Abbreviated Company Accounts - IFAB (SCOTLAND) LTD
Abbreviated Company Accounts - IFAB (SCOTLAND) LTD
Registered Number SC519159
IFAB (SCOTLAND) LTD
Abbreviated Accounts
31 October 2016
IFAB (SCOTLAND) LTD Registered Number SC519159
Abbreviated Balance Sheet as at 31 October 2016
Notes | 2016 | ||
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£ | |||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 October 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 directors acknowledge their 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 Board on
And signed on their behalf by:
IFAB (SCOTLAND) LTD Registered Number SC519159
Notes to the Abbreviated Accounts for the period ended 31 October 2016
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Valuation information and policy
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the 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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Other accounting policies
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
£ | |
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Cost | |
Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 October 2016 |
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Depreciation | |
Charge for the year |
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On disposals |
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At 31 October 2016 |
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Net book values | |
At 31 October 2016 | 45,780 |
3Transactions with directors
Name of director receiving advance or credit: | ||
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Description of the transaction: | ||
Balance at 30 October 2015: | - | |
Advances or credits made: | £ |
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Advances or credits repaid: | £ |
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Balance at 31 October 2016: | £ |