Ironamber Limited 31/03/2020 iXBRL


31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 01682682 2019-04-01 2020-03-31 01682682 2020-03-31 01682682 2019-03-31 01682682 2018-04-01 2019-03-31 01682682 2019-03-31 01682682 core:PlantMachinery 2019-04-01 2020-03-31 01682682 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 01682682 core:MotorVehicles 2019-04-01 2020-03-31 01682682 bus:Director1 2019-04-01 2020-03-31 01682682 core:PlantMachinery 2019-03-31 01682682 core:FurnitureFittingsToolsEquipment 2019-03-31 01682682 core:PlantMachinery 2020-03-31 01682682 core:FurnitureFittingsToolsEquipment 2020-03-31 01682682 core:MotorVehicles 2020-03-31 01682682 core:WithinOneYear 2020-03-31 01682682 core:WithinOneYear 2019-03-31 01682682 core:ShareCapital 2020-03-31 01682682 core:ShareCapital 2019-03-31 01682682 core:RetainedEarningsAccumulatedLosses 2020-03-31 01682682 core:RetainedEarningsAccumulatedLosses 2019-03-31 01682682 core:PlantMachinery 2019-03-31 01682682 core:FurnitureFittingsToolsEquipment 2019-03-31 01682682 bus:Director1 2019-03-31 01682682 bus:Director1 2020-03-31 01682682 bus:Director1 2019-03-31 01682682 bus:Director1 2018-04-01 2019-03-31 01682682 bus:SmallEntities 2019-04-01 2020-03-31 01682682 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 01682682 bus:FullAccounts 2019-04-01 2020-03-31 01682682 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 01682682 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
Company registration number: 01682682
Ironamber Limited
Unaudited filleted financial statements
31 March 2020
Ironamber Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 12,754 1,884
_______ _______
12,754 1,884
Current assets
Stocks 1,307,451 993,565
Debtors 6 27,797 32,981
Cash at bank and in hand 31,268 238,359
_______ _______
1,366,516 1,264,905
Creditors: amounts falling due
within one year 7 ( 265,867) ( 93,832)
_______ _______
Net current assets 1,100,649 1,171,073
_______ _______
Total assets less current liabilities 1,113,403 1,172,957
Provisions for liabilities ( 2,423) ( 320)
_______ _______
Net assets 1,110,980 1,172,637
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,110,978 1,172,635
_______ _______
Shareholder funds 1,110,980 1,172,637
_______ _______
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 member has 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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2020 , and are signed on behalf of the board by:
Mrs Valerie Margaret Kenny
Director
Company registration number: 01682682
Ironamber 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. The address of the registered office is Holly Cottage, Over Lane, Almondsbury, Bristol, BS32 4DF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Costs that relate to the construction of housing stocks comprise the direct production costs based on the actual costs incurred to the year end. Costs are assessed on a first in first out basis. Overheads are charged to profit or loss as incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2019 670 1,245 - 1,915
Additions - 173 11,500 11,673
_______ _______ _______ _______
At 31 March 2020 670 1,418 11,500 13,588
_______ _______ _______ _______
Depreciation
At 1 April 2019 8 23 - 31
Charge for the year 100 128 575 803
_______ _______ _______ _______
At 31 March 2020 108 151 575 834
_______ _______ _______ _______
Carrying amount
At 31 March 2020 562 1,267 10,925 12,754
_______ _______ _______ _______
At 31 March 2019 662 1,222 - 1,884
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors - 24,464
Other debtors 27,797 8,517
_______ _______
27,797 32,981
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts - 299
Trade creditors 7,644 7,776
Corporation tax - 34,393
Social security and other taxes 2,441 19,014
Other creditors 255,782 32,350
_______ _______
265,867 93,832
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Valerie Margaret Kenny 800 141,632 ( 228,420) ( 85,988)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Valerie Margaret Kenny - 994 ( 194) 800
_______ _______ _______ _______
The advances were unsecured, interest free and repayable on demand.