Ionic Engineering Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02254117 (England and Wales)

Abbreviated Accounts for the Year Ended 31 December 2014

for

IONIC ENGINEERING LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

975,777

900,477

CURRENT ASSETS

Stocks

19,937

18,072

Debtors

3

430,496

421,861

Cash at bank and in hand

301,486

127,057

751,919

566,990

CREDITORS

Amounts falling due within one year

4

462,098

302,439

NET CURRENT ASSETS

289,821

264,551

TOTAL ASSETS LESS CURRENT LIABILITIES

1,265,598

1,165,028

CREDITORS

Amounts falling due after more than one year

4

(351,492

)

(416,108

)

PROVISIONS FOR LIABILITIES

(72,514

)

(51,188

)

NET ASSETS

841,592

697,732

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

841,492

697,632

SHAREHOLDERS' FUNDS

841,592

697,732

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 August 2015 and were signed on its behalf by:

I Fitzwater - 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.

Freehold property

-

5% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are

translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable

to the company's pension scheme are charged to the profit and loss account in the

period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

1,880,842

Additions

205,961

Disposals

(13,100

)

At 31 December 2014

2,073,703

DEPRECIATION

At 1 January 2014

980,365

Charge for year

123,957

Eliminated on disposal

(6,396

)

At 31 December 2014

1,097,926

NET BOOK VALUE

At 31 December 2014

975,777

At 31 December 2013

900,477

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 0 (2013 - £

25,500 )

4.

CREDITORS

Creditors include an amount of £ 458,865 (2013 - £ 555,968 ) for which security has

been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

22,725

36,484

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

1

100

100