Ingleton 7 Limited Company Accounts

INGLETON 7 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09253601

Ingleton 7 Limited

Filleted Unaudited Financial Statements

31 March 2017

Ingleton 7 Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ingleton 7 Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Current assets

Stocks		1,152,514	1,137,035
Debtors	4	555	5,414
Cash at bank and in hand		3,348	12,546
		------------	------------
		1,156,417	1,154,995

Creditors: amounts falling due within one year	5	1,155,648		1,154,895
		------------		------------
Net current assets			769		100
			----		----
Total assets less current liabilities			769		100
			----		----
Net assets			769		100
			----		----

Capital and reserves

Called up share capital	6	100	100
Profit and loss account		669	–
		----	----
Shareholders funds		769	100
		----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ingleton 7 Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr N P Ingleton

Director

Company registration number: 09253601

Ingleton 7 Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 8 October 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Debtors

	2017	2016
	£	£
Other debtors	555	5,414
	----	-------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	–	2,820
Accruals and deferred income	5,805	2,400
Corporation tax	168	–
Director loan accounts	1,149,675	1,149,675
	------------	------------
	1,155,648	1,154,895
	------------	------------

The directors G A Macfarlane and M J Parker have a formal charge over all the freehold land and buildings owned by the company.

6. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

7. Related party transactions

At the period end the company owed the directors £1,149,675 (2016: £1,149,675) which is shown amongst creditors. During the period, the company was invoiced expenses of 2017: £2,693 (2016: £2,237) from a company in which a director of Ingleton 7 Limited is also a director.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 8 October 2014.

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