ITH_BUILDING_SERVICES_LTD - Accounts

ITH BUILDING SERVICES LTD. - Company Information

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Company Registration No. 05214368 (England and Wales)

ITH BUILDING SERVICES LTD.

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

ITH BUILDING SERVICES LTD.

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ITH BUILDING SERVICES LTD.

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

25,857

20,716

Current assets

Stocks

950

2,830

Debtors

12,103

10,186

Cash at bank and in hand

7,435

6,205

20,488

19,221

Creditors: amounts falling due within one year

(42,065)

(34,355)

Net current liabilities

(21,577)

(15,134)

Total assets less current liabilities

4,280

5,582

Provisions for liabilities

(4,143)

4,280

1,439

Capital and reserves

Called up share capital

Profit and loss account

4,279

1,438

Shareholder's funds

4,280

1,439

For the financial year ended 31 October 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 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 27 March 2017

Mr Ian Howson

Director

Company Registration No. 05214368

ITH BUILDING SERVICES LTD.

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 2 -

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

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

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

15% Reducing Balance

Computer equipment

33.3% Reducing Balance

Motor vehicles

25% Reducing Balance

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Stock and work in progress

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.

ITH BUILDING SERVICES LTD.

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 November 2015

20,000

44,462

64,462

Additions

9,803

At 31 October 2016

20,000

54,265

74,265

Depreciation

At 1 November 2015

20,000

23,746

43,746

Charge for the year

4,662

At 31 October 2016

20,000

28,408

48,408

Net book value

At 31 October 2016

25,857

At 31 October 2015

20,716

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary Shares of £1 each

Transactions with directors

During the year, the company paid dividends of £16,500 ( 2014 £22,000 ) to Mr Ian Howson.