Ivy Link Partnership Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08279273 (England and Wales)

Unaudited Financial Statements

for the Year Ended

30 November 2017

for

Ivy Link Partnership Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

M Wilkinson

REGISTERED OFFICE:

Unit C

Cavendish Courtyard

Sallow Road

Corby

Northamptonshire

NN17 5DZ

REGISTERED NUMBER:

08279273 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Director are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Ivy Link Partnership Limited for the year ended 30 November 2017

which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ivy Link Partnership Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ivy Link Partnership Limited and state those matters that we have agreed to state to the director of Ivy Link Partnership Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ivy Link Partnership Limited and its director for our work or for this report.

It is your duty to ensure that Ivy Link Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ivy Link Partnership Limited. You consider that Ivy Link Partnership 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 financial statements of Ivy Link Partnership 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 financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

23 August 2018

FIXED ASSETS

Intangible assets

4

-

2,000

Tangible assets

5

995

931

995

2,931

CURRENT ASSETS

Stocks

67,662

-

Debtors

6

23,414

113,810

91,076

113,810

CREDITORS

Amounts falling due within one year

7

192,501

189,740

NET CURRENT LIABILITIES

(101,425

)

(75,930

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(100,430

)

(72,999

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

(100,530

)

(73,099

)

SHAREHOLDERS' FUNDS

(100,430

)

(72,999

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps 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 Sections 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.

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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 23 August 2018 and were signed by:

M Wilkinson - Director

1.	STATUTORY INFORMATION

Ivy Link Partnership Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" 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 cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in

accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 December 2015.

Turnover

Turnover represents the value of goods and services provided under contracts to the extent that

there is a right to consideration and is recorded at the value of the consideration due. Where a

contract has only been partially completed at the balance sheet date turnover represents the value

of service provided to the date based on a proportion of the total expected consideration on

completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2016

and 30 November 2017

10,000

AMORTISATION

At 1 December 2016

8,000

Amortisation for year

2,000

At 30 November 2017

10,000

NET BOOK VALUE

At 30 November 2017

-

At 30 November 2016

2,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2016

367

2,683

3,050

Additions

-

592

592

At 30 November 2017

367

3,275

3,642

DEPRECIATION

At 1 December 2016

219

1,900

2,119

Charge for year

73

455

528

At 30 November 2017

292

2,355

2,647

NET BOOK VALUE

At 30 November 2017

75

920

995

At 30 November 2016

148

783

931

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

21,027

96,703

VAT

-

13,021

Prepayments and accrued income

2,387

4,086

23,414

113,810

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Bank loans and overdrafts

7,085

6,565

Trade creditors

52,091

53,250

Corporation tax

-

1,441

Social security and other taxes

2,450

2,632

VAT

3,968

-

Other creditors

20,002

52,887

Directors' current accounts

103,312

69,622

Accrued expenses

3,593

3,343

192,501

189,740

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.17

30.11.16

value:

£

£

40

Ordinary

£1

40

35

40

Ordinary "A"

£1

40

35

20

Ordinary "B"

£1

20

30

100

100

9.	OTHER FINANCIAL COMMITMENTS

The company has total guarantees and commitments at the balance sheet date of £66,391 (2016

£46,453).

10.	GOING CONCERN

The accounts have been drawn up on a going concern basis as the director will continue to support

the company as necessary.