IMF Trading Limited - Period Ending 2016-02-29

Registration number: 08559517

IMF Trading Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

AIMS Accountants For Business
Montpelier Accountancy Limited
7 Montpelier
Quarndon
Derby
DE22 5JW

IMF Trading Limited
(Registration number: 08559517)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					10,846			5,320
Current assets
Stocks					7,500			7,500
Debtors					72,199			45,999
Cash at bank and in hand					2,000			2,000
					81,699			55,499
Creditors: Amounts falling due within one year					(29,390)			(34,504)
Net current assets					52,309			20,995
Total assets less current liabilities					63,155			26,315
Provisions for liabilities					(2,168)			(1,064)
Net assets					60,987			25,251
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					60,887			25,151
Shareholders' funds					60,987			25,251

For the year ending 29 February 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 directors acknowledge their 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 Board on 19 October 2016 and signed on its behalf by:

.........................................
Mr Philip James Brooke
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

IMF Trading Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Motor vehicles	20% reducing balance
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance
Office equipment	20% reducing balance

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, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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 2

IMF Trading Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2015		6,441			6,441
Additions		8,238			8,238
At 29 February 2016		14,679			14,679
Depreciation
At 1 March 2015		1,121			1,121
Charge for the year		2,712			2,712
At 29 February 2016		3,833			3,833
Net book value
At 29 February 2016		10,846			10,846
At 28 February 2015		5,320			5,320

3	Share capital

Allotted, called up and fully paid shares

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

4

Control

The company is controlled by Ilkeston Motor Factors Limited Ilkeston Motor Factors LImited has a 75% shareholding in the company.

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