Fibress Ltd - Filleted accounts

Fibress Ltd - Filleted accounts

FIBRESS LIMITED - Company Information

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Fibress Ltd
Registered number: 05364309
Balance Sheet
as at 31 July 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 115 115
Current assets
Debtors 3 24,490 24,490
Cash at bank and in hand 7 7
24,497 24,497
Creditors: amounts falling due within one year 4 3,195 3,195
Net current assets 27,692 27,692
Net assets 27,807 27,807
Capital and reserves
Called up share capital 2 2
Profit and loss account 27,805 27,805
Shareholders' funds 27,807 27,807
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Herminder Channa
Director
Approved by the board on 20 March 2018
Fibress Ltd
Notes to the Accounts
for the year ended 31 July 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
There is no turnover.
Intangible fixed assets
There are no intangible fixed assets.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
There are no investments.
Stocks
There are no stock.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
There is no foreign currency translation.
Leased assets
There are no leased assets.
Pensions
There are no contributions to defined contribution plans.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2016 2,051
At 31 July 2017 2,051
Depreciation
At 1 August 2016 1,936
At 31 July 2017 1,936
Net book value
At 31 July 2017 115
At 31 July 2016 115
3 Debtors 2017 2016
£ £
Deferred tax asset 12 12
Other debtors 24,478 24,478
24,490 24,490
4 Creditors: amounts falling due within one year 2017 2016
£ £
Other taxes and social security costs 41 41
Other creditors (3,236) (3,236)
(3,195) (3,195)
5 Other information
Fibress Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Hermitage Road
Edgbaston
Birmingham
B15 3UP
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