Izfast Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 06334057 (England and Wales)

Abbreviated Unaudited Accounts

for the Period

1 September 2013 to 31 December 2014

for

Izfast Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Report of the Accountants

6

DIRECTOR:

Mr I M Temple

SECRETARY:

Mrs L J Temple

REGISTERED OFFICE:

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

REGISTERED NUMBER:

06334057 (England and Wales)

ACCOUNTANTS:

Michael J. Emery & Co Limited

Chartered Accountants

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

FIXED ASSETS

Tangible assets

2

25,422

37,092

CURRENT ASSETS

Stocks

71,500

79,500

Debtors

93,209

131,322

Cash at bank

1,281

2,085

165,990

212,907

CREDITORS

Amounts falling due within one year

157,790

183,385

NET CURRENT ASSETS

8,200

29,522

TOTAL ASSETS LESS CURRENT LIABILITIES

33,622

66,614

CREDITORS

Amounts falling due after more than one year

26,950

40,043

NET ASSETS

6,672

26,571

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

6,572

26,471

SHAREHOLDERS' FUNDS

6,672

26,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2014 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 30 April 2015 and were signed by:

Mr I M Temple - 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, adjusted for work in progress

partially completed at selling price.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

47,018

Disposals

(2,200

)

At 31 December 2014

44,818

DEPRECIATION

At 1 September 2013

9,926

Charge for period

10,478

Eliminated on disposal

(1,008

)

At 31 December 2014

19,396

NET BOOK VALUE

At 31 December 2014

25,422

At 31 August 2013

37,092

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.8.13

value:

£

£

1

Ordinary

£1

100

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2014 and the

year ended 31 August 2013:

31.12.14

31.8.13

£

£

Mr I M Temple

Balance outstanding at start of period

-

-

Amounts advanced

4,033

-

Amounts repaid

-

-

Balance outstanding at end of period

4,033

-

Company director I. Temple has provided personal guarantees in respect of the bank loan and hire purchase

balances outstanding at the year end.

5.	RELATED PARTY DISCLOSURES

During the period, total dividends of £16,000 (2013 - £18,300) were paid to the director .

6.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the period ended

31 December 2014 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to

fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Michael J. Emery & Co Limited

Chartered Accountants

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

Date: .............................................