ACCOUNTS - Final Accounts preparation

IR INTERNATIONAL COLLECTIONS LIMITED - Company Information

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Registered number: 06653618

IR INTERNATIONAL COLLECTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2019

IR INTERNATIONAL COLLECTIONS LIMITED

REGISTERED NUMBER: 06653618

BALANCE SHEET

AS AT 31 JULY 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		3,000		6,240
			3,000		6,240
Current assets
Debtors: amounts falling due within one year	5	19,200		-
Cash at bank and in hand		302,537		431,566
		321,737		431,566
Creditors: amounts falling due within one year	6	(38,481)		(45,864)
Net current assets			283,256		385,702
Total assets less current liabilities			286,256		391,942

Net assets			286,256		391,942

Capital and reserves
Called up share capital	100	100
Profit and loss account	286,156	391,842
	286,256	391,942

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2020.

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IR INTERNATIONAL COLLECTIONS LIMITED

REGISTERED NUMBER: 06653618

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2019

I D Rosenberg

Director

The notes on pages 3 to 6 form part of these financial statements.

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IR INTERNATIONAL COLLECTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

1.	General information

IR International Collections Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number and registered office address can be found on the Company Information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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IR INTERNATIONAL COLLECTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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IR INTERNATIONAL COLLECTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

2.Accounting policies (continued)

2.9

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 August 2018	32,193
	At 31 July 2019	32,193
	Depreciation
	At 1 August 2018	25,953
	Charge for the year on owned assets	3,240
	At 31 July 2019	29,193
	Net book value
	At 31 July 2019	3,000
	At 31 July 2018	6,240

Debtors

					2019	2018
					£	£


Trade debtors	19,200	-
	19,200	-

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IR INTERNATIONAL COLLECTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	-	408
Corporation tax	23,702	27,119
Other taxation and social security	6,859	3,615
Other creditors	4,780	13,122
Accruals and deferred income	3,140	1,600
	38,481	45,864

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