I-Bag- Ltd,Ltd - AccountsLtd - Accounts

I-Bag- Ltd,Ltd - AccountsLtd - Accounts

I-BAG- LTD - Company Information

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2016-04-01 08007570 2017-03-31 08007570 2016-04-01 2017-03-31 08007570 2016-03-31 08007570 2015-04-01 2016-03-31 08007570 uk-core:WithinOneYear 2016-03-31 08007570 uk-core:WithinOneYear 2017-03-31 08007570 uk-core:RetainedEarningsAccumulatedLosses 2017-03-31 08007570 uk-core:RetainedEarningsAccumulatedLosses 2016-03-31 08007570 uk-bus:Director1 2016-04-01 2017-03-31 08007570 uk-core:CommercialMotorVehicles 2016-04-01 2017-03-31 08007570 uk-core:AfterOneYear 2017-03-31 08007570 uk-core:AfterOneYear 2016-03-31 iso4217:GBP 08007570 uk-bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 08007570 uk-bus:FRS102 2016-04-01 2017-03-31 08007570 uk-bus:FullAccounts 2016-04-01 2017-03-31 08007570 uk-bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31
I-Bag- Ltd
Registered Number:08007570
For the year ended 31 March 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2017
I-Bag- Ltd
Contents Page
1
Statement of Financial Position
2 to 3
Notes to the Financial Statements
3
As at 31 March 2017
I-Bag- Ltd
Statement of Financial Position
Registered Number :
08007570
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
13,204
15,355
2
13,204
15,355
Current assets
Inventories
27,135
86,124
3
Trade and other receivables
-
8,678
4
4,340
Cash and cash equivalents
9,413
104,215
31,475
Trade and other payables: amounts falling due within one
year
(55,410)
(110,312)
5
(23,935)
(6,097)
Net current liabilities
Total assets less current liabilities
7,107
(8,580)
7,107
Net assets/liabilities
(8,580)
Capital and reserves
Retained earnings
7,107
(8,580)
7,107
(8,580)
Shareholders' funds
For the year ended 31 March 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
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 proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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.
Imtiyas Noor Ahamed Director
These financial statements were approved and authorised for issue by the Board on 29 December 2017 and were signed by:
The notes form part of these financial statements
1 of 3
4
For the year ended 31 March 2017
I-Bag- Ltd
Notes to the Financial Statements
Statutory Information
I-Bag- Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
08007570.
Registered address:
6 Osram Road
East Lane
Wembley
Middlesex
HA9 7NG
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
10 Straight line
Motor vehicles
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2. Property, plant and equipment
Motor vehicles
£
Cost or
valuation
At 01 April 2016
21,505
At 31 March 2017
21,505
Provision for depreciation and impairment
At 01 April 2016
6,150
Charge for year
2,151
At 31 March 2017
8,301
At 31 March 2017
Net book value
13,204
At 31 March 2016
15,355
2 of 3
5
For the year ended 31 March 2017
I-Bag- Ltd
Notes to the Financial Statements Continued
3. Inventories
2016
2017
£
£
Stocks
86,124
27,135
4. Trade and other receivables
2016
2017
£
£
Trade debtors
6,135
-
Other debtors
2,543
-
-
8,678
The debtors above include the following amounts falling due after more than one year:
Trade debtors
6,135
-
5. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Trade creditors
68,281
27,694
Taxation and social security
650
153
Other creditors
41,381
27,563
110,312
55,410
3 of 3