Intex Projects Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04564422 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

FOR

INTEX PROJECTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr S Swinson

Mr C Wolverson

SECRETARY:

REGISTERED OFFICE:

1 The Courtyard

Hatton Technology Park

Dark Lane

Hatton

CV35 8XB

REGISTERED NUMBER:

04564422 (England and Wales)

ACCOUNTANTS:

Pentlands Accountants & Business Advisors

Chartered Certified Accountants

and Registered Auditors

3 Pegasus House

Pegasus Court

Olympus Avenue

Warwick

Warwickshire

CV34 6LW

FIXED ASSETS

Intangible assets

2

-

5,000

Tangible assets

3

123,656

98,551

123,656

103,551

CURRENT ASSETS

Debtors

1,891,034

2,423,867

Cash at bank and in hand

722,181

41,026

2,613,215

2,464,893

CREDITORS

Amounts falling due within one year

2,037,363

2,213,112

NET CURRENT ASSETS

575,852

251,781

TOTAL ASSETS LESS CURRENT LIABILITIES

699,508

355,332

CREDITORS

Amounts falling due after more than one year

95,286

97,875

NET ASSETS

604,222

257,457

CAPITAL AND RESERVES

Called up share capital

4

178

182

Share premium

8,418

8,418

Profit and loss account

595,626

248,857

SHAREHOLDERS' FUNDS

604,222

257,457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 3 March 2017 and were signed on its behalf by:

Mr S Swinson - Director

Mr C Wolverson - 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 goods, excluding value added tax, except in

respect of service contracts where turnover is recognised when the company obtains the

right to consideration.

Intellectual property

The Intellectual Property of the Company was re-purchased last year. This has been

written off over its estimated economical useful life.

Computer software

The Company purchased computer software during the year. This has been written off

over its its economical useful life of 2 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the

balance sheet. Those held under hire purchase contracts are depreciated over their

estimated useful lives. Those held under finance leases are depreciated over their

estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over

the relevant period. The capital element of the future payments is treated as a liability.

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

Long term contracts and work in progress

Amounts recoverable on contracts are valued on a prudent basis at anticipated net sale

value after provision for contingencies and anticipated future losses, less amounts

invoiced. Progress payments in excess of the value of work done are included in current

liabilities.

Amounts included in work in progress represent direct costs incurred, net of amounts

transferred to the profit and loss account in respect of work carried out to date, less

foreseeable losses and applicable payments on account.

This approach enables profit on contracting activities to be recognised as work

progresses.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

and 30 November 2016

37,000

AMORTISATION

At 1 December 2015

32,000

Amortisation for year

5,000

At 30 November 2016

37,000

NET BOOK VALUE

At 30 November 2016

-

At 30 November 2015

5,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

238,039

Additions

101,803

Disposals

(61,910

)

At 30 November 2016

277,932

DEPRECIATION

At 1 December 2015

139,488

Charge for year

41,874

Eliminated on disposal

(27,086

)

At 30 November 2016

154,276

NET BOOK VALUE

At 30 November 2016

123,656

At 30 November 2015

98,551

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

178

Ordinary

£1

178

182

(2015 - 182 )

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

30 November 2016 and 30 November 2015:

2016

2015

£

£

Mr S Swinson

Balance outstanding at start of year

139,373

87,287

Amounts advanced

200,483

150,484

Amounts repaid

(307,725

)

(98,398

)

Balance outstanding at end of year

32,131

139,373

Mr C Wolverson

Balance outstanding at start of year

137,250

85,232

Amounts advanced

212,434

150,416

Amounts repaid

(307,725

)

(98,398

)

Balance outstanding at end of year

41,959

137,250