Isovet Tanker Services Limited - Period Ending 2016-09-30

Registration number: 06684585

Isovet Tanker Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Isovet Tanker Services Limited
(Registration number: 06684585)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					789			1,052
Current assets
Debtors					625,209			97,908
Cash at bank and in hand					57,662			553,157
					682,871			651,065
Creditors: Amounts falling due within one year					(68,717)			(95,657)
Net current assets					614,154			555,408
Net assets					614,943			556,460
Capital and reserves
Called up share capital		3			66			66
Capital redemption reserve					34			34
Profit and loss account					614,843			556,360
Shareholders' funds					614,943			556,460

For the year ending 30 September 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 14 June 2017

.........................................
R Lane
Director

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

Isovet Tanker Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 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 is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% per annum of net book value

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which thay become payable in accordance with the rules of the scheme.

Page 2

Isovet Tanker Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		2,159			2,159
At 30 September 2016		2,159			2,159
Depreciation
At 1 October 2015		1,107			1,107
Charge for the year		263			263
At 30 September 2016		1,370			1,370
Net book value
At 30 September 2016		789			789
At 30 September 2015		1,052			1,052

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		66			66			66			66

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