Accounts filed on 31-01-2014

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			Company registration number:03143669
			INNOVATIONS VISUAL COMMUNICATION SYSTEMS LIMITED
			ABBREVIATED FINANCIAL STATEMENTS
			FOR THE YEAR ENDED 31 January 2014

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INNOVATIONS VISUAL COMMUNICATION SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 January 2014
			2014				2013
		Notes	£		£		£		£
FIXED ASSETS
Tangible assets		2			63,487				81,860
					63,487				81,860
CURRENT ASSETS
Stocks			25,126				49,936
Debtors			201,287				136,542
Cash at bank and in hand			420				14,564
			226,833				201,042
CREDITORS
Amounts falling due within one year			(176,287)				(134,142)
NET CURRENT ASSETS					50,546				66,900
TOTAL ASSETS LESS
CURRENT LIABILITIES					114,033				148,760
Creditors falling due after one year					(37,103)				(49,925)
PROVISIONS FOR LIABILITIES					(0)				(1,818)
NET ASSETS					76,930				97,017
CAPITAL AND RESERVES
Called-up equity share capital		5			2,000				2,000
Share Premium Account					500				500
Profit and loss account					74,430				94,517
SHAREHOLDERS FUNDS					76,930				97,017
For the year ending 31 January 2014 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 the accounts.
These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Approved by the board of directors on 21 October 2014 and signed on its behalf.
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A D Russell
21 October 2014
The annexed notes form part of these financial statements.

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INNOVATIONS VISUAL COMMUNICATION SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2014

1.

Accounting policies

Basis of preparing the financial statements

The accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents income receivable for goods and services provided in the period, exclusive of Value Added Tax and trade discounts. Income is recognised when the goods are despatched.

Intangible assets

Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets. It is being written off in equal annual instalments over its estimated economic life.

Fixed assets

A full years depreciation is charged in the year of acquisition of an asse but none in the year of disposal. Depreciation has been computed to write off the cost of fixed assets over their expected useful lives at the following rates:-

Plant and Machinery 10% per annum reducing balance

Fixtures and Fittings 10 % per annum reducing balance Computer Equipment 25 % per annum reducing balance

Motor Vehicles 25% per annum reducing balance

Goodwill 10% per annum reducing balance

Stocks and work In progress

Stocks and work in progress are valued consistently at the lower of cost (on a first in, first out basis) or net realisable value. Cost, where appropriate, includes a proportion of directly attributable overheads.

Leasing

Leasing rentals payable on agreements which transfer substantially all the risk and rewards associated with ownership of the lessee ("finance leases") are capitalised within fixed assets, and the obligation to pay future rentals included in creditors as a liability. The interest charges implicit in such a lease are written off to the profit and loss account in proportion to the balance outstanding during the year. All other leasing rentals ("operating leases") are written off to the profit and loss account over the life of the lease.

Deferred taxation

Deferred tax assets and liabilities have arisen from timing differences between the recognition of gains and losses in the financial statements and their recognition in a tax computation. Full provision is made for all liabilities, and provision is made for assets to the extent that they are considered more likely than not to be recoverable in the foreseeable future. Provision is made using tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based upon rates enacted at the balance sheet date.

2.	Tangible fixed assets
				Total
	Cost
	At start of period			186,165
	At end of period			186,165
	Depreciation
	At start of period			104,305
	Provided during the period			18,371
	At end of period			122,676
	Net Book Value
	At start of period			81,860
	At end of period			63,487

3.	Debtors
	Included in other debtors is a directors loan account, with a balance owing to the company of £16,423 (2013 £22,729). The maximum amount outstanding during the year was £22,729 (2013 £22,885). The loan is interest free and is repayable on demand. This loan was cleared in full after the year end.

4.

Creditors

Of the creditors due within one year £ 15,971 (2013 £17,832) is secured.

Of the creditors due after more than one year £ 37,103 (2013 £49,925) is secured.

5.	Share capital				Allotted, issued and fully paid
					2014	2013
					£	£
	Ordinary shares of £1 each				1,900	1,900
	Redeemable 'A' Ordinary £1 Shares				100	100
	Total issued share capital				2,000	2,000
6.	Ultimate controlling party
	In the opinion of the Director, A D Russell who holds the majority of the share capital is the ultimate controlling party.