Ironburg Inventions Limited - Period Ending 2015-12-31

Registration number: 07627329

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Ironburg Inventions Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Neil Wilson & Co Chartered Accountants
42a Walnut Road
Torquay
Devon
TQ2 6HS

Ironburg Inventions 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
Ironburg Inventions Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ironburg Inventions Limited for the year ended 31 December 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 Ironburg Inventions 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 Ironburg Inventions 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 Ironburg Inventions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ironburg Inventions 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 Ironburg Inventions Limited. You consider that Ironburg Inventions 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 Ironburg Inventions 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.

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

Neil Wilson & Co Chartered Accountants
42a Walnut Road
Torquay
Devon
TQ2 6HS

30 June 2016

Page 1

Ironburg Inventions Limited
(Registration number: 07627329)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					991,242			112,870
Investments					1,240,000			1,240,000
					2,231,242			1,352,870
Current assets
Debtors					107,609			145,085
Cash at bank and in hand					2,249,510			305,652
					2,357,119			450,737
Creditors: Amounts falling due within one year					(2,347,813)			(712,635)
Net current assets/(liabilities)					9,306			(261,898)
Net assets					2,240,548			1,090,972
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					2,240,448			1,090,872
Shareholders' funds					2,240,548			1,090,972

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 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 30 June 2016

.........................................
Mr Duncan Ironmonger
Director

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

Ironburg Inventions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 January 2015).

Turnover

Turnover represents amounts chargeable in respect of the receipt of royalties from product users.

Amortisation

Patents are amortised over the the expected beneficial life of the asset once they have been fully developed and registered.

Asset class	Amortisation method and rate
Patents	5% straight line basis
Other intangibles	10% straight line basis

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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

Ironburg Inventions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Intangible assets £			Investments £			Total £
Cost
At 1 January 2015		114,883			1,240,000			1,354,883
Additions		910,690			-			910,690
At 31 December 2015		1,025,573			1,240,000			2,265,573
Depreciation
At 1 January 2015		2,013			-			2,013
Charge for the year		32,318			-			32,318
At 31 December 2015		34,331			-			34,331
Net book value
At 31 December 2015		991,242			1,240,000			2,231,242
At 31 December 2014		112,870			1,240,000			1,352,870

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

New shares allotted

During the year - having an aggregate nominal value of £nil were allotted for an aggregate consideration of £nil.

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Duncan Ironmonger
Loan ccount	(1,691)	-	(1,334)	-

Page 4