| Icospec Limited |
| Registered number: |
06063540 |
| Abbreviated Balance Sheet |
| as at 31 May 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
3,540,360 |
|
|
3,156,935 |
|
| Current assets |
| Debtors |
|
|
79,066 |
|
|
44,028 |
| Cash at bank and in hand |
|
|
542,286 |
|
|
501,314 |
|
|
|
621,352 |
|
|
545,342 |
|
| Creditors: amounts falling due within one year |
|
|
(1,073,931) |
|
|
(1,041,423) |
|
| Net current liabilities |
|
|
|
(452,579) |
|
|
(496,081) |
|
| Total assets less current liabilities |
|
|
|
3,087,781 |
|
|
2,660,854 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(1,214,852) |
|
|
(1,268,093) |
|
|
|
| Net assets |
|
|
|
1,872,929 |
|
|
1,392,761 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
12 |
|
|
12 |
| Revaluation reserve |
|
|
|
1,585,105 |
|
|
1,201,502 |
| Profit and loss account |
|
|
|
287,812 |
|
|
191,247 |
|
| Shareholder's funds |
|
|
|
1,872,929 |
|
|
1,392,761 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| A Alexandrou |
| Director |
| Approved by the board on 22 February 2017 |
|
| Icospec Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 May 2016 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% straight line |
|
Investment property |
Nil |
|
|
Investment property |
|
In accordance with SSAP 19, investment properties are re-valued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in SSAP 19. The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt SSAP 19 in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been reduced by the amount of depreciation. |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 June 2015 |
3,159,367 |
|
Surplus on revaluation |
383,603 |
|
At 31 May 2016 |
3,542,970 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2015 |
2,432 |
|
Charge for the year |
178 |
|
At 31 May 2016 |
2,610 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2016 |
3,540,360 |
|
At 31 May 2015 |
3,156,935 |
|
|
|
|
|
|
|
|
| 3 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
Amounts falling due for payment after more than five years |
949,048 |
|
1,007,065 |
|
Secured bank loans |
1,307,180 |
|
1,360,421 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
12 |
|
12 |
|
12 |
|
|
|
|
|
|
|
|
|
