Insect Research & Development Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04375595 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Insect Research & Development Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I F Burgess

SECRETARY:

Mr W B Wilson

REGISTERED OFFICE:

6 Quy Court

Colliers Lane

Stow cum Quy

Cambridgeshire

CB25 9AU

REGISTERED NUMBER:

04375595 (England and Wales)

ACCOUNTANTS:

PB Sandcroft Management Services Limited

3 Morleys Place

High Street

Sawston

Cambridge

Cambridgeshire

CB22 3TG

FIXED ASSETS

Tangible assets

4

300,758

312,102

Investments

5

21

21

300,779

312,123

CURRENT ASSETS

Stocks

96

-

Debtors

6

30,738

51,713

Cash at bank and in hand

278,456

448,594

309,290

500,307

CREDITORS

Amounts falling due within one year

7

37,328

104,748

NET CURRENT ASSETS

271,962

395,559

TOTAL ASSETS LESS CURRENT LIABILITIES

572,741

707,682

CREDITORS

Amounts falling due after more than one year

8

(52,239

)

(77,066

)

PROVISIONS FOR LIABILITIES

(3,414

)

(3,959

)

NET ASSETS

517,088

626,657

CAPITAL AND RESERVES

Called up share capital

89

89

Retained earnings

516,999

626,568

SHAREHOLDERS' FUNDS

517,088

626,657

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

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

The director acknowledges his 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 director on 13 December 2017 and were signed by:

Mr I F Burgess - Director

1.	STATUTORY INFORMATION

Insect Research & Development Limited 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 have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on a straight line basis

Improvements to property

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2016

344,795

118,602

463,397

Additions

-

1,272

1,272

At 31 March 2017

344,795

119,874

464,669

DEPRECIATION

At 1 April 2016

62,063

89,232

151,295

Charge for year

6,896

5,720

12,616

At 31 March 2017

68,959

94,952

163,911

NET BOOK VALUE

At 31 March 2017

275,836

24,922

300,758

At 31 March 2016

282,732

29,370

312,102

5.	FIXED ASSET INVESTMENTS

2017

2016

£

£

Participating interests

20

20

Other investments not loans

1

1

21

21

Additional information is as follows:

Interest

in other

participating

interests

£

COST

At 1 April 2016

and 31 March 2017

20

NET BOOK VALUE

At 31 March 2017

20

At 31 March 2016

20

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Investment in Quy Court

Management Company Limited

1

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

17,280

43,089

Amounts owed by participating interests

-

4

Other debtors

13,458

8,620

30,738

51,713

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

22,515

22,515

Trade creditors

778

92

Tax

-

51,932

Social security and other taxes

388

3,665

VAT

247

1,410

Other creditors

3,008

2,058

Directors' loan accounts

3,500

3,500

Accruals and deferred income

3,560

9,440

Accrued expenses

3,332

10,136

37,328

104,748

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans more 5 yrs non-inst

52,239

77,066

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

52,239

77,066

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the end of the year, the company owed Mr I Burgess £3,500 (2016 - £3,500). This loan is interest free and

repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by Mr I F Burgess, the sole director and majority shareholder.