Intrasource Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03916612 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 1 September 2015 to 6 September 2016

for

Intrasource Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr D J Collings

Mr M S Nunns

REGISTERED OFFICE:

Redcliff Court

Redcliff Road

Hessle

East Yorkshire

HU13 0EY

REGISTERED NUMBER:

03916612 (England and Wales)

ACCOUNTANTS:

360 Accountants Limited

19 Albion Street

Hull

East Yorkshire

HU1 3TG

FIXED ASSETS

Tangible assets

2

21,245

63,762

CURRENT ASSETS

Stocks

6,121

65,160

Debtors

112,669

86,880

Cash at bank and in hand

178,169

86,114

296,959

238,154

CREDITORS

Amounts falling due within one year

212,165

275,456

NET CURRENT ASSETS/(LIABILITIES)

84,794

(37,302

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

106,039

26,460

CREDITORS

Amounts falling due after more than one
year

(139,071

)

(30,528

)

PROVISIONS FOR LIABILITIES

-

(1,244

)

NET LIABILITIES

(33,032

)

(5,312

)

CAPITAL AND RESERVES

Called up share capital

3

1,010

Profit and loss account

(34,042

)

(6,322

)

SHAREHOLDERS' FUNDS

(33,032

)

(5,312

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 6 September 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 6 September 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 16 November 2016 and were signed on its behalf
by:

Mr D J Collings - 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 services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

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

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.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

184,880

Additions

6,774

Disposals

(33,126

)

At 6 September 2016

158,528

DEPRECIATION

At 1 September 2015

121,118

Charge for period

42,563

Eliminated on disposal

(26,398

)

At 6 September 2016

137,283

NET BOOK VALUE

At 6 September 2016

21,245

At 31 August 2015

63,762

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

6/9/16

31/8/15

value:

£

1,010

Ordinary

£1

1,010

1,000

(31/8/15 - 1,000
)

NIL

Preference

£1

-

10

(31/8/15 - 10 )

1,010

4.	ULTIMATE CONTROLLING PARTY

At the balance sheet date the company was controlled by Intrasource Holdings Limited (company number

10333418).

5.	OTHER DISCLOSURES

As at 6 September 2016 the company under went a restructure to obtain external funding, the costs of which have

been incorporated into these accounts giving rise to the loss declared for the year. Going forward the company

expects to return to profitability.