ACCOUNTS - Final Accounts preparation

IBS DISTRIBUTION LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-09-302017-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueThe principal activity is the sale of plant nutrientsfalse2016-10-01 08699356 2016-10-01 2017-09-30 08699356 2017-09-30 08699356 2015-10-01 2016-09-30 08699356 2016-09-30 08699356 c:Director1 2016-10-01 2017-09-30 08699356 d:CurrentFinancialInstruments 2017-09-30 08699356 d:CurrentFinancialInstruments 2016-09-30 08699356 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-30 08699356 d:CurrentFinancialInstruments d:WithinOneYear 2016-09-30 08699356 d:ShareCapital 2017-09-30 08699356 d:ShareCapital 2016-09-30 08699356 d:RetainedEarningsAccumulatedLosses 2017-09-30 08699356 d:RetainedEarningsAccumulatedLosses 2016-09-30 08699356 c:FRS102 2016-10-01 2017-09-30 08699356 c:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 08699356 c:FullAccounts 2016-10-01 2017-09-30 08699356 c:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 iso4217:GBP xbrli:pure

Registered Number:08699356

IBS DISTRIBUTION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2017


IBS DISTRIBUTION LIMITED REGISTERED NUMBER:08699356

BALANCE SHEET

AS AT 30 SEPTEMBER 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	100		100
Cash at bank and in hand		279		376
		379		476
Creditors: amounts falling due within one year	5	(219,448)		(139,898)
Net current liabilities			(219,069)		(139,422)
Total assets less current liabilities			(219,069)		(139,422)

Net liabilities			(219,069)		(139,422)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(219,169)	(139,522)
	(219,069)	(139,422)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2018.

Mr Simon John Day

Director

The notes on pages 2 to 4 form part of these financial statements.

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IBS DISTRIBUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.	General information

IBS Distribution Limited (the "Company") is a private company limited by share capital incorporated and domiciled in the UK. The address of the registered office is Goldstar Transport Limited, Plot C, Parker Avenue, Felixstowe, Suffolk, IP11 4HF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Going concern

The director has pledged his ongoing financial support of the company for at least a further year and the financial statements have therefore been prepared on a going concern basis.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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IBS DISTRIBUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

2.7

Taxation

The tax expense for the year comprises current and deferred tax.
Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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IBS DISTRIBUTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)


	2.8	Accounting period

The accounting reference date is 29 September 2017 but the Financial Statements have been prepared to the 30 September 2017 in order that the period covered by the Financial Statements is consistent with last year.

Employees

The average monthly number of employees, including directors, during the year was 7 (2016 - 7).

Debtors

					2017	2016
					£	£


Other debtors	100	100
	100	100

5.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Other creditors	219,448	139,898
	219,448	139,898

6.	Related party transactions
	At the year end, an amount of £219,448 (2016: £139,898) was owed to the director. No interest was paid on this balance in the year.

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