ISLAND_SCIENTIFIC_LIMITED - Accounts

ISLAND SCIENTIFIC LIMITED - Company Information

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Company Registration No. 01836200 (England and Wales)

ISLAND SCIENTIFIC LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

ISLAND SCIENTIFIC LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

ISLAND SCIENTIFIC LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

8,771

11,686

Current assets

Stocks

89,287

81,397

Debtors

70,074

94,419

Cash at bank and in hand

54,151

63,514

213,512

239,330

Creditors: amounts falling due within one year

(100,291)

(126,472)

Net current assets

113,221

112,858

Total assets less current liabilities

121,992

124,544

Creditors: amounts falling due after more than one year

(55,080)

Provisions for liabilities

(1,600)

(2,143)

65,312

67,321

Capital and reserves

Called up share capital

100

Profit and loss account

65,212

67,221

Shareholders' funds

65,312

67,321

ISLAND SCIENTIFIC LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JULY 2016

- 2 -

For the financial year ended 31 July 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 13 March 2017

Mr A Barrett

Director

Company Registration No. 01836200

ISLAND SCIENTIFIC LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

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

25% on reducing balance

Fixtures, fittings and equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

ISLAND SCIENTIFIC LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 August 2015

136,704

Additions

320

At 31 July 2016

137,024

Depreciation

At 1 August 2015

125,018

Charge for the year

3,235

At 31 July 2016

128,253

Net book value

At 31 July 2016

8,771

At 31 July 2015

11,686

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

55,080

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100