I C Express Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04708834 (England and Wales)

Abbreviated Accounts for the Year Ended 31 March 2016

for

I C Express Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

I R Crook

SECRETARY:

R J Crook

REGISTERED OFFICE:

Unit 1

Hotwater lane

Kingswood

Bristol

BS15 4PT

REGISTERED NUMBER:

04708834 (England and Wales)

ACCOUNTANTS:

Coben Associates

2nd Floor

3 The Plain

Thornbury

Bristol

BS35 2AG

FIXED ASSETS

Intangible assets

2

60,000

Tangible assets

3

317,699

402,206

377,699

462,206

CURRENT ASSETS

Stocks

35,797

30,148

Debtors

350,047

281,746

Cash at bank and in hand

7,898

61,424

393,742

373,318

CREDITORS

Amounts falling due within one year

460,513

431,222

NET CURRENT LIABILITIES

(66,771

)

(57,904

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

310,928

404,302

CREDITORS

Amounts falling due after more than one
year

(187,641

)

(237,201

)

PROVISIONS FOR LIABILITIES

(63,250

)

(80,115

)

NET ASSETS

60,037

86,986

CAPITAL AND RESERVES

Called up share capital

4

60,000

Profit and loss account

37

26,986

SHAREHOLDERS' FUNDS

60,037

86,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 11 October 2016 and were signed by:

I R Crook - 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

60,000

NET BOOK VALUE

At 31 March 2016

60,000

At 31 March 2015

60,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

757,203

Additions

34,700

Disposals

(36,146

)

At 31 March 2016

755,757

DEPRECIATION

At 1 April 2015

354,997

Charge for year

101,111

Eliminated on disposal

(18,050

)

At 31 March 2016

438,058

NET BOOK VALUE

At 31 March 2016

317,699

At 31 March 2015

402,206

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

60,000

Ordinary

£1

60,000

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

I R Crook

Balance outstanding at start of year

-

Amounts advanced

7,700

-

Amounts repaid

-

Balance outstanding at end of year

7,700

-