I-TEC_INSTALLATIONS_LIMIT - Accounts

I-TEC INSTALLATIONS LTD - Company Information

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Company Registration No. 07827485 (England and Wales)

I-TEC INSTALLATIONS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2013

I-TEC INSTALLATIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

I-TEC INSTALLATIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

3,840

4,204

Current assets

Stocks

4,572

6,190

Debtors

23,307

17,163

Cash at bank and in hand

12,752

1,115

40,631

24,468

Creditors: amounts falling due within one year

(45,063)

(22,543)

Net current (liabilities)/assets

(4,432)

1,925

Total assets less current liabilities

(592)

6,129

Capital and reserves

Called up share capital

Profit and loss account

(593)

6,128

Shareholders' funds

(592)

6,129

I-TEC INSTALLATIONS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2013

- 2 -

For the financial year ended 31 October 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 July 2014

Mr I Berry

Director

Company Registration No. 07827485

I-TEC INSTALLATIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2013

- 3 -

Accounting policies

1.1

Accounting convention

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

The director is in the opinion that he intends to support the company as necessary in meeting its obligations and accordingly the accounts are prepared on a going concern basis. As at the balance sheet date there were net current liabilities of £4,432 (2012 £1,925 net current assets).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

25% reducing balance

1.5

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

I-TEC INSTALLATIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2013

- 4 -

Fixed assets

Tangible assets

Cost

At 1 November 2012

5,541

Additions

646

At 31 October 2013

6,187

Depreciation

At 1 November 2012

1,337

Charge for the year

1,010

At 31 October 2013

2,347

Net book value

At 31 October 2013

3,840

At 31 October 2012

4,204

Share capital

2013

2012

Allotted, called up and fully paid

1 Ordinary of £1 each

Related party relationships and transactions

The following directors had interest free loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Loan

11,365