Izfast Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06334057 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Izfast Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Report of the Accountants

7

DIRECTOR:

Mr I M Temple

SECRETARY:

Mrs L J Temple

REGISTERED OFFICE:

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

REGISTERED NUMBER:

06334057 (England and Wales)

ACCOUNTANTS:

Michael J. Emery & Co Limited

Chartered Accountants

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

FIXED ASSETS

Tangible assets

2

5,439

25,422

CURRENT ASSETS

Stocks

-

71,500

Debtors

70,618

93,209

Cash at bank

18,181

1,281

88,799

165,990

CREDITORS

Amounts falling due within one year

103,896

157,790

NET CURRENT (LIABILITIES)/ASSETS

(15,097

)

8,200

TOTAL ASSETS LESS CURRENT LIABILITIES

(9,658

)

33,622

CREDITORS

Amounts falling due after more than one year

-

26,950

NET (LIABILITIES)/ASSETS

(9,658

)

6,672

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(9,758

)

6,572

SHAREHOLDERS' FUNDS

(9,658

)

6,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 13 June 2016 and were signed by:

Mr I M Temple - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, adjusted for work in progress

partially completed at selling price.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Going concern

The accounts have been prepared on a going basis dependant on the continued support of the Director.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

44,818

Additions

362

Disposals

(24,345

)

At 31 December 2015

20,835

DEPRECIATION

At 1 January 2015

19,396

Charge for year

4,115

Eliminated on disposal

(8,115

)

At 31 December 2015

15,396

NET BOOK VALUE

At 31 December 2015

5,439

At 31 December 2014

25,422

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

1

Ordinary

£1

100

100

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2015 and the

period ended 31 December 2014:

31.12.15

31.12.14

£

£

Mr I M Temple

Balance outstanding at start of year

4,033

-

Amounts advanced

-

4,033

Amounts repaid

(4,033

)

-

Balance outstanding at end of year

-

4,033

5.	RELATED PARTY DISCLOSURES

6.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2015 set out on pages three to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Michael J. Emery & Co Limited

Chartered Accountants

22 St John Street

Newport Pagnell

Buckinghamshire

MK16 8HJ

Date: .............................................