Indochine Trading Ltd Small abridged accounts

INDOCHINE TRADING LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Indochine Trading Ltd have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04341708

Indochine Trading Ltd

Unaudited Abridged Financial Statements

31 December 2016

PSB ACCOUNTANTS LIMITED

Chartered Certified Accountants

Jubilee House

Townsend Lane

Kingsbury

London

NW9 8TZ

Indochine Trading Ltd

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	2

Indochine Trading Ltd

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		1,027	1,370

Current assets

Stocks	9,250	5,860
Cash at bank and in hand	–	170
	-------	-------
	9,250	6,030

Creditors: amounts falling due within one year	5,050		2,608
	-------		-------
Net current assets		4,200	3,422
		-------	-------
Total assets less current liabilities		5,227	4,792
		-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	5,226	4,791
	-------	-------
Member funds	5,227	4,792
	-------	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 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 member has not required the company to obtain an audit of its abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 6 March 2017 , and are signed on behalf of the board by:

Mr D Hughes
Director

Company registration number: 04341708

Indochine Trading Ltd

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .

2. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

3. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2015: 1).

4. Profit before taxation

Profit/(loss) before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	343	456
	----	----

5. Tangible assets

	£
Cost
At 1 January 2016 and 31 December 2016	3,247
	-------
Depreciation
At 1 January 2016	1,877
Charge for the year	343
	-------
At 31 December 2016	2,220
	-------
Carrying amount
At 31 December 2016	1,027
	-------
At 31 December 2015	1,370
	-------

6. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2016	2015
	£	£
Mr D Hughes	4,765	–
	-------	----

7. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.