IRAS LIMITED
IRAS LIMITED
Registered number: 2306753
Unaudited Financial Statements
For The Year Ended 31 March 2019
IRAS LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
IRAS LIMITED
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
2306753
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 2 |
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| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,906 | (5,952) | |||
Page 1
IRAS LIMITED
Balance Sheet (continued)
As at
31 March 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
IRAS LIMITED
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Revenue recognition
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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Page 3
IRAS LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
2.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at |
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| Disposals |
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| As at |
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| Depreciation | |
| As at |
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| Disposals |
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| As at |
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| Net Book Value | |
| As at |
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3.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Director's loan account | 40 | - | |
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4.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Corporation tax |
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| VAT liability |
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| Accruals |
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| Director's loan account | - |
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Page 4
IRAS LIMITED
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
5.
Share Capital
| 2019 | 2018 | ||
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| Allotted, Called up and fully paid |
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6.
General Information
IRAS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 2306753 . The registered office is 241a St Helens Road, Leigh, Lancashire, WN7 3UB.
Page 5