Ion Core Ltd - Period Ending 2015-02-28

Registration number: 08423785

Ion Core Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

Ion Core Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ion Core Ltd
for the Year Ended 28 February 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the unaudited accounts of Ion Core Ltd for the year ended 28 February 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a Member in Practice of the Chartered Institute of Management Accountants(CIMA), we are subject to its ethical and other professional requirements which are detailed at cimaglobal.com/Members/Members-handbook.

This report is made solely to the Board of Directors of Ion Core Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ion Core Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ion Core Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ion Core Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ion Core Ltd. You consider that Ion Core Ltd 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 accounts of Ion Core Ltd. 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 accounts.

......................................

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

26 November 2015

Page 1

Registration number: 08423785

Ion Core Ltd
at 28 February 2015

		Note			28 February 2015 £			28 February 2014 £
Fixed assets
Tangible fixed assets					7,229			3,013
Current assets
Stocks					75,324			7,551
Debtors					7,570			3,044
Cash at bank and in hand					16,554			10,845
					99,448			21,440
Creditors: Amounts falling due within one year					(104,495)			(4,548)
Net current (liabilities)/assets					(5,047)			16,892
Net assets					2,182			19,905
Capital and reserves
Called up share capital		3			1,351			1,011
Share premium account					104,629			39,969
Profit and loss account					(103,798)			(21,075)
Shareholders' funds					2,182			19,905

For the year ending 28 February 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 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 26 November 2015 and signed on its behalf by:

.........................................
Mr Shane Lee Nelson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Ion Core Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

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
Plant and machinery	20% straight line basis
Fixtures and fittings	20% straight line basis
Office equipment	25% straight line basis

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.

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.

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.

Page 3

Ion Core Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2014		3,940			3,940
Additions		6,573			6,573
At 28 February 2015		10,513			10,513
Depreciation
At 1 March 2014		927			927
Charge for the year		2,357			2,357
At 28 February 2015		3,284			3,284
Net book value
At 28 February 2015		7,229			7,229
At 28 February 2014		3,013			3,013

3	Share capital

Allotted, called up and fully paid shares

	28 February 2015						28 February 2014
		No.			£			No.			£
Ordinary of £1 each		1,351			1,351			1,011			1,011

New shares allotted

During the year 340 ordinary shares having an aggregate nominal value of £340 were allotted for an aggregate consideration of £65,000. New issue.

Page 4