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Registered number: 07487593
IPSWICH RIDER TRAINING LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
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IPSWICH RIDER TRAINING LIMITED
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CONTENTS
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Notes to the Abbreviated Accounts
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IPSWICH RIDER TRAINING LIMITED
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COMPANY INFORMATION
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Unit 17, Dales Road Business Centre
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- 1 -
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IPSWICH RIDER TRAINING LIMITED
REGISTERED NUMBER: 07487593
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ABBREVIATED BALANCE SHEET
AS AT 31 JANUARY 2016
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 January 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
- 2 -
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IPSWICH RIDER TRAINING LIMITED
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ABBREVIATED BALANCE SHEET (continued)
AS AT 31 JANUARY 2016
The abbreviated accounts, which have 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, were approved and authorised for issue by the board and were signed on its behalf on 31 October 2016.
The notes on pages 4 to 6 form part of these financial statements.
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IPSWICH RIDER TRAINING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
1.Accounting Policies
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Basis of preparation of financial statements
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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).
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The accounts have been prepared on a going concern basis as the directors have pledged not to withdraw their amounts owing if it would have an adverse affect on the cash flow continued trading of the company.
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Turnover comprises amounts recognised by the company for the provision of the equipment and facilities of a training centre during the period, exclusive of VAT and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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- 4 -
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IPSWICH RIDER TRAINING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
1.Accounting Policies (continued)
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Current and deferred taxation
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The tax charge is based on the result for the year.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either 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.
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2.Tangible fixed assets
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IPSWICH RIDER TRAINING LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
3.Share capital
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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- 6 -
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