Audentior Ito Limited - Period Ending 2014-03-31

Registration number: 07839112

Audentior Ito Limited

trading as Metro Stores Coalville

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Audentior Ito Limited
trading as Metro Stores Coalville
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Audentior Ito Limited
trading as Metro Stores Coalville
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Audentior Ito Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Audentior Ito Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Audentior Ito Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audentior Ito Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Audentior Ito Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Audentior Ito Limited. You consider that Audentior Ito Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Audentior Ito Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

15 December 2014

Page 1

Audentior Ito Limited
trading as Metro Stores Coalville
(Registration number: 07839112)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		2			290,625			325,500
Tangible fixed assets		2			29,051			30,685
					319,676			356,185
Current assets
Stocks					36,350			46,211
Debtors					945			7,843
Cash at bank and in hand					51,785			50,315
					89,080			104,369
Creditors: Amounts falling due within one year					(166,082)			(182,733)
Net current liabilities					(77,002)			(78,364)
Total assets less current liabilities					242,674			277,821
Creditors: Amounts falling due after more than one year					(220,506)			(259,262)
Provisions for liabilities					(5,097)			(2,246)
Net assets					17,071			16,313
Capital and reserves
Called up share capital		3			13,028			13,028
Profit and loss account					4,043			3,285
Shareholders' funds					17,071			16,313

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Audentior Ito Limited
trading as Metro Stores Coalville
(Registration number: 07839112)
Abbreviated Balance Sheet at 31 March 2014
......... continued

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved and authorised for issue by the Board on 15 December 2014 and signed on its behalf by:

.........................................
Mr R K Joshi
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 4

Audentior Ito Limited
trading as Metro Stores Coalville
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		348,750			38,356			387,106
Additions		-			5,298			5,298
At 31 March 2014		348,750			43,654			392,404
Depreciation
At 1 April 2013		23,250			7,671			30,921
Charge for the year		34,875			6,932			41,807
At 31 March 2014		58,125			14,603			72,728
Net book value
At 31 March 2014		290,625			29,051			319,676
At 31 March 2013		325,500			30,685			356,185

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		13,028			13,028			13,028			13,028

Page 5