Longford Bearings and Engineering Sales - Limited company - abbreviated

REGISTERED NUMBER: 02639881 (England and Wales)

Abbreviated Unaudited Accounts For The Year Ended 30 June 2013

for

Longford Bearings and Engineering Sales

Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr L L Scowen

SECRETARY:

Mrs L Scowen

REGISTERED OFFICE:

Transmission House

10A Lady Lane

Longford

Coventry

CV6 6AZ

REGISTERED NUMBER:

02639881 (England and Wales)

ACCOUNTANTS:

Harris & Clarke LLP

7 Billing Road

Northampton

Northamptonshire

NN1 5AN

FIXED ASSETS

Tangible assets

2

3,856

4,401

CURRENT ASSETS

Stocks

20,000

25,000

Debtors

44,849

53,977

Cash at bank

103,975

60,736

168,824

139,713

CREDITORS

Amounts falling due within one year

26,544

27,573

NET CURRENT ASSETS

142,280

112,140

TOTAL ASSETS LESS CURRENT
LIABILITIES

146,136

116,541

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

146,134

116,539

SHAREHOLDERS' FUNDS

146,136

116,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2013 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 25 March 2014 and were signed by:

Mr L L Scowen - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date where transactions or events have occurred at that date that will result in an obligation to

pay more, or a right to pay less or to receive more, tax. However, the following exception to this policy applies:

- Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not

that there will be suitable taxable profits from which the future reversal of the underlying timing differences can

be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2012

23,431

Additions

316

At 30 June 2013

23,747

DEPRECIATION

At 1 July 2012

19,030

Charge for year

861

At 30 June 2013

19,891

NET BOOK VALUE

At 30 June 2013

3,856

At 30 June 2012

4,401

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

2

Ord

£1

2