CIM_LOGIC_LIMITED - Accounts

CIM_LOGIC_LIMITED - Accounts

ITI DIGITAL SOLUTIONS LIMITED - Company Information

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Company Registration No. 03477109 (England and Wales)
CIM LOGIC LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
CIM LOGIC LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
CIM LOGIC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
105,270
91,469
Current assets
Stocks
61,503
75,000
Debtors
674,978
641,199
Cash at bank and in hand
104,916
174,121
841,397
890,320
Creditors: amounts falling due within one year
(441,784)
(525,340)
Net current assets
399,613
364,980
Total assets less current liabilities
504,883
456,449
Creditors: amounts falling due after more than one year
(40,574)
(68,673)
Provisions for liabilities
(20,217)
(17,285)
444,092
370,491
Capital and reserves
Called up share capital
3
20,584
20,584
Share premium account
4
4
Profit and loss account
423,504
349,903
Shareholders'  funds
444,092
370,491
CIM LOGIC LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 29 September 2016
Mr J O Sykes
Mr M Hodge
Director
Director
Company Registration No. 03477109
CIM LOGIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
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 January 2015). The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.

 

The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.

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:
Land and buildings Leasehold
25% Straightline
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing Balance
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.6
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.
1.7
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.
CIM LOGIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
218,393
Additions
31,839
At 31 December 2015
250,232
Depreciation
At 1 January 2015
126,924
Charge for the year
18,038
At 31 December 2015
144,962
Net book value
At 31 December 2015
105,270
At 31 December 2014
91,469
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
163,230 A Ordinary of 10p each
16,323
16,323
40,810 B Ordinary of 10p each
4,081
4,081
1,800 C Ordinary of 10p each
180
180
20,584
20,584
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