ICS Industrial and Commercial Systems Limited - Period Ending 2015-03-31

Registration number: 08012090

ICS Industrial and Commercial Systems Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

ICS Industrial and Commercial Systems Limited
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 Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
ICS Industrial and Commercial Systems 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 ICS Industrial and Commercial Systems Limited for the year ended 31 March 2015 set out on pages 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 ICS Industrial and Commercial Systems 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 ICS Industrial and Commercial Systems 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 ICS Industrial and Commercial Systems Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that ICS Industrial and Commercial Systems 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 ICS Industrial and Commercial Systems Limited. You consider that ICS Industrial and Commercial Systems 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 ICS Industrial and Commercial Systems 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.

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

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

23 December 2015

Page 1

ICS Industrial and Commercial Systems Limited
(Registration number: 08012090)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					30,900			45,939
Current assets
Stocks					69,075			-
Debtors					140,608			153,559
Cash at bank and in hand					30,045			11,236
					239,728			164,795
Creditors: Amounts falling due within one year					(225,459)			(144,675)
Net current assets					14,269			20,120
Net assets					45,169			66,059
Capital and reserves
Called up share capital		3			11			11
Profit and loss account					45,158			66,048
Shareholders' funds					45,169			66,059

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 23 December 2015

.........................................
D Saunders
Director

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

ICS Industrial and Commercial Systems 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.

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% reducing balance basis

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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

ICS Industrial and Commercial Systems Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		80,239			80,239
Additions		1,198			1,198
At 31 March 2015		81,437			81,437
Depreciation
At 1 April 2014		34,300			34,300
Charge for the year		16,237			16,237
At 31 March 2015		50,537			50,537
Net book value
At 31 March 2015		30,900			30,900
At 31 March 2014		45,939			45,939

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		11			11			11			11

4	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
D Saunders
Dividend paid	97,500	-	30,000	-

Page 4