i7 Technologies Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03872542 (England and Wales)

I7 TECHNOLOGIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

S J Farmer

S Lewis

SECRETARY:

Mrs J Farmer

REGISTERED OFFICE:

Unit 3a

Hampton Heath Industrial Estate

Hampton Heath

Malpas

Cheshire

SY14 8LU

REGISTERED NUMBER:

03872542 (England and Wales)

ACCOUNTANTS:

Colin F. Whitfield & Co Limited

Chartered Accountants

Redbrook View

Redbrook

Whitchurch

Shropshire

SY13 3AD

FIXED ASSETS

Tangible assets

2

31,875

29,860

CURRENT ASSETS

Stocks

14,952

11,320

Debtors

44,681

74,489

Cash at bank and in hand

2,280

7,796

61,913

93,605

CREDITORS

Amounts falling due within one year

54,353

68,549

NET CURRENT ASSETS

7,560

25,056

TOTAL ASSETS LESS CURRENT LIABILITIES

39,435

54,916

CREDITORS

Amounts falling due after more than one year

(6,730

)

(9,457

)

PROVISIONS FOR LIABILITIES

(5,927

)

(5,426

)

NET ASSETS

26,778

40,033

CAPITAL AND RESERVES

Called up share capital

3

23,801

20,800

Profit and loss account

2,977

19,233

SHAREHOLDERS' FUNDS

26,778

40,033

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 20 April 2015 and were signed on its behalf by:

S J Farmer - 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.

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.

Hardware

-

33% on cost

Software

-

33% on cost

Furniture

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

141,110

Additions

14,482

At 31 December 2014

155,592

DEPRECIATION

At 1 January 2014

111,250

Charge for year

12,467

At 31 December 2014

123,717

NET BOOK VALUE

At 31 December 2014

31,875

At 31 December 2013

29,860

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

800

Ordinary shares

£1

3,800

800

800

"B" Ordinary

£25

20,000

20,000

100

Cumulative Preference

£0.01

1

-

23,801

20,800

100 Cumulative Preference shares of £0.01 each were allotted and fully paid for cash at par during the

year.

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

and 31 December 2013:

2014

2013

£

£

S J Farmer

Balance outstanding at start of year

5,223

5,623

Amounts advanced

24,600

25,400

Amounts repaid

(24,600

)

(25,800

)

Balance outstanding at end of year

5,223

5,223

The following reproduces the text of the report prepared for the directors 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of i7 Technologies Limited for the year ended 31 December 2014 which comprise the

Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we

are subject to its ethical and other professional requirements which are detailed at

icaew.com/membershandbook.

This report is made solely to the Board of Directors of i7 Technologies Limited, as a body, in accordance with

our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of i7 Technologies Limited and state those matters that we have agreed to state to the Board of

Directors of i7 Technologies Limited, as a body, in this report in accordance with AAF 2/10 as detailed at

icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to

anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that i7 Technologies Limited has kept adequate accounting records and to prepare

statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of i7 Technologies Limited. You consider that i7 Technologies Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of i7 Technologies

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Colin F. Whitfield & Co Limited

Chartered Accountants

Redbrook View

Redbrook

Whitchurch

Shropshire

SY13 3AD

20 April 2015