Inkost Limited - Period Ending 2014-03-31

Registration number: 03231235

Inkost Limited

trading as Scribble & Ink

Unaudited Abbreviated Accounts

for the Period from 1 August 2013 to 31 March 2014

 

Inkost Limited
trading as Scribble & Ink
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Inkost Limited
trading as Scribble & Ink
(Registration number: 03231235)
Abbreviated Balance Sheet at 31 March 2014

		Note			31 March 2014 £			31 July 2013 £
Fixed assets
Tangible fixed assets					7,701			3,938
Current assets
Stocks					6,486			8,956
Debtors		3			57,166			55,131
Cash at bank and in hand					8,602			11,549
					72,254			75,636
Creditors: Amounts falling due within one year					(44,680)			(51,725)
Net current assets					27,574			23,911
Total assets less current liabilities					35,275			27,849
Creditors: Amounts falling due after more than one year					(26,320)			(22,637)
Provisions for liabilities					(2,327)			(787)
Net assets					6,628			4,425
Capital and reserves
Called up share capital		5			1,000			1,000
Profit and loss account					5,628			3,425
Shareholders' funds					6,628			4,425

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 13 August 2014 and signed on its behalf by:

.........................................
Mr G J Wells
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Inkost Limited
trading as Scribble & Ink
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expectred useful economic life as follows:

Asset class	Amortisation method and rate
Website development	40% reducing balance

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line basis
Fixtures and fittings	15% reducing balance basis
Office equipment	25% straight line basis
Motor vehicles	25% reducing balance basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Inkost Limited
trading as Scribble & Ink
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 March 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 August 2013		7,481			42,010			49,491
Additions		-			5,500			5,500
At 31 March 2014		7,481			47,510			54,991
Depreciation
At 1 August 2013		7,481			38,072			45,553
Charge for the period		-			1,737			1,737
At 31 March 2014		7,481			39,809			47,290
Net book value
At 31 March 2014		-			7,701			7,701
At 31 July 2013		-			3,938			3,938

3

Debtors

Debtors includes £285 (2013 - £nil) receivable after more than one year.

 

4

Creditors

Included in the creditors are the following amounts due after more than five years:

		31 March 2014 £			31 July 2013 £
After more than five years not by instalments		26,320			19,520

Page 3

Inkost Limited
trading as Scribble & Ink
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 March 2014
......... continued

5	Share capital

Allotted, called up and fully paid shares

	31 March 2014						31 July 2013
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

6

Control

The company is controlled by Fullswells Limited as the majority shareholder. The ultimate controlling party is Mr D Fulls.

Page 4