Inplas Fabrications Limited - Period Ending 2015-03-31

Registration number: 04719708

Inplas Fabrications Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Inplas Fabrications Limited
Contents

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 6

Inplas Fabrications Limited
Company Information

Director

Mr Trevor David Smith

Company secretary

Mrs Lisa Smith

Registered office

Rear Unit, 3a Eskdale Road Uxbridge Industrial Estate Uxbridge Middlesex UB8 2RT

Accountants

Barrys Accountants Limited Chartered Certified Accountants Barley View House 1 Barley View Prestwood Buckinghamshire HP16 9BW

Inplas Fabrications Limited
(Registration number: 04719708)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					163,846			34,020
Current assets
Stocks					3,438			2,109
Debtors					197,940			145,738
Cash at bank and in hand					72,182			3,321
					273,560			151,168
Creditors: Amounts falling due within one year					(291,776)			(184,605)
Net current liabilities					(18,216)			(33,437)
Total assets less current liabilities					145,630			583
Creditors: Amounts falling due after more than one year					(18,667)			(417)
Provisions for liabilities					(30,814)			-
Net assets					96,149			166
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					96,049			66
Shareholders' funds					96,149			166

For the year ending 31 March 2015 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 director acknowledges his 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 director on 16 October 2015

.........................................
Mr Trevor David Smith
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
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Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 and services, excluding value added tax.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of four years.

Asset class	Amortisation method and rate
Goodwill	straight line over 4 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Improvements to Property	25% on reducing balance basis
Office Equipment	25% on reducing balance basis
Fixtures and fittings	25% on cost
Plant and machinery	25% on reducing balance basis
Plant and nachinery	10% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account. FactoringThe company has entered into a recourse factoring arrangement. The gross amount of the debts are shown within assets and a corresponding liability in respect of the proceeds received from the factor are shown within liabilities. The interest element of the factor's charges and other factoring costs are recognised as they accrue and included in the profit and loss account with other finance costs.


 

 

Pensions

The company operates a defined contribution pension shceme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the persiod to which they relate.

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Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		50,000			198,169			248,169
Additions		-			180,284			180,284
Disposals		-			(75,891)			(75,891)
At 31 March 2015		50,000			302,562			352,562
Depreciation
At 1 April 2014		50,000			164,149			214,149
Charge for the year		-			38,424			38,424
Eliminated on disposals		-			(63,857)			(63,857)
At 31 March 2015		50,000			138,716			188,716
Net book value
At 31 March 2015		-			163,846			163,846
At 31 March 2014		-			34,020			34,020

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		68,730			70,307
Amounts falling due after more than one year		18,667			417
Total secured creditors		87,397			70,724

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 5

Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

5	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Trevor David Smith
Interest-free loan to director	-	2,968	34,844	31,876

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