INTERNATIONAL_CRAFTS_LIMI - Accounts

INTERNATIONAL CRAFTS LIMITED - Company Information

Print Friendly Version

Company Registration No. 08201800 (England and Wales)

INTERNATIONAL CRAFTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

INTERNATIONAL CRAFTS LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

INTERNATIONAL CRAFTS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INTERNATIONAL CRAFTS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 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 International Crafts Limited for the year ended 30 September 2014 set out on pages 3 to 6 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, 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 International Crafts Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of International Crafts Limited and state those matters that we have agreed to state to the Board of Directors of International Crafts 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 International Crafts Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that International Crafts 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 International Crafts Limited. You consider that International Crafts 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 International Crafts 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.

Gerald Edelman

30 September 2015

Chartered Accountants

Edelman House

1238 High Road

Whetstone

London

N20 0LH

INTERNATIONAL CRAFTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2014

- 2 -

2014

2013

Notes

Current assets

Stocks

50,424

45,025

Debtors

68,659

21,636

Cash at bank and in hand

9,783

119,083

76,444

Creditors: amounts falling due within one year

(115,954)

(75,994)

Total assets less current liabilities

3,129

450

Capital and reserves

Called up share capital

100

Profit and loss account

3,029

350

Shareholders' funds

3,129

450

For the financial year ended 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 September 2015

A Agarwal

Director

Company Registration No. 08201800

INTERNATIONAL CRAFTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Turnover is recognised at the point of sale.

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary of £1 each

100

Transactions with directors

During the year advances of £216,615 were made to the director, Ms A Agarwal of which £156,474 has been repaid. Interest of £2,983 at the rate of 4% has been charged on this balance. At the year end £17,349 is included in other debtors (2013: £45,775 creditors).