Ivory Enterprise Ltd Filleted accounts for Companies House (small and micro)

Ivory Enterprise Ltd Filleted accounts for Companies House (small and micro)

IVORY ENTERPRISE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06975189
Ivory Enterprise Ltd
Filleted Unaudited Abridged Financial Statements
31 July 2018
Ivory Enterprise Ltd
Abridged Statement of Financial Position
31 July 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
524
511
Current assets
Debtors
100,460
120,300
Cash at bank and in hand
30,674
20,344
---------
---------
131,134
140,644
Creditors: amounts falling due within one year
128,870
140,155
---------
---------
Net current assets
2,264
489
-------
-------
Total assets less current liabilities
2,788
1,000
-------
-------
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss account
1,788
–
-------
-------
Shareholders funds
2,788
1,000
-------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 July 2018 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Ivory Enterprise Ltd
Abridged Statement of Financial Position (continued)
31 July 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 22 March 2019 , and are signed on behalf of the board by:
Mr I Aulik
Director
Company registration number: 06975189
Ivory Enterprise Ltd
Notes to the Abridged Financial Statements
Year ended 31 July 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 4, Laybourne House, Admirals Way, London, E14 9UH.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixures and fittings
-
25% straight line
Equipment
-
25% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
£
Cost
At 1 August 2017
14,550
Additions
568
--------
At 31 July 2018
15,118
--------
Depreciation
At 1 August 2017
14,039
Charge for the year
555
--------
At 31 July 2018
14,594
--------
Carrying amount
At 31 July 2018
524
--------
At 31 July 2017
511
--------
6. Called up share capital
Authorised share capital
2018
2017
No.
£
No.
£
A Ordinary shares of £ 1 each
500
500
500
500
B Ordinary shares of £ 1 each
330
330
330
330
C Ordinary shares of £ 1 each
170
170
170
170
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2018
2017
No.
£
No.
£
A Ordinary shares of £ 1 each
500
500
500
500
B Ordinary shares of £ 1 each
330
330
330
330
C Ordinary shares of £ 1 each
170
170
170
170
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2018
2017
£
£
Mr B Lok
42,656
35,770
Mr I Aulik
45,358
38,355
--------
--------
88,014
74,125
--------
--------
8. Related party transactions
The company was under the control of Mr Ivo Aulik and Mr Bradley Lok throughout the current and previous year. Mr Ivo Aulik is the majority shareholder.