ISLAND_SCIENTIFIC_LIMITED - Accounts

ISLAND SCIENTIFIC LIMITED - Company Information

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Company Registration No. 01836200 (England and Wales)

ISLAND SCIENTIFIC LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

ISLAND SCIENTIFIC LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

ISLAND SCIENTIFIC LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

11,686

16,411

Current assets

Stocks

81,397

85,086

Debtors

94,419

84,592

Cash at bank and in hand

63,514

63,482

239,330

233,160

Creditors: amounts falling due within one year

(126,472)

(98,192)

Net current assets

112,858

134,968

Total assets less current liabilities

124,544

151,379

Creditors: amounts falling due after more than one year

(55,080)

Provisions for liabilities

(2,143)

(3,061)

67,321

93,238

Capital and reserves

Called up share capital

100

Profit and loss account

67,221

93,138

Shareholders' funds

67,321

93,238

ISLAND SCIENTIFIC LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JULY 2015

- 2 -

For the financial year ended 31 July 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have 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 his 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 25 April 2016

Mr A Barrett

Director

Company Registration No. 01836200

ISLAND SCIENTIFIC LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2015

- 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.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% on reducing balance

Fixtures, fittings and equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

1.5

Leasing and hire purchase commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

ISLAND SCIENTIFIC LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 August 2014 & at 31 July 2015

136,704

Depreciation

At 1 August 2014

120,293

Charge for the year

4,725

At 31 July 2015

125,018

Net book value

At 31 July 2015

11,686

At 31 July 2014

16,411

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

55,080

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary of £1 each

100