Ince/Europe 30/11/2017 iXBRL

Ince/Europe 30/11/2017 iXBRL

INCE/EUROPE - Company Information

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Company registration number: 03878571
Ince/Europe
Company limited by guarantee
Unaudited filleted financial statements
30 November 2017
Ince/Europe
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ince/Europe
Company limited by guarantee
Directors and other information
Director Mr H.G. Leventhall
Mr Roy Lawrence
Secretary C.M. Mackenzie
Company number 03878571
Registered office 4 Oakland Vale
Wallasey
Wirral
CH45 1LQ
Business address Kathy Mackenzie
4 Oakland Vale
Wallasey
Wirral
CH45 1LQ
Accountants Taylor Phelan Ltd
113 Wallasey Road
Wallasey
Wirral
CH44 2AA
Ince/Europe
Company limited by guarantee
Report to the director on the preparation of the
unaudited statutory financial statements of Ince/Europe
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ince/Europe for the year ended 30 November 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html.
Taylor Phelan Ltd
Chartered Certified Accountants
113 Wallasey Road
Wallasey
Wirral
CH44 2AA
24 August 2018
Ince/Europe
Company limited by guarantee
Statement of financial position
30 November 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 256 341
_______ _______
256 341
Current assets
Debtors 6 2,222 865
Cash at bank and in hand 39,738 7,828
_______ _______
41,960 8,693
Creditors: amounts falling due
within one year 7 ( 1,878) ( 400)
_______ _______
Net current assets 40,082 8,293
_______ _______
Total assets less current liabilities 40,338 8,634
_______ _______
Net assets 40,338 8,634
_______ _______
Capital and reserves
Profit and loss account 40,338 8,634
_______ _______
Members funds 40,338 8,634
_______ _______
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 August 2018 , and are signed on behalf of the board by:
Mr Roy Lawrence
Director
Company registration number: 03878571
Ince/Europe
Company limited by guarantee
Notes to the financial statements
Year ended 30 November 2017
1. General information
The company is a private company limited by guarantee, registered in UK. The address of the registered office is 4 Oakland Vale, Wallasey, Wirral, CH45 1LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Limited by guarantee
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2016 and 30 November 2017 6,270 6,270
_______ _______
Depreciation
At 1 December 2016 5,929 5,929
Charge for the year 85 85
_______ _______
At 30 November 2017 6,014 6,014
_______ _______
Carrying amount
At 30 November 2017 256 256
_______ _______
At 30 November 2016 341 341
_______ _______
6. Debtors
2017 2016
£ £
Other debtors 2,222 865
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Corporation tax 568 -
Other creditors 1,310 400
_______ _______
1,878 400
_______ _______