IAGTO Limited Small abbreviated accounts
IAGTO Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
03507678
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE
DIRECTORS OF
IAGTO LIMITED
YEAR ENDED 31 DECEMBER 2015
You consider that the Company is exempt from an audit for the year ended 31 December 2015. You have acknowledged, on the Balance sheet, your responsibilities for ensuring that the Company keeps accounting records which comply with section 386 of the Companies Act 2006, and for preparing financial statements which give a true and fair view of the state of affairs of the Company and of its profit for the financial year.
In accordance with your instructions, we have prepared the financial statements on pages 2 to 5 from the accounting records of the Company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements.
ABBREVIATED BALANCE SHEET
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2015 |
2014 |
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Note |
£ |
£ |
£ |
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FIXED ASSETS |
2 |
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Tangible assets |
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CURRENT ASSETS
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Debtors |
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Cash at bank and in hand |
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1,212,285 |
890,191 |
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CREDITORS: Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES
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Called up equity share capital |
4 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved by the directors and authorised for issue on
15 August 2016
, and are signed on their behalf by:
Company Registration Number:
03507678
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES
Basis of accounting
Turnover
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
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:
Long lease assets , assets leased for over 50 years, are not depreciated as any potential depreciation charge and its impact on the financial statements will be immaterial. An annual review for sings of impairment is carried out and any significant changes to the asset value is reflected in the financial statements.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
2.
FIXED ASSETS
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Tangible Assets |
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£ |
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COST
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At 1 January 2015 |
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Additions |
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At 31 December 2015 |
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DEPRECIATION
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At 1 January 2015 |
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Charge for year |
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At 31 December 2015 |
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NET BOOK VALUE
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At 31 December 2015 |
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At 31 December 2014 |
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3.
TRANSACTIONS WITH THE DIRECTORS'
The company was under the control of
Mr P Walton
, Mr G Greenwood and Mr C Carugati throughout the current and previous year by virtue of their directorship and shareholding.
During the year dividends of £176,100 were paid (2014: £118,500). No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities (effective April 2008).
4.
SHARE CAPITAL
Allotted, called up and fully paid:
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2015 |
2014 |
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No |
£ |
No |
£ |
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