Abbreviated Company Accounts - INITIALACCESS LIMITED

INITIALACCESS LIMITED - Company Information

03274489 INITIALACCESS LIMITED 2013-11-30 false 2012-12-01 2013-11-30 true 03274489 2012-12-01 2013-11-30 03274489 2013-11-30 03274489 2012-11-30 03274489 uk-gaap-cd-bus:Director1 2012-12-01 2013-11-30 03274489 uk-gaap-cd-bus:Director2 2012-12-01 2013-11-30 uk-gaap-cd-bus:OrdinaryShareClass1 2012-12-01 2013-11-30 uk-gaap-cd-bus:OrdinaryShareClass1 2013-11-30 uk-gaap-cd-bus:OrdinaryShareClass1 2012-11-30 iso4217:GBP shares

Registered Number 03274489

INITIALACCESS LIMITED

Abbreviated Accounts

30 November 2013

INITIALACCESS LIMITED Registered Number 03274489

Abbreviated Balance Sheet as at 30 November 2013

	Notes	2013	2012
		£	£
Fixed assets
Tangible assets	2	154,849	159,384
		154,849	159,384
Current assets
Stocks		1,182,450	1,156,168
Debtors		33,115	19,507
Cash at bank and in hand		62,366	661,293
		1,277,931	1,836,968
Creditors: amounts falling due within one year		(1,452,297)	(1,891,140)
Net current assets (liabilities)		(174,366)	(54,172)
Total assets less current liabilities		(19,517)	105,212
Provisions for liabilities		(31,193)	(31,811)
Total net assets (liabilities)		(50,710)	73,401
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		(50,712)	73,399
Shareholders' funds		(50,710)	73,401

For the year ending 30 November 2013 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 29 August 2014

And signed on their behalf by:
F COHEN, Director

INITIALACCESS LIMITED Registered Number 03274489

Notes to the Abbreviated Accounts for the period ended 30 November 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Freehold buildings - 2% straight line
Fixtures and fittings - 15% straight line
Motor vehicles - 25% straight line

Other accounting policies
Stocks
Stock is valued at the lower of cost and net realisable value.

Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Government grants
Government grants are credited to the profit and loss account as the related expenditure is incurred.

Related party transactions
The company is controlled by Mr F Cohen, the director of Initial Access Limited resulting from his interest in the share capital of the company.
During the year, Mr F Cohen financed the company via a director's loan. The outstanding loan at the year end was £1,276,325 (2012 - £1,288,182). The maximum outstanding during the year was £1,288,182 (2012 - £1,288,182). Mr Cohen has also provided a personal guarantee to the company's bankers, which is limited to £75,000 (2012 - £75,000).
At the year end the company owed £14,600 (2012 - £22,031) to Glyn Webb Pension Fund, of which the director is a beneficiary.

2Tangible fixed assets

	£
Cost
At 1 December 2012	252,022
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 30 November 2013	252,022
Depreciation
At 1 December 2012	92,638
Charge for the year	4,535
On disposals	-
At 30 November 2013	97,173
Net book values
At 30 November 2013	154,849
At 30 November 2012	159,384

3Called Up Share Capital
Allotted, called up and fully paid:

	2013 £	2012 £
2 Ordinary shares of £1 each	2	2