Impact Framing Limited - Period Ending 2016-08-31

Registration number: 05906993

Impact Framing Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Impact Framing Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Impact Framing Limited
(Registration number: 05906993)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					910			1,227
Current assets
Stocks					2,500			2,600
Debtors					6,091			3,297
Cash at bank and in hand					3,731			5,739
					12,322			11,636
Creditors: Amounts falling due within one year					(5,701)			(5,815)
Net current assets					6,621			5,821
Total assets less current liabilities					7,531			7,048
Provisions for liabilities					(182)			(80)
Net assets					7,349			6,968
Capital and reserves
Called up share capital		3			4			4
Profit and loss account					7,345			6,964
Shareholders' funds					7,349			6,968

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 22 May 2017

.........................................
Mr R Friend
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Impact Framing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by ther balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Impact Framing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		11,227			11,227
At 31 August 2016		11,227			11,227
Depreciation
At 1 September 2015		10,000			10,000
Charge for the year		317			317
At 31 August 2016		10,317			10,317
Net book value
At 31 August 2016		910			910
At 31 August 2015		1,227			1,227

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

Page 3