Ion Core Ltd - Period Ending 2014-02-28

Registration number: 08423785

Ion Core Ltd

Unaudited Abbreviated Accounts

for the Period from 28 February 2013 to 28 February 2014

 

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

Ion Core Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ion Core Ltd
for the Period Ended 28 February 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the unaudited accounts of Ion Core Ltd for the period ended 28 February 2014 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a Member in Practice of the Chartered Institute of Management Accountants(CIMA), we are subject to its ethical and other professional requirements which are detailed at cimaglobal.com/Members/Members-handbook.

This report is made solely to the Board of Directors of Ion Core Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ion Core Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ion Core Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ion Core Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Ion Core Ltd. You consider that Ion Core Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Ion Core Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Malcolm Neal ACMA - AIMS Accountants for Business
Chartered Management Accountant
Chapel House
Chittlehamholt
Umberleigh
Devon
EX37 9NS

27 November 2014

Page 1

Registration number: 08423785

Ion Core Ltd
at 28 February 2014

		Note			28 February 2014 £
Fixed assets
Tangible fixed assets					3,013
Current assets
Stocks					7,551
Debtors					3,044
Cash at bank and in hand					10,845
					21,440
Creditors: Amounts falling due within one year					(4,548)
Net current assets					16,892
Net assets					19,905
Capital and reserves
Called up share capital		3			1,011
Share premium account					39,969
Profit and loss account					(21,075)
Shareholders' funds					19,905

For the year ending 28 February 2014 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 27 November 2014 and signed on its behalf by:

.........................................
Mr James Robert Marchant
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Ion Core Ltd
Notes to the Abbreviated Accounts for the Period from 28 February 2013 to 28 February 2014
......... 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 April 2008).

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
Plant and machinery	20% straight line basis
Fixtures and fittings	20% straight line basis
Office equipment	25% straight line basis

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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		3,940			3,940
At 28 February 2014		3,940			3,940
Depreciation
Charge for the period		927			927
At 28 February 2014		927			927
Net book value
At 28 February 2014		3,013			3,013

Page 3

Ion Core Ltd
Notes to the Abbreviated Accounts for the Period from 28 February 2013 to 28 February 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	28 February 2014
		No.			£
Ordinary of £1 each		1,011			1,011

New shares allotted

During the period 1,011 ordinary shares having an aggregate nominal value of £1,011 were allotted for an aggregate consideration of £40,980.

Page 4