Clip IT Solutions Limited - Period Ending 2014-03-31

Registration number: 04585819

Clip IT Solutions Limited
 
  Unaudited Abbreviated Accounts
 
  for the year ended 31 March 2014
 

Clip IT Solutions Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Clip IT Solutions Limited
(Registration number: 04585819)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Tangible fixed assets								2,406						3,540
Current assets
Debtors					67,065						75,437
Cash at bank and in hand					183,377						146,124
					250,442						221,561
Creditors: Amounts falling due within one year					(192,530)						(174,030)
Net current assets								57,912						47,531
Total assets less current liabilities								60,318						51,071
Provisions for liabilities								-						(109)
Net assets								60,318						50,962
Capital and reserves
Called up share capital		3			50						50
Capital redemption reserve					51						51
Profit and loss account					60,217						50,861
Shareholders' funds								60,318						50,962

Page 1

Clip IT Solutions Limited
(Registration number: 04585819)
Abbreviated Balance Sheet at 31 March 2014

For the year ended 31 March 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 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 25 November 2014

.........................................
Mr Carl John Purbrick
Director

Page 2

Clip IT Solutions Limited
Notes to the Abbreviated Accounts for the year Ended 31 March 2014

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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	4 Year Straight Line
Motor Vehicles	25% Reducing Balance
Bicycle	25% Reducing Balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Pensions

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

Page 3

Clip IT Solutions Limited
Notes to the Abbreviated Accounts for the year Ended 31 March 2014

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		34,400			34,400
Additions		1,434			1,434
At 31 March 2014		35,834			35,834
Depreciation
At 1 April 2013		30,860			30,860
Charge for the year		2,568			2,568
At 31 March 2014		33,428			33,428
Net book value
At 31 March 2014		2,406			2,406
At 31 March 2013		3,540			3,540

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £1 each		50			50			50			50

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Carl John Purbrick
Balance brought forward	27,521	-	30,793	-
Advances in year	111,794	-	78,324	-
Credits in year	(139,398)	-	(82,125)	-
Interest at 4%	-	-	529	-
	(83)	-	27,521	-

Page 4