Company Registration No. 04716726 (England and Wales)
ILIFE DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ILIFE DEVELOPMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
ILIFE DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,609
8,926
Current assets
Stocks
4,136,054
4,004,618
Debtors
80,368
127,776
Cash at bank and in hand
146,442
33,741
4,362,864
4,166,135
Creditors: amounts falling due within one year
(4,154,343)
(4,029,033)
Net current assets
208,521
137,102
Total assets less current liabilities
220,130
146,028
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
220,030
145,928
Shareholders' funds
220,130
146,028
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 December 2016
Mr S Kay
Director
Company Registration No. 04716726
ILIFE DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
4 years straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
25,888
Additions
6,050
At 31 March 2016
31,938
Depreciation
At 1 April 2015
16,962
Charge for the year
3,367
At 31 March 2016
20,329
Net book value
At 31 March 2016
11,609
At 31 March 2015
8,926
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
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