Inplas Fabrications Limited - Period Ending 2016-03-31

Registration number: 04719708

Inplas Fabrications Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Inplas Fabrications Limited
Contents

Company Information 1

Accountants' Report 2

Abbreviated Balance Sheet 3

Notes to the Abbreviated Accounts 4 to 7

Inplas Fabrications Limited
Company Information

Director

T D Smith

Company secretary

Mrs L J Smith

Registered office

Rear Unit, 3a Eskdale Road Uxbridge Industrial Estate Uxbridge Middlesex UB8 2RT

Accountants

Barrys Accountants Limited Chartered Certified Accountants 35a Hazlemere Road Penn Bucks HP10 8AD

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 3 to 7) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Inplas Fabrications Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Inplas Fabrications Limited for the year ended 31 March 2016 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Inplas Fabrications 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 Inplas Fabrications Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inplas Fabrications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Inplas Fabrications 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 Inplas Fabrications Limited. You consider that Inplas Fabrications 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 Inplas Fabrications 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.

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

Barrys Accountants Limited
Chartered Certified Accountants
35a Hazlemere Road
Penn
Bucks
HP10 8AD

7 October 2016

Page 2

Inplas Fabrications Limited
(Registration number: 04719708)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					135,180			163,846
Current assets
Stocks					3,395			3,438
Debtors					134,056			197,940
Cash at bank and in hand					45,025			72,182
					182,476			273,560
Creditors: Amounts falling due within one year					(214,809)			(291,776)
Net current liabilities					(32,333)			(18,216)
Total assets less current liabilities					102,847			145,630
Creditors: Amounts falling due after more than one year					(10,111)			(18,667)
Provisions for liabilities					(25,238)			(30,814)
Net assets					67,498			96,149
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					67,398			96,049
Shareholders' funds					67,498			96,149

For the year ending 31 March 2016 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 7 October 2016

.........................................
T D Smith
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 net invoiced sales of goods and services, excluding value added tax.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of four years.

Asset class	Amortisation method and rate
Goodwill	straight line over 4 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Improvements to Property	25% on reducing balance basis
Office Equipment	25% on reducing balance basis
Fixtures and fittings	25% on cost
Plant and machinery	25% on reducing balance basis
Plant and nachinery	10% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Assets held for use in operating leases are included as a separate category in fixed assets at cost and depreciated over their useful life. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Lease payments receivable are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

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.

Pensions

The company operates a defined contribution pension shceme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the persiod to which they relate.

Page 5

Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		50,000			302,563			352,563
Additions		-			16,493			16,493
At 31 March 2016		50,000			319,056			369,056
Depreciation
At 1 April 2015		50,000			138,717			188,717
Charge for the year		-			45,159			45,159
At 31 March 2016		50,000			183,876			233,876
Net book value
At 31 March 2016		-			135,180			135,180
At 31 March 2015		-			163,846			163,846

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		88,927			68,730
Amounts falling due after more than one year		10,111			18,667
Total secured creditors		99,038			87,397

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 6

Inplas Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

5	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
T D Smith
Interest-free loan to director	-	-	-	2,968

Page 7