Iconics UK Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 03194626

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MAY 2014

FOR

ICONICS UK LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs J Walton

Mr C Walton

Mr A Scherpenzeel

SECRETARY:

Mr J Westley

REGISTERED OFFICE:

1 Castle Court

Castlegate Way

Dudley

West Midlands

DY1 4RD

REGISTERED NUMBER:

03194626

ACCOUNTANTS:

Guy & Co Chartered Certified Accountants

12 Johnson Street

Woodcross

Coseley

West Midlands

WV14 9RL

FIXED ASSETS

Tangible assets

2

292,302

187,253

CURRENT ASSETS

Stocks

800

752

Debtors

1,700,046

1,041,907

Cash at bank and in hand

306,039

273,693

2,006,885

1,316,352

CREDITORS

Amounts falling due within one year

1,511,520

871,848

NET CURRENT ASSETS

495,365

444,504

TOTAL ASSETS LESS CURRENT LIABILITIES

787,667

631,757

CREDITORS

Amounts falling due after more than one year

(63,939

)

(5,784

)

PROVISIONS FOR LIABILITIES

(3,431

)

(3,431

)

NET ASSETS

720,297

622,542

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

720,197

622,442

SHAREHOLDERS' FUNDS

720,297

622,542

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 7th July 2014 and were signed on its behalf by:

Mr C Walton - 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.

Plant and machinery

-

15% 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.

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.

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 1st June 2013

398,950

Additions

179,700

Disposals

(100,327

)

At 31st May 2014

478,323

DEPRECIATION

At 1st June 2013

211,697

Charge for year

43,263

Eliminated on disposal

(68,939

)

At 31st May 2014

186,021

NET BOOK VALUE

At 31st May 2014

292,302

At 31st May 2013

187,253

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

100

Ordinary Share

£1

100

100