Company Registration No. 04361151 (England and Wales)
LLEWELLYN SMITH LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
LLEWELLYN SMITH LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
LLEWELLYN SMITH LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
30 September 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
62,426
-
Tangible assets
2
221,349
115,711
283,775
115,711
Current assets
Stocks
83,616
9,272
Debtors
935,632
570,843
Cash at bank and in hand
526,021
188,926
1,545,269
769,041
Creditors: amounts falling due within one year
(591,326)
(320,656)
Net current assets
953,943
448,385
Total assets less current liabilities
1,237,718
564,096
Creditors: amounts falling due after more than one year
(52,834)
(98,871)
Provisions for liabilities
(25,639)
(6,741)
1,159,245
458,484
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
1,158,245
457,484
Shareholders' funds
1,159,245
458,484
LLEWELLYN SMITH LIMITED
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.
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 3 June 2015
Mr D G Llewellyn
Director
Company Registration No. 04361151
LLEWELLYN SMITH LIMITED
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. Revenue is recognised on completion of services.
1.4
Research and development
Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.5
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% straight line 25% straight line 25% straight line 25% straight line
Computer equipment
25% straight line
Office equipment
Fixtures & fittings
Software
25% straight line
Motor vehicles
25% straight line
1.6
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.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
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.
1.9
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.
LLEWELLYN SMITH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 October 2013
-
190,755
190,755
Additions
62,426
179,039
241,465
Disposals
-
(31,000)
(31,000)
At 30 September 2014
62,426
338,794
401,220
Depreciation
At 1 October 2013
-
75,046
75,046
On disposals
-
(8,396)
(8,396)
Charge for the year
-
50,795
50,795
At 30 September 2014
-
117,445
117,445
Net book value
At 30 September 2014
62,426
221,349
283,775
At 30 September 2013
-
115,711
115,711
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
4
Transactions with directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
Amount outstanding
Maximum
2014
2013
in year
£
£
£
Mr D Llewellyn
24,629
-
24,629
5
Ultimate parent company
The directors consider that the ultimate parent undertaking of the company is Llewellyn Smith Holdings Limited, incorporated in England and Wales.
6
Related party relationships and transactions
LLEWELLYN SMITH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
6
Related party relationships and transactions
(Continued)
- 5 -
Mr D Llewellyn has given a guarantee of £150,000 in respect of the bank loan to the company. The loan is secured by a charge on assets owned by Mr D Llewellyn.