iThink Sharepoint Ltd - Period Ending 2013-10-31

Registration number: 06332137

iThink Sharepoint Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2013
 

MG Contractor Services Ltd
Chartered Accountants
93-95 Gloucester Place
London
W1U 6JG

iThink Sharepoint Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

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 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
iThink Sharepoint Ltd
for the Year Ended 31 October 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of iThink Sharepoint Ltd for the year ended 31 October 2013 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of iThink Sharepoint Ltd, 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 iThink Sharepoint Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iThink Sharepoint Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that iThink Sharepoint Ltd 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 iThink Sharepoint Ltd. You consider that iThink Sharepoint Ltd 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 iThink Sharepoint Ltd. 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.

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

MG Contractor Services Ltd
Chartered Accountants
93-95 Gloucester Place
London
W1U 6JG

20 July 2014

Page 1

iThink Sharepoint Ltd
(Registration number: 06332137)
Abbreviated Balance Sheet at 31 October 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					4,210			3,304
Current assets
Debtors					50,757			42,287
Cash at bank and in hand					48,363			41,376
					99,120			83,663
Creditors: Amounts falling due within one year					(32,810)			(32,697)
Net current assets					66,310			50,966
Net assets					70,520			54,270
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					70,420			54,170
Shareholders' funds					70,520			54,270

For the year ending 31 October 2013 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 20 July 2014

.........................................
Simon Doy
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

iThink Sharepoint Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... 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 April 2008).

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
Fixture, fittings and equipmnet	25% straight line

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2012		8,449			8,449
Additions		2,526			2,526
At 31 October 2013		10,975			10,975
Depreciation
At 1 November 2012		5,145			5,145
Charge for the year		1,620			1,620
At 31 October 2013		6,765			6,765
Net book value
At 31 October 2013		4,210			4,210
At 31 October 2012		3,304			3,304

Page 3

iThink Sharepoint Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4	Related party transactions

During the year the company made the following related party transactions:

Simon Doy
 (Director)
During the year Simon Doy received loans from the company. Interest was charged on the loans at an annual rate of 4.00%. The maximum amount owed to the company during the year was £29,362. At the balance sheet date the amount due from Simon Doy was £12,829 (2012 - £16,961).

Lauren Doy
 (Shareholder)
During the year Lauren Doy received loans from the company. Interest was charged on the loans at an annual rate of 4.00%. The maximum amount owed to the company during the year was £19,574. At the balance sheet date the amount due from/(to) Lauren Doy was £8,552 (2012 - £nil).

5

Control

The company is controlled by the director who owns 60% of the called up share capital.

Page 4