IBIZA LIFE VILLAS LTD
IBIZA LIFE VILLAS LTD
Registered number: 08411470
Director's Report and
Unaudited Financial Statements
For The Year Ended 28 February 2016
Halls Accountants & Tax Advisors
30 Chandler Drive
Kingswinford
West Midlands
DY6 7LQ
IBIZA LIFE VILLAS LTD
Director's Report and Financial Statements
For The Year Ended 28 February 2016
Director's Report and Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Director's Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 |
IBIZA LIFE VILLAS LTD
Company Information
For The Year Ended 28 February 2016
Company Information
| Director |
|
| Company Number |
|
| Registered Office |
|
|
|
|
|
|
|
| Accountants | Halls Accountants & Tax Advisors |
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
IBIZA LIFE VILLAS LTD
Company No. 08411470
Director's Report For The Year Ended 28 February 2016
Director's Report
The director presents his report and the financial statements for the year ended 28 February 2016 .
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of Villa Rentals
Directors
The directors who held office during the year were as follows:
|
|
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
|
|
|
|
Page 2
IBIZA LIFE VILLAS LTD
Accountant's Report
For The Year Ended 28 February 2016
Accountant's Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 28 February 2016 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
|
07/10/2016
|
Halls Accountants & Tax Advisors
30 Chandler Drive
Kingswinford
West Midlands
DY6 7LQ
Page 3
IBIZA LIFE VILLAS LTD
Profit and Loss Account
For The Year Ended 28 February 2016
Profit and Loss Account
| 2016 | ||
|---|---|---|
| Notes | £ | |
| TURNOVER |
|
|
| Cost of sales |
( |
|
| GROSS PROFIT |
|
|
| Administrative expenses |
( |
|
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
|
|
| Tax on profit on ordinary activities | 2 |
( |
| PROFIT FOR THE FINANCIAL YEAR | 5 |
|
Page 4
IBIZA LIFE VILLAS LTD
Balance Sheet
As at
28 February 2016
Balance Sheet
| 2016 | |||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank and in hand |
|
||
|
|
|||
| Creditors: Amounts Falling Due Within One Year | 3 |
( |
|
| NET CURRENT ASSETS (LIABILITIES) |
|
||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
||
| NET ASSETS |
|
||
| CAPITAL AND RESERVES | |||
| Called up share capital | 4 |
|
|
| Profit and Loss Account |
|
||
| SHAREHOLDERS' FUNDS | 5 |
|
|
Director's responsibilities
-
The member has 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
|
|
|
|
Page 5
IBIZA LIFE VILLAS LTD
Notes to the Unaudited Accounts
For The Year Ended 28 February 2016
Notes to the Unaudited Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tax on Profit on Ordinary Activities
| 2016 | |
|---|---|
| £ | |
| UK Corporation Tax |
|
| Total Current Tax Charge |
|
Creditors: Amounts Falling Due Within One Year
| 2016 | |
|---|---|
| £ | |
| Corporation tax |
|
| Other creditors |
( |
| Other creditors (1) | 4,944 |
| Accruals and deferred income |
|
|
|
|
Reconciliation of Reserves
| Share Capital | Profit & Loss Account | |
|---|---|---|
| £ | £ | |
| As at |
|
( |
| Profit for year | - |
|
| As at |
|
|
Ultimate Controlling Party
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
Page 6