Ingleton 7 Limited Filleted accounts for Companies House (small and micro)

INGLETON 7 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09253601

Ingleton 7 Limited

Filleted Unaudited Financial Statements

31 March 2020

Ingleton 7 Limited

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ingleton 7 Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£	£

Current assets

Stocks		1,192,817	1,173,471
Debtors	5	2,535	3,426
Cash at bank and in hand		4,336	321
		------------	------------
		1,199,688	1,177,218

Creditors: amounts falling due within one year	6	1,201,155		1,178,685
		------------		------------
Net current liabilities			1,467		1,467
			-------		-------
Total assets less current liabilities			( 1,467)		( 1,467)
			-------		-------
Net liabilities			( 1,467)		( 1,467)
			-------		-------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		( 1,567)	( 1,567)
		-------	-------
Shareholders deficit		( 1,467)	( 1,467)
		-------	-------

These 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 Section 1A of 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 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 .

Ingleton 7 Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 21 July 2020 , and are signed on behalf of the board by:

Mr G A Macfarlane

Director

Company registration number: 09253601

Ingleton 7 Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, CM2 0AW.

2. Statement of compliance

These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Going concern

The financial statements have been prepared on a going concern basis which is dependent on the continued support of the company's directors. The directors have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available to continue trading. The company is continuing to meet debts as they fall due and therefore the directors consider the going concern basis is appropriate. The directors have considered the impact of the covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its customers, but having taken all the factors into account, the directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Average number of employees

During the year the average number of employees was 3 (2019: 3) which consisted of the directors only.

5. Debtors

	2020	2019
	£	£
Prepayments and accrued income	1,640	3,426
Other debtors	895	–
	-------	-------
	2,535	3,426
	-------	-------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Accruals and deferred income	1,890	1,840
Social security and other taxes	–	1,650
Director loan accounts	897,095	1,167,135
Other creditors	302,170	8,060
	------------	------------
	1,201,155	1,178,685
	------------	------------

The directors G A Macfarlane and M J Parker have a formal charge over all the freehold land and buildings owned by the company.

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

At the year end the company owed the directors £897,095 (2019: £1,167,135) which is shown amongst creditors. Other creditors consists of a loan to the company from a shareholder.