Ivy Lab Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08885803 (England and Wales)

Unaudited Financial Statements

For The Period 1st March 2016 to 31st March 2017

for

Ivy Lab Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Kidao

Mr J Fogel

Mr L Reading

REGISTERED OFFICE:

Ground Floor

31 Kentish Town Road

London

NW1 8NL

REGISTERED NUMBER:

08885803 (England and Wales)

ACCOUNTANTS:

C. C. Panayi & Co LLP

Ground Floor

31 Kentish Town Road

London

NW1 8NL

FIXED ASSETS

Tangible assets

4

4,478

5,169

CURRENT ASSETS

Debtors

5

19,123

13,744

Cash at bank

3,876

6,633

22,999

20,377

CREDITORS

Amounts falling due within one year

6

26,562

22,300

NET CURRENT LIABILITIES

(3,563

)

(1,923

)

TOTAL ASSETS LESS CURRENT LIABILITIES

915

3,246

PROVISIONS FOR LIABILITIES

896

-

NET ASSETS

19

3,246

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

16

3,243

SHAREHOLDERS' FUNDS

19

3,246

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 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 22nd December 2017 and were signed on its behalf by:

Mr J Fogel - Director

Mr G Kidao - Director

Mr L Reading - Director

1.	STATUTORY INFORMATION

Ivy Lab 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 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.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the period 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

period 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.

Financial instruments

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised

cost using the effective interest method, less impairment losses for bad and doubtful debts

except where the effect of discounting would be immaterial. In such cases, the receivables are

stated at cost less impairment losses for bad and doubtful debts.

Trade debtors are assessed for impairment at the end of each reporting period and amounts

impaired are deducted and charged to the Profit and Loss Account.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at

amortised costs using the effective interest method unless the effect of discounting would be

immaterial in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st March 2016

9,204

Additions

979

At 31st March 2017

10,183

DEPRECIATION

At 1st March 2016

4,035

Charge for period

1,670

At 31st March 2017

5,705

NET BOOK VALUE

At 31st March 2017

4,478

At 29th February 2016

5,169

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

29.2.16

£

£

Trade debtors

15,227

10,732

Other debtors

3,896

3,012

19,123

13,744

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

29.2.16

£

£

Trade creditors

5,066

-

Taxation and social security

1,093

8,742

Other creditors

20,403

13,558

26,562

22,300

7.	RELATED PARTY DISCLOSURES

Mr J Fogel

Director

At the balance sheet date, Mr J Fogel was owed a sum of £9,488 (2016: £9,953). This amount

is interest free and payable on demand. This balance is reflected in other creditors.

Mr G Kidao

Director

At the balance sheet date, Mr G Kidao was owed a sum of £920 (2016: £1,105). This amount

is interest free and payable on demand. This balance is reflected in other creditors.

Mr L Reading

Director

At the balance sheet date, Mr L Reading owed a sum of £3,204 (2016: £3,012). This amount

is interest free and payable on demand. This balance is reflected in other debtors.

8.	ULTIMATE CONTROLLING PARTY

Throughout the current year, the company was controlled by its directors by virtue of their

100% ownership of the issued shares in the company.

9.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 Section 1A. The company

transitioned to FRS 102 Section 1A on 1st March 2016.

No transitional adjustments were required in equity or profit or loss for the year.