Abbreviated Company Accounts - INSITE TECHNICAL SERVICES LIMITED

Abbreviated Company Accounts - INSITE TECHNICAL SERVICES LIMITED

INSITE TECHNICAL SERVICES LIMITED - Company Information

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Registered Number 09333730

INSITE TECHNICAL SERVICES LIMITED

Abbreviated Accounts

31 December 2015

INSITE TECHNICAL SERVICES LIMITED Registered Number 09333730

Abbreviated Balance Sheet as at 31 December 2015

Notes 2015
£
Fixed assets
Tangible assets 2 7,912
7,912
Current assets
Debtors 172,723
Cash at bank and in hand 160,985
333,708
Creditors: amounts falling due within one year (197,437)
Net current assets (liabilities) 136,271
Total assets less current liabilities 144,183
Creditors: amounts falling due after more than one year (33,481)
Total net assets (liabilities) 110,702
Capital and reserves
Called up share capital 3 60,000
Profit and loss account 50,702
Shareholders' funds 110,702
  • For the year ending 31 December 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 20 August 2016

And signed on their behalf by:
Mr C B Wheeler, Director

INSITE TECHNICAL SERVICES LIMITED Registered Number 09333730

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2015.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.

Tangible assets depreciation policy
All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 3-5 years
Equipment - 2-3 years

Other accounting policies
Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2Tangible fixed assets
£
Cost
Additions 14,701
Disposals -
Revaluations -
Transfers -
At 31 December 2015 14,701
Depreciation
Charge for the year 6,789
On disposals -
At 31 December 2015 6,789
Net book values
At 31 December 2015 7,912
3Called Up Share Capital
Allotted, called up and fully paid:
2015
£
60,000 Ordinary shares of £1 each 60,000