Lean & Green Submarine Co Ltd
2015
2014
2
25,582
35,835
3
264,017
96,593
289,599
132,428
7,000
9,000
7,742
23,353
50,908
150,949
83,261
165,691
Creditors
:
amounts falling due within one year
|
4
(144,080)
(146,427)
21,611
(63,166)
Net current liabilities
Total assets less current liabilities
|
226,433
154,039
Creditors
:
amounts falling due after more than one year
|
5
(123,025)
(154,942)
(19,455)
(10,097)
Provisions for liabilities
|
52,036
Net assets
20,917
2
6
2
52,034
20,915
52,036
20,917
Shareholders funds
For the year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
|
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the in question in accordance with section 476;
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2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
|
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
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Date approved by the board: 01 September 2015
|
Mr Martin Richard Gibson Director
|
Signed on behalf of the board of directors
|
2 of 5
Notes to the Abbreviated Financial Statements
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For the year ended 31 July 2015
The Lean & Green Submarine Co Ltd
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
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Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
|
Goodwill purchased in
2010
for the Cleveleys shop of £
65
,
115
is being amortised over its estimated useful life of
6
|
years
.
|
Goodwill purchased in
2010
for the Bispham shop of £
34
,
459
is being amortised over its estimated useful life of
12
|
years
.
|
Goodwill purchased in
2010
for the Clitheroe shop of £
7
,
326
is being amortised over its estimated useful life of
15
|
years
.
|
Goodwill purchased in
2015
for the Kirkham shop of £
4
,
400
is being amortised over its estimated useful life of
10
|
years
.
|
3 of 5
Notes to the Abbreviated Financial Statements
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For the year ended 31 July 2015
The Lean & Green Submarine Co Ltd
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Land and Buildings
in accordance with the property
|
Motor Vehicles
Fixtures and Fittings
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and
|
rewards of ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets
|
and depreciated over the shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
|
2
Intangible fixed assets
|
106,900
4,400
111,300
71,065
14,653
Charge for year
85,718
25,582
35,835
4 of 5
Notes to the Abbreviated Financial Statements
|
For the year ended 31 July 2015
The Lean & Green Submarine Co Ltd
197,053
195,932
(6,000)
386,985
100,460
(4,102)
26,610
Charge for year
122,968
264,017
96,593
2015
4
Creditors
:
amounts falling due within one year
|
2014
37,746
65,609
Bank loans and overdrafts (secured)
2014
2015
5
Creditors due after more than one year
|
85,279
123,025
Bank loans and overdrafts (secured)
Allotted called up and fully paid
|
2015
2014
2
Ordinary shares of £
1
.
00
each
|
2
2
2
2
5 of 5