IGL (Surveying) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04762306 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

IGL (Surveying) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

RW Innocent

J W Lynn

BD Gaskell

I Dootson

SECRETARY:

RW Innocent

REGISTERED OFFICE:

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

REGISTERED NUMBER:

04762306 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

9,172

12,085

9,172

12,085

CURRENT ASSETS

Stocks

6

13,493

11,525

Debtors

7

62,249

30,488

Cash at bank

101,711

149,273

177,453

191,286

CREDITORS

Amounts falling due within one year

8

(83,376

)

(90,171

)

NET CURRENT ASSETS

94,077

101,115

TOTAL ASSETS LESS CURRENT LIABILITIES

103,249

113,200

CAPITAL AND RESERVES

Called up share capital

9

3

3

Retained earnings

10

103,246

113,197

SHAREHOLDERS' FUNDS

103,249

113,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 November 2017 and were signed on its behalf by:

BD Gaskell - Director

RW Innocent - Director

1.	STATUTORY INFORMATION

IGL (Surveying) Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements for the year ended 31st May 2017 are the first financial statements of IGL

(Surveying) Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting

Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small

entities was 1st June 2015. The reported financial position and financial performance for the previous period

are not affected by the transition to FRS 102 Section 1A small entities.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Plant and machinery

-

33% on cost

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs

in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Employee benefits

The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs

are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday

entitlement is recognised in the period in which the employee's services are received. Termination benefits are

recognised immediately as an expense when the company is demonstrably committed to terminate the

employment of an employee or to provide termination benefits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2016 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

147,186

AMORTISATION

At 1 June 2016

and 31 May 2017

147,186

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2016

8,692

23,370

2,472

67,547

102,081

Additions

1,546

208

-

5,017

6,771

At 31 May 2017

10,238

23,578

2,472

72,564

108,852

DEPRECIATION

At 1 June 2016

8,692

22,915

2,472

55,917

89,996

Charge for year

387

512

-

8,785

9,684

At 31 May 2017

9,079

23,427

2,472

64,702

99,680

NET BOOK VALUE

At 31 May 2017

1,159

151

-

7,862

9,172

At 31 May 2016

-

455

-

11,630

12,085

6.

STOCKS

31.5.17

31.5.16

£

£

Work-in-progress

13,493

11,525

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

59,499

27,738

Prepayments

2,750

2,750

62,249

30,488

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

17,516

19,726

Tax

28,180

37,998

Social security and other taxes

16,880

11,443

Directors' current accounts

5,300

5,504

Accrued expenses

15,500

15,500

83,376

90,171

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

3

Ordinary

£1

3

3

10.

RESERVES

Retained

earnings

£

At 1 June 2016

113,197

Profit for the year

110,049

Dividends

(120,000

)

At 31 May 2017

103,246

11.	FIRST YEAR ADOPTION

There is no requirement of a reconciliation of opening balances and net income/(expenditure) for the year as

per the requirements of FRS 102 as no change has taken place.