Itchen Stationers Limited - Period Ending 2015-03-31

Registration number: 01306459

Itchen Stationers Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

R A Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

Itchen Stationers Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Itchen Stationers Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Itchen Stationers Limited for the year ended 31 March 2015 set out on pages 4 to 12 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 (ICAEW), 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 Itchen Stationers Limited, 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 Itchen Stationers Limited and state those matters that we have agreed to state to them, 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 Itchen Stationers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Itchen Stationers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Itchen Stationers Limited. You consider that Itchen Stationers 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 accounts of Itchen Stationers 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 accounts.

R A Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

30 December 2015

Page 1

Itchen Stationers Limited
(Registration number: 01306459)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					79,413			61,729
Current assets
Stocks					40,331			27,687
Debtors		3			257,346			272,714
Cash at bank and in hand					242,691			199,126
					540,368			499,527
Creditors: Amounts falling due within one year					(353,083)			(332,206)
Net current assets					187,285			167,321
Total assets less current liabilities					266,698			229,050
Creditors: Amounts falling due after more than one year					(13,495)			(11,312)
Provisions for liabilities					(15,883)			(12,346)
Net assets					237,320			205,392
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					236,320			204,392
Shareholders' funds					237,320			205,392

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 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 23 December 2015 and signed on its behalf by:

Mr Martin Shaw
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Itchen Stationers 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.

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 has been fully amortised.

Asset class	Amortisation method and rate
Goodwill	Fully amortised

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
Motor vehicles	25.00% reducing balance basis
Equipment, fixtures and fittings	10.00-33.33% reducing balance 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted 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.

Page 3

Itchen Stationers 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 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 . Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over 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.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		4,255			167,350			171,605
Additions		-			58,235			58,235
Disposals		-			(47,173)			(47,173)
At 31 March 2015		4,255			178,412			182,667
Depreciation
At 1 April 2014		4,255			105,621			109,876
Charge for the year		-			20,688			20,688
Eliminated on disposals		-			(27,310)			(27,310)
At 31 March 2015		4,255			98,999			103,254
Net book value
At 31 March 2015		-			79,413			79,413
At 31 March 2014		-			61,729			61,729

Page 4

Itchen Stationers Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

3

Debtors

Debtors includes £nil (2014 - £86) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
"A" Ordinary shares of £1 each		500			500			500			500
"B" Ordinary shares of £1 each		500			500			500			500
		1,000			1,000			1,000			1,000

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Martin Shaw
Directors loan account movements	30,961	31,760	30,851	27,850

Page 5